Quiz #3 Answers

Quiz #3 Answers - Question 1 of 15 The key distinction...

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Question 1 of 15 The key distinction between job costing and process costing is: A. The difference in detail required by each approach. B. The use made of the collected data. C. Strictly an accounting difference. D. The cost object for which costs are accumulated. E. The standards applied. Answer Key: D Question 2 of 15 The two main advantages of using predetermined factory overhead rates are to provide more accurate unit cost information and to: A. Simplify the accounting process. B. Provide cost information on a timely basis. C. Insure transmission of correct data. D. Extend the useful life of the cost data. E. Adjust for variances in data sources. Answer Key: B Question 3 of 15 The ideal criterion for choosing an allocation base for overhead is: A. Ease of calculation. B. A cause-and-effect relationship. C. Ease of use. D. Its preciseness. E. Its applicability. Answer Key: B
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Question 4 of 15 Volume-based cost accounting systems often do a poor job of product costing because they: A. Use only volume-based cost drivers. B. Fail to recognize the impact of overhead in product cost. C. Often do not reflect changes in major cost categories caused by plant automation. D. Too often use an allocation base that does not have a cause-effect relationship to resource
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Quiz #3 Answers - Question 1 of 15 The key distinction...

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