True
False
Cost accounting systems measure, record, and report product costs. True False
True or False: Accounting systems typically record opportunity costs as assets and treat them as intangible items on the financial statements.
Opportunity costs are not recorded in financial accounting systems because historical record keeping is limited to transactions involving alternatives that managers actually selected rather than alternatives that they rejected. true or false
Cost accounting concepts and procedures are only useful in product manufacturing entities. True False In a job order costing system, the amount transferred from Work in Process Inventory to Finished Goods Inventory should also equal the amount of Sales Revenue for a given job. True False In a job order costing system, product costs are recorded and accumulated for specific jobs or products. True False
a quality cost report would be comprised of prevention costs only true or false
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Which of the following statements regarding cost accounting systems is not true? a.A company may use a job order cost system for some of its products and a process cost system for other products. b.A job order cost system provides product costs for each quantity of product that is manufactured. c.A company must use either a job order cost system for all of its products and services or a process cost system for all of its products and services. d.Managers...
True or False A statement of income and expenses is a type of accounting report
2. On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory. a. True b. False The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company. a. True b. False 4. Managers use managerial information to evaluate performance of a company's operation. a. True b. False 5. Managerial information is for...
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all costs that are not product costs, such as office supplies. True False A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned. True False The valve chain is the set of activities that increase the value of an organization's product and services. True False Direct costs can be economically and easily traced...
TRUE or FALSE? As product diversity and indirents as a percent of total costs increase, it is usually best to switch away from an activity-based cost system to a traditional volume-based cost allocation system. O True O False 15 问题2 TRUE or FALSE? Under activity-based costing, some manufacturing costs can be excluded from unit product cost. O True False