Accounting Chapter 4 Review Questions

Accounting Chapter 4 Review Questions - Accounting 305...

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Accounting 305 Chapter 4 Review Questions Which of the following costing systems would always use job cost sheets? A. Job order costing. B. Process costing. C. Activity-based costing. D. All three systems. The basic types of cost accounting systems are: A. Job order cost systems, activity based cost systems, and process cost systems. B. Direct cost systems and indirect cost systems. C. Completed job cost systems and work in process cost systems. D. Fixed cost systems and variable cost systems. A job order cost system would be appropriate in the manufacture of: A. Paints. B. Custom-made furniture. C. Breakfast cereal. D. Standard-grade plywood. Under a job order cost system, costs are accumulated for: A. Each department in the production cycle. B. Each batch of production, known as a job or lot. C. Each individual unit produced. D. Each job supervisor. A job cost sheet usually contains a record of each of the following except: A. The cost of direct materials charged to a particular job. B. The overhead costs actually incurred on a particular job. C. The cost of direct labor charged to a particular job. D. The overhead cost applied to a particular job.
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In a job cost system, the Work-in-Process Inventory controlling account may be reconciled to the total of the: A. Employee time cards. B. Materials requisitions. C. Work-in-Process Inventory records for each department or process. D. Job cost sheets. The year-end balance in the Materials Inventory controlling account is equal to: A.
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