A.B.C.D. 6:30XWhich of the following is NOT a way in which Process and Job Order cost systems aresimilar?O Both accumulate product costs--direct materials, direct labor, and FOHO Both use job order cost cards to accumulate product costsO Both allocate product costs to units producedO Both maintain perpetual inventories

job costing is a type of posting in which there is allocation of all the cost to the particular job…

Which of the following is NOT a way in which Process and Job Order cost systems are similar? O Both accumulate product costs--direct materials, direct labor, and FOH Both use job order cost cards to accumulate product costs Both allocate product costs to units produced Both maintain perpetual inventories

Which of the following is NOT a way in which Process and Job Order cost systems are similar? O Both accumulate product costs--direct materials, direct labor, and FOH Both use job order cost cards to accumulate product costs Both allocate product costs to units produced Both maintain perpetual inventories

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter26: Cost Allocation And Activity-Based Costing

Section: Chapter Questions

Problem 4DQ: Under what two conditions would the multiple production department factory overhead rate method...

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Which of the following statements is true? a. Job-order costing is used only in manufacturing firms. b. Process costing is used only for services. c. Job-order costing is simpler to use than process costing because the recordkeeping requirements are less. d. The job cost sheet is subsidiary to the work-in-process account. e. All of these.
Activity-based costing systems: A. use a single predetermined overhead rate based on machine hours instead of on direct labor B. frequently increase the overhead allocation to at least one product while decreasing the overhead allocation to at least one other product C. limit the number of cost pools D. always result in an increase of at least one products selling price
These are tue/false questions. ____ 21. Differential revenue is the amount of increase or decrease in revenue expected from a particular course of action as compared with an alternative. ____ 22. Equivalent units of production are the number of units that could have been manufactured from start to finish during an accounting period. ____ 23. One of the differences in accounting for a process costing system compared to a job order system is that the amounts used to transfer goods from one department to the next comes from the cost of production report instead of job cost cards. ____ 24. The primary accounting tool for controlling and reporting for cost centers is a budget performance report. ____ 25. The dollars available from each unit of sales to cover fixed cost and profit is the unit variable cost.
16. Under a job order costing system, the dollar amount of the entry involved in the transfer of goods from work-in-process inventory to finished goods inventory is the total of the costs charged to all jobs a. completed during the period b. completed and sold during the period c. started during the period d. started and completed during the period 18. Which of the following cost allocation methods does not take into consideration that service centers provide services to each other? a. two-step method b. reciprocal method c. step method d. direct method 19. W Company uses process costing has the following information available for November. Beginning Work-in-Process Inventory was 7,000 units that were 100% completed as to materials and 40% completed as to conversion. There were 32,000 units started during the period. Ending Work-in-Process Inventory was 2,500 units that were 100% completed as to materials and 25% completed as to conversion. The Equivalent Units of production…
70. In highly automated manufacturing where direct labor is small relative to other production costs and not easily traceable to specific jobs, direct labor costs may be charged directly to: Group of answer choices Income Summary Factory Overhead Control Work in Process Cost of Goods Sold none of the above
Question 6Many firms use two overhead accounts: Factor overhead control and factory overhead applied. During the period,which account receives numerous debits and credits?A. Factor overhead appliedB. Factor overhead controlC. BothD. Neither 7.In cost terminology, conversion costs consist of:A. Indirect labor and variable factory overheadB. Direct labor and factory overheadC. Direct and indirect laborD. Direct labor and direct materials 8.Which of the following items is not included in or not charged to factory overhead?A. Costs of marketing departmentB. Factory depreciation and suppliesC. Costs of service departmentD. Costs of maintenance department