20 Interactive Quiz B

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Interactive Quiz B http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter20/interactive_quiz_b.html[6/22/2010 7:06:40 PM] Interactive Quiz B (See related pages) Results Reporter Out of 25 questions, you answered 9 correctly with a final grade of 36% 9 correct (36%) 16 incorrect (64%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 INCORRECT When a product is produced through a series of sequential steps and is produced in large quantities of essentially identical units, it is called process manufacturing. A) True B) False Feedback: Also called process production , process manufacturing involves the production of homogenous products, repetitively, with high production volume and standardization. C1 2 CORRECT A process cost accounting system accumulates costs by individual jobs or job lots and a job order accounting system accumulates costs by production departments. A) True B) False Feedback: With individual jobs, it is necessary to accumulate the costs assignable to each job. With process manufacturing, a single product is made in a continuous process in one or more production departments. A1 3 INCORRECT A producer of nails is likely to use a process cost accounting system. A) True B) False Feedback: Because nails are a homogeneous, high volume, low value product that is produced in mass quantities, the producer is most likely to use process cost accounting system. C1 4 INCORRECT Job order cost accounting systems focus on individual jobs using job cost sheets and process cost accounting systems focus on individual production processes with each production process identified as a separate production department, workstation, or work center. A) True B) False Feedback: This statement accurately describes the differences in focus between a job order cost accounting system and a process cost accounting system. A1 5 INCORRECT A characteristic of process costing is that there tends to be high standardization. A) True B) False Feedback: A characteristic of process costing is that there tends to be high standardization. A1 6 CORRECT Another characteristic of process costing is that the output results in heterogeneous products and services. A) True B) False Feedback: Process cost systems result in homogeneous units and services, where the output looks the same. (Job Order costing results in heterogeneous products and services.) A1 7 CORRECT The cost object in a process accounting system is the specific job. A) True B) False Feedback: The cost object in a job order system is the specific job. The cost object in a process costing system is the process. A1 8 CORRECT If the factory overhead account has a credit balance, it is said to be underapplied. Course-wide Content
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This note was uploaded on 08/01/2010 for the course ACC 102 taught by Professor Amyross during the Spring '10 term at Thomas Edison State.

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20 Interactive Quiz B - Interactive Quiz B Home > Chapter...

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