cost_acct_test_bank_chapter_17
57 Pages

cost_acct_test_bank_chapter_17

Course Number: FINANCE 3310, Fall 2012

College/University: East Central

Word Count: 11473

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Cost Accounting, 14e (Horngren/Datar/Rajan) Chapter 17 Process Costing Objective 17.1 1) Costing systems that are used for the costing of like or similar units of products in mass production are called: A) inventory-costing systems B) job-costing systems C) process-costing systems D) weighted-average costing systems Answer: C Diff: 1 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 2) Which of...

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Accounting, Cost 14e (Horngren/Datar/Rajan) Chapter 17 Process Costing Objective 17.1 1) Costing systems that are used for the costing of like or similar units of products in mass production are called: A) inventory-costing systems B) job-costing systems C) process-costing systems D) weighted-average costing systems Register to View AnswerDiff: 1 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 2) Which of the following manufactured products would NOT use process costing? A) 747 jet aircraft B) 46-inch television sets C) Construction of a commercial office building D) Both A and C are correct. Register to View AnswerDiff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 3) Process costing should be used to assign costs to products when the: A) units produced are similar B) units produced are dissimilar C) calculation of unit costs requires the averaging of unit costs over all units produced D) Either A or C are correct. Register to View AnswerDiff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 4) Which one of the following statements is true? A) In a job-costing system, individual jobs use different quantities of production resources. B) In a process-costing system each unit uses approximately the same amount of resources. C) An averaging process is used to calculate unit costs in a job-costing system. D) Both A and B are correct. Register to View AnswerDiff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 1 Copyright 2012 Pearson Education, Inc. 5) Conversion costs: A) include all the factors of production B) include direct labor and overhead C) in process costing are usually considered to be added evenly throughout the production process D) Both B and C are correct. Register to View AnswerDiff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 6) An example of a business which would have no beginning or ending inventory but which could use process costing to compute unit costs would be a: A) clothing manufacturer B) corporation whose sole business activity is processing the customer deposits of several banks C) manufacturer of custom houses D) manufacturer of large TVs Register to View AnswerDiff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 7) Which of the following statement(s) concerning conversion costs is correct? A) Estimating the degree of completion of direct materials in a partially completed unit is usually easier to calculate than estimating the degree of completion for conversion costs. B) The calculation equivalent of units is relatively easy for the textile industry. C) Estimates are usually not considered acceptable. D) Both B and C are correct. Register to View AnswerDiff: 2 Terms: process-costing system, equivalent units Objective: 1 AACSB: Reflective thinking 8) Examples of industries that would use process costing include the soft-drink bottling and oil industry. Register to View AnswerDiff: 1 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 2 Copyright 2012 Pearson Education, Inc. 9) The principal difference between process costing and job costing is that in job costing an averaging process is used to compute the unit costs of products or services. Register to View AnswerExplanation: The averaging process is used to calculate unit costs in process costing. Diff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 10) Process-costing systems separate costs into cost categories according to the timing of when costs are introduced into the process. Register to View AnswerDiff: 2 Terms: process-costing system Objective: 1 AACSB: Reflective thinking 11) Estimating the degree of completion for the calculation of equivalent units is usually easier for conversion costs than it is for direct materials. Register to View AnswerExplanation: Estimating the degree of completion is easier for the calculation of direct materials since direct materials can be measured more easily than conversion costs. Diff: 2 Terms: equivalent units Objective: 1 AACSB: Reflective thinking 12) Job-order costing would be most likely used by a firm that produces homogeneous products. Register to View AnswerExplanation: Process costing would be most likely used by a firm that produces homogeneous products. Diff: 1 Terms: process costing Objective: 1 AACSB: Reflective thinking 13) When identical or similar units of products or services are mass produced, job-costing is used to calculate an average production cost for all units produced. Register to View AnswerExplanation: When identical or similar units of products or services are mass produced, process costing is used to calculate an average production cost for all units produced. Diff: 1 Terms: process costing Objective: 1 AACSB: Reflective thinking 3 Copyright 2012 Pearson Education, Inc. 14) There are basically two distinct methods of calculating product costs. Required: Compare and contrast the two methods. Answer: In job costing the job or product is a distinctly identifiable product or service. Each job requires (or can require) vastly different amounts of input.

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