ACC 561 Week 3 Assignment Practice Quiz

1. ACC 561 Week 3 Assignment Practice Quiz To purchase this material click below link http://www.assignmentcloud.com/ACC-561/ACC-561-Week-3-Assignment-Practice-Quiz Multiple Choice Question 37 A major purpose of cost accounting is to measure, record, and report product costs. classify all costs as operating or nonoperating.  measure, record, and report period costs.  provide information to stockholders for investment decisions Multiple Choice Question 38 The two basic types of cost accounting systems are job order and process cost systems. job order and batch systems. process cost and batch systems. job order and job accumulation systems. Multiple Choice Question 39  A process cost system would most likely be used by a company that makes

2. breakfast cereal. motion pictures.  college graduation announcements. repairs to automobiles. Multiple Choice Question 40 Which of the following would be accounted for using a job order cost system? The refining of petroleum.  The production of automobiles.  The production of personal computers.  The construction of a new campus building. Multiple Choice Question 45 The flow of costs in a job order cost system measures product costs for a set time period.  generally follows a LIFO cost flow assumption.  involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done. cannot be measured until all jobs are complete. Multiple Choice Question 60 The entry to record the acquisition of raw materials on account is Raw Materials Inventory

3. Accounts Payable  Work in Process Inventory   Accounts Payable  Manufacturing Overhead   Raw Materials Inventory   Accounts Payable  Accounts Payable   Raw Materials Inventory Multiple Choice Question 73 Time tickets should be approved by the payroll department.   the audit committee.   co-workers.   the employee's supervisor. Multiple Choice Question 89 The labor costs that have been identified as indirect labor should be charged to salary expense. manufacturing overhead. the individual jobs worked on.

4. direct labor. Multiple Choice Question 90 Manufacturing overhead is applied to each job at the time when the overhead cost is incurred.  by means of a predetermined overhead rate.  only if the overhead costs can be directly traced to that job.  at the end of the year when actual costs are known. Multiple Choice Question 38 A process cost accounting system is most appropriate when individual products are custom made to the specification of customers.  a variety of different products are produced, each one requiring different types of materials, labor, and overhead.  the focus of attention is on a particular job or order.  similar products are mass-produced. Multiple Choice Question 43 Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? The time period each covers.

5.  The number of work in process accounts.  The manufacturing cost elements included.  The detail at which costs are calculated. Multiple Choice Question 47 In process cost accounting, manufacturing costs are summarized on a  manufacturing cost sheet.  process order cost sheet.  job order cost sheet.  production cost report. Multiple Choice Question 49  In a process cost system, product costs are summarized: on job cost sheets. on production cost reports. when the products are sold.  after each unit is produced. Multiple Choice Question 136 Which of the following is considered a difference between a job order cost and a process cost system?  Documents used to track costs.  The manufacturing cost elements.  The accumulation of the costs of materials, labor, and overhead.  The flow of costs.

6. 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 materials and direct labor  direct labor  Multiple Choice Question 49 The last step in activity-based costing is to compute the activity-based overhead rate per cost driver. identify the cost driver that has a strong correlation to the activity cost pool.  identify and classify the major activities involved in the manufacture of specific products.  assign manufacturing overhead costs for each activity cost pool to products. Multiple Choice Question 50

7. The first step in activity-based costing is to compute the activity-based overhead rate per cost driver.  identify the cost driver that has a strong correlation to the activity cost pool.  identify and classify the major activities involved in the manufacture of specific products.  assign manufacturing overhead costs for each activity cost pool to products. Multiple Choice Question 51  A well-designed activity-based costing system starts with assigning manufacturing overhead costs for each activity cost pool to products.  computing the activity-based overhead rate.  analyzing the activities performed to manufacture a product.  identifying the activity-cost pools. Multiple Choice Question 53 An example of an activity cost pool is machine hours. setting up machines.  number of setups.  number of inspections. For more classes visit www.assignmentcloud.com