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ACC 561 Week 3 Quiz

ACC 561 Week 3 Quiz

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ACC 561 Week 3 Quiz -

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.

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.

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

  • breakfast cereal.
  • motion pictures.
  • college graduation announcements.
  • repairs to automobiles.

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.

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.

60. 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                                        

73. Time tickets should be approved by

  • the payroll department.
  • the audit committee.
  • co-workers.
  • the employee's supervisor.

89. 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.

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.

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.

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.
  • The number of work in process accounts.
  • The manufacturing cost elements included.
  • The detail at which costs are calculated.

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.

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.

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.

35. 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

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

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.

50. 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.

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.

53.An example of an activity cost pool is

  • machine hours.
  • setting up machines.
  • number of setups.
  • number of inspections.

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