ACC561 ACC/561 Week 3 Quiz

Question 1
A major purpose of cost accounting is to
Question 2
The two basic types of cost accounting systems are
Question 3
A process cost system would most likely be used by a company that makes
Question 4
Which of the following would be accounted for using a job order cost system?
Question 5
The flow of costs in a job order cost system
Question 6
The entry to record the acquisition of raw materials on account is
Question 7
Time tickets should be approved by
Question 8
The labor costs that have been identified as indirect labor should be charged to
Question 9
Manufacturing overhead is applied to each job
Question 10
A process cost accounting system is most appropriate when
Question 11
Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?
Question 12
In process cost accounting, manufacturing costs are summarized on a
Question 13
In a process cost system, product costs are summarized:
Question 14
Which of the following is considered a difference between a job order cost and a process cost system?
Question 15
The costs that are easiest to trace directly to products are
Question 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
Question 17
The last step in activity-based costing is to
Question 18
The first step in activity-based costing is to
Question 19
A well-designed activity-based costing system starts with
Question 20
An example of an activity cost pool is