Answered: True or False 1. A continuous lost is…

True or False 1. A continuous lost is assumed to occur at a specific point in the production 2. Abnormal spoilage is accounted in the computation of

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 4SEQ: If the factory overhead account has a negative balance, factory overhead is said to be:...

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True or False

1. A continuous lost is assumed to occur at a specific point in the production

2. Abnormal spoilage is accounted in the computation of EUP

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Which of the following situations involving loss units would most likely not result to a zero equivalent production? a. Loss at the start of the process b. Loss before the start of the process c. Loss during the process d. Loss at the end of the process
Abnormal spoilage is properly classified as a. deferred charge b. extraordinary item c. period cost d. product cost
Which of the following is true of abnormal spoilage? a. It is considered to be part of production. b. It is normally treated as a period cost c. It is normally treated as a product cost. d. It is prorated between cost of goods sold and inventory.
Whether any of the following sentences about abnormal spoiling is true? a. It is considered to be part of production.b. It is normally treated as a period costc. It is normally treated as a product cost.d. It is prorated between cost of goods sold and inventory.
The type of spoilage that occurs under efficient operating conditions and is ordinarily uncontrollable or inevitable is referred to as: a. standard loss b. neutral loss c. abnormal loss d. normal loss
Requirements:1.Assume loss are normal loss,Prepare the Production Report2.Assume loss are abnormal loss,Prepare the Production Report
In a process account, abnormal losses are valued:A. at their scrap value.B. the same as good production.C. at the cost of raw materials.D. at good production cost less scrap value.
A large number of fully depreciated PPE are left at zero balances resulting to omitted repairs, maintenance, counts and other monitoring activities. a. strenght b. weaknesses
The cost of is not included in the cost of production a. Abnormal loss b. Direct costs c. Normal loss d. Scrap
In using the high-low method, the data which relate to company’s operation during abnormal situation is: a. May or may not be used.b. Useful in the computations because all sets of data are important.c. Disregarded in the computations because they are not representative of the behavior of costs during a normal operation.d. Cannot be determined if the data is useful.
All of the following are accurate regarding the treatment of normal or abnormal spoilage by a rm with the exception of:a. Abnormal spoilage is excluded in the standard cost of a manufactured product.b. Normal spoilage is capitalized as part of inventory cost.c. Abnormal spoilage has no nancial statement impact.d. Normal and abnormal spoilage units affect the equivalent units of production
Define the following terms: (a) performance materiality, (b) tolerable misstatement, (c) clearly trivial.