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-5
61-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.   Multipl
e 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.assignme
ntcloud.com