Homework Answers
| Q. 12-108 | TRUE |
| There are only two methods are available to compute Equivalents Units. Weighted average is used where it is difficult to identify different units like oil producing company an in rest of the company FIFO is used. | |
| Q. 12-83 | TRUE |
| Process costing is used where products produced in mass qty through a continues process that provide similar units to each unit produced. However where product produced are indifferent among them then job costing is used. | |
| Q.12-79 | TRUE |
| In service industries, usually all service are different among them. |
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TF Qu. 12-108 Two methods of computing equivalent... Two methods of computing equivalent whole units are...
Understand process cost accounting.
Understand process cost accounting. .1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a proces cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing cost elements. 6. Both job order conting and process costing...
QUICK STUDY a connect For each of the following products and services, indicate whether it is...
QUICK STUDY a connect For each of the following products and services, indicate whether it is more likely produced in a process operation Por in a job order operation ) 1. Tennis courts - 3. Audit of financial statements 5. Vanilla ice cream 2. Organic juice 4. Luxury yachts _6. Tennis halls OS 20-1 Process vs. job order operations C1 QS 20-2 Process vs job order costing Label each statement below as either true (T) or false (F). 1. The...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a process cost system, costs are tracked by...
: Different costing methods provide companies with different options for categorizing and calculating costs. Managers and...
: Different costing methods provide companies with different options for categorizing and calculating costs. Managers and cost accountants should understand the differences between costing methods so that they can choose and properly implement the method that best suits their needs for decision making. For this short paper, you will compare the characteristics of job costing and process costing methods and give examples of when and why each might be used. You will also address the use and benefits of costing...
Question No: 1 True or False Questions: (7x1=7 Marks)&nbs
Question No: 1 True or False Questions: (7x1=7 Marks) Answer all (Write in box “True or False “ ) Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users. ( ) The income statements of a merchandising company and a manufacturing company same in the cost of goods sold section. ( ) Job order Costs are assigned to different job or batch, key feature are each...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
41. When a manufacturing company has a highly automated manufacturing plant producing many different products, what...
41. When a manufacturing company has a highly automated manufacturing plant producing many different products, what is probably the most appropriate basis of applying overhead costs to work-in-process? A. Direct labor hours. B. Direct labor costs C. Machine hours. D. Direct material cost. 42. In a labor intensive company in which more overhead is used by the more highly skilled and paid employees, which activity base would be most appropriate for applying overhead to production? A. Direct labor hours. B....
correct answer TRUE FALSE. Write T if the statement is true and F if the statement...
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
Which of the following statements is false regarding job-order costing?
Which of the following statements is false regarding job-order costing? Multiple Choice It is used for manufacturing companies, but not service companies. It can be used to calculate a job's unit product cost. It accumulates each job's costs on a job cost sheet. It is used in situations where many different products, each with unique features, are produced each period.In the Excel, or spreadsheet, approach to recording financial transactions, cash paid to creditors is recorded as a decrease in the Cash column and as a...
statement or answers the question 11) What are the two basic types of product costing systems...
statement or answers the question 11) What are the two basic types of product costing systems A) variable costing and process costing B) FIFO costing and weighted-average costing C) department costing and plant costing Drjob-costing and.precess costing 11) 12) The system normally used to assign costs to goods that are mass-produced in a continuous sequence of steps is known as which of the following? A) process costing 12) B) job costing C) fixed costing D) LIFO costing 13) 느 13)...
QUICK STUDY a connect For each of the following products and services, indicate whether it is more likely produced in a process operation Por in a job order operation ) 1. Tennis courts - 3. Audit of financial statements 5. Vanilla ice cream 2. Organic juice 4. Luxury yachts _6. Tennis halls OS 20-1 Process vs. job order operations C1 QS 20-2 Process vs job order costing Label each statement below as either true (T) or false (F). 1. The...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
41. When a manufacturing company has a highly automated manufacturing plant producing many different products, what is probably the most appropriate basis of applying overhead costs to work-in-process? A. Direct labor hours. B. Direct labor costs C. Machine hours. D. Direct material cost. 42. In a labor intensive company in which more overhead is used by the more highly skilled and paid employees, which activity base would be most appropriate for applying overhead to production? A. Direct labor hours. B....
correct answer
TRUE FALSE. Write T if the statement is true and F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials 3) in a process costing system, the cost per equivalent unit is computed after computing equivalent units 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
statement or answers the question 11) What are the two basic types of product costing systems A) variable costing and process costing B) FIFO costing and weighted-average costing C) department costing and plant costing Drjob-costing and.precess costing 11) 12) The system normally used to assign costs to goods that are mass-produced in a continuous sequence of steps is known as which of the following? A) process costing 12) B) job costing C) fixed costing D) LIFO costing 13) 느 13)...
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