advance_cost_accounting - ADVANCED COST ACCOUNTING MULTIPLE...

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A DVANCED C OST A CCOUNTING M ULTIPLE C HOICE Q UESTIONS 1. Absorption costing measures contribution to profit as: A) Sales less unit- level costs spent of goods sold. B) Sales less absorption cost of goods sold. C) Sales less absorption cost of goods sold. D) Sales less all costs including operating expenses. 2. In a job-order costing system, the journal entry to record depreciation on factory equipment would be recorded by a: A) Debit to Depreciation Expense, credit to Accumulated Depreciation B) Debit to Manufacturing Overhead, credit to Depreciation Expense C) Debit to manufacturing Overhead, credit to Work-in-Process D) Debit to Manufacturing Overhead, credit to Accumulated Depreciation 3. Which of the following statements regarding traditional cost accounting systems is False? A) Products are often over or under costed in traditional cost accounting systems B) Most traditional cost accounting systems do not trace individual costs to products. C) The advantage of traditional cost accounting systems is their simplicity. D) Traditional cost accounting systems can be sufficient to meet managers' cost information needs as long as the level of indirect costs is relatively high compared to the level of direct costs. 4.
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This note was uploaded on 10/11/2010 for the course FINANCE 5101144 taught by Professor Hjk during the Spring '10 term at Arab Academy for Science, Technology & Maritime Transport.

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advance_cost_accounting - ADVANCED COST ACCOUNTING MULTIPLE...

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