Select one:TrueFalseFeedbackThe correct answer is 'True'.Question2Correct6.00 points out of 6.00Flag question
Question textJoint costs can be allocated either using a physical basis or a value basis.Select one:TrueFalseFeedbackThe correct answer is 'True'.Question3Correct6.00 points out of 6.00Flag questionQuestion textEquivalent units of production are equal to:Select one:a. The number of units that could have been completed if all effort had beenapplied to units that were started and completed that period.b. The number of finished units actually produced that period.c. The number of units introduced into the process that period.d. The number of units still in process that period.e. Physical units that were completed this period from all effort being applied tothem.FeedbackThe correct answer is: The number of units that could have been completed if all effort had beenapplied to units that were started and completed that period.Question4Incorrect0.00 points out of 6.00
Remove flagQuestion textService firms, unlike manufacturing firms, should only use actual costs whendetermining a selling price for their services.Select one:TrueFalseFeedbackThe correct answer is 'False'.Question5Correct6.00 points out of 6.00Flag questionQuestion textProcess costing is applied to operations with repetitive production andheterogeneous products.Select one:TrueFalseFeedbackThe correct answer is 'False'.Question6Correct6.00 points out of 6.00
Flag questionQuestion textIndirect expenses should be allocated to departments based upon the benefitsreceived by each department.Select one:TrueFalseFeedbackThe correct answer is 'True'.Question7Correct6.00 points out of 6.00Flag questionQuestion textAn accounting system that provides information that management can use toevaluate the performance of a department's manager is called a:Select one:a. Cost accounting system.b. Managerial accounting system.c. Responsibility accounting system.d. Financial accounting system.e. Activity-based accounting system.FeedbackThe correct answer is: Responsibility accounting system.Question8
Correct6.00 points out of 6.00Remove flagQuestion textThe amount by which the overhead applied to jobs during a period exceeds theoverhead incurred during the period is known as:Select one:a. Adjusted overhead.b. Estimated overhead.c. Predetermined overhead.d. Underapplied overhead.e. Overapplied overhead.FeedbackThe correct answer is: Overapplied overhead.Question9Correct6.00 points out of 6.00Flag questionQuestion textOverapplied overhead is the amount by which overhead applied to jobs usingthe predetermined overhead allocation rate exceeds the overhead incurred duringa period.Select one:TrueFalse
FeedbackThe correct answer is 'True'.Question10Correct6.00 points out of 6.00Flag questionQuestion textA job cost sheet shows information about each of the following items except:Select one:a. The direct labor costs assigned to the job.
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