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ACC 561 Week 3 Practice Quiz

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ACC 561 Week 3 Practice Quiz

Multiple Choice Question 37

 

A major purpose of cost accounting is to

 

Multiple Choice Question 38

 

The two basic types of cost accounting systems are

 

 

 

 

 

Multiple Choice Question 39

 

A process cost system would most likely be used by a company that makes

 

 

Multiple Choice Question 40Which of the following would be accounted for using a job order cost system? 

 

 

 

Multiple Choice Question 45

 

The flow of costs in a job order cost system

 

 

 

 

 

Multiple Choice Question 60The entry to record the acquisition of raw materials on account is 

 

 

Multiple Choice Question 73Time tickets should be approved by 

 

 

Multiple Choice Question 89The labor costs that have been identified as indirect labor should be charged to 

manufacturing overhead.
the individual jobs worked on.
salary expense.
direct labor.

 

 

 

Multiple Choice Question 90

 

Manufacturing overhead is applied to each job

 

 

 

at the end of the year when actual costs are known.

 

 

only if the overhead costs can be directly traced to that job.

 

 

by means of a predetermined overhead rate.

 

 

at the time when the overhead cost is incurred.

 

 

 

Multiple Choice Question 38

 

A process cost accounting system is most appropriate when

 

 

 

a variety of different products are produced, each one requiring different types of materials, labor, and overhead.

 

 

similar products are mass-produced.

 

 

the focus of attention is on a particular job or order.

 

 

individual products are custom made to the specification of customers.

 

 

 

 

 

Multiple Choice Question 43Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? 

The manufacturing cost elements included.
The detail at which costs are calculated.
The time period each covers.
The number of work in process accounts.

 

Multiple Choice Question 47

 

In process cost accounting, manufacturing costs are summarized on a

 

 

 

production cost report.

 

 

manufacturing cost sheet.

 

 

process order cost sheet.

 

 

job order cost sheet.

 

 

 

Multiple Choice Question 49

 

In a process cost system, product costs are summarized:

 

 

 

on job cost sheets.

 

 

on production cost reports.

 

 

after each unit is produced.

 

 

when the products are sold

 

 

 

Multiple Choice Question 136Which of the following is considered a difference between a job order cost and a process cost system? 

The manufacturing cost elements.
The accumulation of the costs of materials, labor, and overhead.
The flow of costs.
Documents used to track costs.

 

 

 

Multiple Choice Question 35

 

The costs that are easiest to trace directly to products are

 

 

 

A.direct materials and direct labor.

 

 

B.direct labor and overhead.

 

 

C.direct materials and overhead.

 

 

D.None of the above; all three costs are equally easy to trace to the product.

 

 

 

Multiple Choice Question 36

 

Often the most difficult part of computing accurate unit costs is determining the proper amount of _________ to assign to each product, service, or job.

 

 

 

direct materials

 

 

overhead

 

 

direct labor

 

 

direct materials and direct labor

 

Multiple Choice Question 49

 

The last step in activity-based costing is to

 

 

 

assign manufacturing overhead costs for each activity cost pool to products.

 

 

compute the activity-based overhead rate per cost driver.

 

 

identify and classify the major activities involved in the manufacture of specific products.

 

 

identify the cost driver that has a strong correlation to the activity cost pool.

 

Multiple Choice Question 50

 

The first step in activity-based costing is to

 

 

 

 

 

Multiple Choice Question 51

 

A well-designed activity-based costing system starts with

 

 

 

Multiple Choice Question 53An example of an activity cost pool is

 

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