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ACC 561 Week 3 knowledge Check Answers

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ACC 561 Week 3 knowledge Check Answers

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  1. ACC 561 Week 3 Quiz Bywww.StudentWhiz.com • Copyright. All Rights Reserved by www.StudentsWhiz.com

  2. 1. 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. 2. 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. Quiz Answers just a click away ACC 561 Week 3 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  3. 3. A process cost system would most likely be used by a company that makes • breakfast cereal. • motion pictures. • college graduation announcements. • repairs to automobiles. 4. 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. Quiz Answers just a click away ACC 561 Week 1 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  4. 5.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. 6. The entry to record the acquisition of raw materials on account is • Raw Materials Inventory Accounts Payable • Work in Process Inventory Accounts Payable • Manufacturing Overhead Raw Materials Inventory Accounts Payable • Accounts Payable Raw Materials Inventory Want more details? Download now ACC 561 Week 5 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  5. 7. Time tickets should be approved by • the payroll department. • the audit committee. • co-workers. • the employee's supervisor. 8. The labor costs that have been identified as indirect labor should be charged to • salary expense. • manufacturing overhead. • the individual jobs worked on. • direct labor. Quiz Answers just a click away ACC 561 Week 3 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  6. 9. 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. 10. 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. Quiz Answers just a click away ACC 561 Week 6 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  7. 11. Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? • The time period each covers. • The number of work in process accounts. • The manufacturing cost elements included. • The detail at which costs are calculated. 12. In process cost accounting, manufacturing costs are summarized on a • manufacturing cost sheet. • process order cost sheet. • job order cost sheet. • production cost report. Quiz Answers just a click away ACC 561 Week 3 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  8. 13. 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. 14. 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. Want help? Click to download ACC 561 Week 4 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  9. 15. The costs that are easiest to trace directly to products are • direct materials and direct labor. • direct labor and overhead. • direct materials and overhead. • None of the above; all three costs are equally easy to trace to the product 16. 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 Want help? Click to download ACC 561 Week 2 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  10. 17. 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. 18. 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. Quiz Answers just a click away ACC 561 Week 3 Quiz • Copyright. All Rights Reserved by www.StudentsWhiz.com

  11. 19. 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. 20.An example of an activity cost pool is • machine hours. • setting up machines. • number of setups. number of inspections. • Copyright. All Rights Reserved by www.StudentsWhiz.com

  12. About Author This article covers the topic for the University Of Phoenix ACC 561 Week 3 Quiz.The author is working in the field of education from last 5 years. This article covers the basic of ACC 561 Week 3 Quiz Answers from UOP. Other topics in the class are as follows: ACC 561 Week 1 Quiz ACC 561 Week 2 Quiz ACC 561 Week 3 Quiz ACC 561 Week 4 Quiz ACC 561 Week 5 Quiz ACC 561 Week 6 Quiz For further information on the above topics you can always visit the website www.StudentWhiz.com • Copyright. All Rights Reserved by www.StudentsWhiz.com

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