Exams & Certification

Exams & Certification

Which of these best reflects a distinguishing factor between a job order cost system and a process cost system

Which of these best reflects a distinguishing factor between a job order cost system and a process cost system? a.The detail at which costs are calculated. b.The time period each covers. c.The number of work in process accounts. d.The manufacturing cost elements included. The correct answer and explanation is : The correct answer is: a.

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Differences between a job order cost system and a process cost system include all of the following except the

Differences between a job order cost system and a process cost system include all of the following except the a.documents used to track costs. b.point at which costs are totaled. c.unit cost computations. d.flow of costs. The correct answer and explanation is : The correct answer is: d. flow of costs. Explanation: A job order

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In a process cost system

In a process cost system, a.a Work in Process account is maintained for each product. b.a materials requisition must identify the job on which the materials will be used. c.a Work in Process account is maintained for each process. d.one Work in Process account is maintained for all the processes, similar to a job order

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A process cost system would be used for all of the following products except

.A process cost system would be used for all of the following products except a.chemicals. b.computer chips. c.motion pictures. d.soft drinks. The correct answer and explanation is : The correct answer is: c. motion pictures. Explanation A process cost system is a costing method used for mass production of identical or homogeneous products. It accumulates

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A characteristic of products that are mass-produced in a continuous fashion is that

A characteristic of products that are mass-produced in a continuous fashion is that a.the products are identical or very similar in nature. b.they are grouped in batches. c.they are produced at the time an order is received. d.their costs are accumulated on job cost sheets. The correct answer and explanation is : Correct Answer: a.

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A process cost accounting system is most appropriate when

A process cost accounting system is most appropriate when a.a variety of different products are produced, each one requiring different types of materials, labor, and overhead. b.the focus of attention is on a particular job or order. c.similar products are mass-produced. d.individual products are custom made to the specification of customers. The correct answer and

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A process cost accounting system is most appropriate for which of the following companies

A process cost accounting system is most appropriate for which of the following companies? Soda manufacturer Custom home builder Wedding planner Airplane manufacturer The correct answer and explanation is : Correct Answer: Soda Manufacturer A process cost accounting system is most appropriate for companies that produce large volumes of homogeneous products in a continuous flow.

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