19 Interactive Quiz B

19 Interactive Quiz B - Interactive Quiz B Home >...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Interactive Quiz B http://highered.mcgraw-hill.com/sites/0072996536/student_view0/chapter19/interactive_quiz_b.html[6/22/2010 7:04:40 PM] Interactive Quiz B (See related pages) Results Reporter Out of 23 questions, you answered 15 correctly with a final grade of 65% 15 correct (65%) 8 incorrect (35%) 0 unanswered (0%) Your Results: The correct answer for each question is indicated by a . 1 INCORRECT An accounting system that uses perpetual inventories in accounting for its manufacturing operations is called a cost accounting system. A) True B) False Feedback: When perpetual inventories are used, the accounting system is referred to as a cost accounting system. When periodic inventories are used, it is called a general accounting system. C1 2 INCORRECT One of purposes of a cost accounting system is to help managers make decisions related to inventory such as setting the selling price for products. A) True B) False Feedback: A cost accounting system is devised to provide information to managers and other decision makers to help in controlling costs and making other inventory-related decisions like setting selling prices for products. C1 3 CORRECT There are two basic types of cost accounting systems: process cost systems and manufacturing cost accounting systems. A) True B) False Feedback: The two basic types of cost accounting systems are (1) job order cost accounting and (2) process cost accounting, which is described in the next chapter. C1 4 CORRECT The production of products in a continuous, homogeneous process is called job order manufacturing. A) True B) False Feedback: Job order manufacturing is the production of products in response to special orders and is also called customized production. It is not carried out in a continuous, homogeneous process. C2 5 INCORRECT For each job or job lot that is produced to meet the demands of a customer, a job cost sheet is prepared. A) True B) False Feedback: In job order cost accounting, a job cost sheet is prepared for each product or service for a customer. The job cost sheet is the focus point for the costs incurred to produce the product or service. C2 6 CORRECT An example of a company well suited for process costing would be a company that produces wedding invitations. A) True B) False Feedback: A company that makes wedding invitations is involved in producing products that are individually designed to meet the needs of a specific customer. This type of business is best suited for job order costing and not process costing. C1 7 CORRECT Manufacturing firms are the only types of businesses that have developed job order cost systems to use in their operations. A)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

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.

Page1 / 4

19 Interactive Quiz B - Interactive Quiz B Home >...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online