Ch 4 - Online Quizzes 1 of 3...

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Online Quizzes (See related pages) 1 Product costing system design or selection: A) is not an easy task. B) requires an understanding of the nature of the business. C) should provide useful cost information for strategic and operational decision needs. D) should be cost effect in design and selection. E) All the above answers are correct. 2 __________ is a product costing system that accumulates costs and assigns them to specific jobs, customers, projects or contracts. A) Process costing B) Operational costing C) Job costing D) None of the above 3 The motive for normalizing factory overhead cost is to avoid the fluctuations in cost per unit per period resulting from changes in the volume of units: A) sold in the period. B) produced in the period. C) produced and sold in the period. D) in beginning inventory for the period. E) in ending inventory for the period. 4 Digger Company uses Materials Inventory account to record both direct and indirect materials. During the month of June, the company has the following cost information: The ending materials inventory cost is: A) $440,000 B) $120,000 C) $360,000 D) $80,000 E) $200,000 5 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)
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Ch 4 - Online Quizzes 1 of 3...

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