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1. Which of the given is not a way in which process and job order cost systems are similar?

a. Both assign product cost to units produced

b. Both accumulate product costs--direct materials, direct labor, and factory overhead

c. Both use job order cost cards

d. Both maintain perpetual inventories

2. What is the reason of Statement of Cost of Goods Manufactured?

a. To find out the ending work in process inventory

b. To find out the ending materials inventory

c. To find out amounts transferred

d. To finished goods All of these choices are true.

3. Which of the given would most probable be a period cost?

a. Depreciation on factory lunchroom furniture.

b. Salary of security guard for the factory parking lot.

c. Computer chips utilized by a computer manufacturer.

d. Salary of telephone receptionist in the sales office.

4. Which of the given would be most probable to use process costing?

a. A law firm.

b. A custom furniture manufacturer.

c. A lawn fertilizer manufacturer.

d. An auto body repair shop.

5. Form made periodically for each processing department summarizing (1) units for which department is accountable and units to be allocated costs and (2) costs charged to department and allocation of these costs is termed a:

a. Manufacturing cost report

b. Process cost report

c. Cost of production report

d. Factory overhead production report

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919104

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