Standard costing can be used for both job order and process costing systems. True False Due...
Standard costing can be used for both job order and process costing systems.
True
False
Due to the nature of the procedures involved, service companies do not use standard costing.
True
False
Due to the nature of the procedures involved, service companies do not use standard costing.
True
False
Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory.
True
False
Homework Answers
Answer- TRUE- Standard costing can be used for both job order and process costing systems.
Explanation- Standard costing system can be used by both job order costing system and process costing systems.
Answer- FALSE- Due to the nature of the procedures involved, service companies do not use standard costing.
Explanation-Standard costing systems also used by service companies.
Answer- TRUE- Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory
Add Answer to:
Standard costing can be used for both job order and process
costing systems.
True
False
Due...
Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead...
Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead resources. True or False True False
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
What are the major differences between job-order costing and process costing systems? Give an example of...
What are the major differences between job-order costing and process costing systems? Give an example of a well-known company that might use job-order costing and an example of a well-known company that might use process costing. Explain why you have chosen the companies that you did, specifically why job order costing or process costing are used. Do not choose companies that your classmates have already commented upon. Participate in follow-up discussion by critiquing your classmates' choices of companies.
Process costing rather than job order costing is more appropriate for service companies. O O True...
Process costing rather than job order costing is more appropriate for service companies. O O True False
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Job order costing and process costing are pricing systems. cost accounting systems. cost flow systems. inventory...
Job order costing and process costing are pricing systems. cost accounting systems. cost flow systems. inventory tracking systems.
Process cost systems use job order cost cards to accumulate cost data. True False
Process cost systems use job order cost cards to accumulate cost data. True False
1.what is the meaning of job order costing? 2. why is job order costing important for...
1.what is the meaning of job order costing? 2. why is job order costing important for managerial accounting? 3.how do manufacturing companies use job order and process costing systems?
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems....
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems. b. Explain the difference between Traditional Costing systems and Activity-Based Costing systems. 6. Brody Company makes industrial cleaning solvents. Brody had the following inventory balances at 1/1/20: Raw Materials Inventory $ 124,000.00 Work in Process Inventory $ 124,000.00 Finished Goods Inventory $ 84,000.00 Brody's activities during 2020 included the following: Sales revenue $ 1,200,000.00 Raw materials inventory purchases $ 250,000.00 Direct labor incurred $...
Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead resources. True or False True False
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
Process costing rather than job order costing is more appropriate for service companies. O O True False
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems. b. Explain the difference between Traditional Costing systems and Activity-Based Costing systems. 6. Brody Company makes industrial cleaning solvents. Brody had the following inventory balances at 1/1/20: Raw Materials Inventory $ 124,000.00 Work in Process Inventory $ 124,000.00 Finished Goods Inventory $ 84,000.00 Brody's activities during 2020 included the following: Sales revenue $ 1,200,000.00 Raw materials inventory purchases $ 250,000.00 Direct labor incurred $...
Most questions answered within 3 hours.
-
Break-even time. Hampton Corporation’s research
and development department is presenting a proposal for new product
research....
asked 29 seconds from now -
At Lake Itasca in Minnesota, the Mississippi river is only 25.0
feet wide. If you are...
asked 35 seconds ago -
A 2.0 μF parallel-plate air-filled capacitor is connected
across a 10 V battery.
(a) Determine the...
asked 11 minutes ago -
Write in Python This program:
1. Correct the compute_cells_state function which receives as
parameter an array...
asked 1 minute ago -
1. What is the difference in the output layer between a neural
network used for classification,...
asked 9 minutes ago -
ECO
2013 &
asked 15 minutes ago -
Insight refers to:
a.
Adaptive decision-making
b.
Credibility and trustworthness
c.
Understanding of one's problems
d....
asked 21 minutes ago -
Explain the differences between rights and permissions within
Windows. Define the principle of least privilege and...
asked 29 minutes ago -
A solid, frictionless cylindrical reel of mass M=5.00kg and
radius R=0.55m is used to draw water...
asked 31 minutes ago -
how do radio waves get emitted from Jupiter?
- do they come from radiation from planet...
asked 32 minutes ago -
The test statistic used in the F test for the equality of two
variances is calculated...
asked 43 minutes ago -
How does neutralisation of IL-6 trans-signaling affect the
autoimmune disease and inflammation? What if the trans-signaling...
asked 33 minutes ago