Friends University
ACCT 382: Cost Accounting
AC 39
Quiz Practice Ch 4 and 12
True/False
Indicate whether the statement is true or false.
_F_ 1. Business value-added activities add value to a product.
_F_ 2. Business value-added activities increase the val
Friends University
ACCT 382: Cost Accounting
AC 39
Quiz Practice Ch 1, 2 and 3
True/False
Indicate whether the statement is true or false.
_F_ 1. Managerial accounting is most concerned with meeting the needs of external users.
_T_ 2. The learning and gro
Friends University
ACCT 382: Cost Accounting
AC 39
Quiz Practice Ch 5 and 6
True/False
Indicate whether the statement is true or false.
_T_ 1. A company that produces sugar will use a process costing system to track production costs.
_F_ 2. When manufactu
Friends University
ACCT 382: Cost Accounting
AC 39
Quiz Practice Ch 9 and 10
True/False
Indicate whether the statement is true or false.
_t_
1. Variable costs per unit vary directly with levels of production.
_t_
2. Fixed costs per unit vary inversely wit
Friends University
ACCT 382: Cost Accounting
AC 39
Quiz Practice Ch 11, 13 and 18
True/False
Indicate whether the statement is true or false.
_F_ 1. Joint costs occur after the split-off point in a production process.
_T_
2. Allocating joint costs based u
Weighted Average
Beg Inv
Units started +
Units acct for
Complete/TO End inv
Costs to Acct for
Beg Inv
Costs added
B+D ->
Costs assigned
to Trans out
Costs assigned
to End inv
FIFO
Beg Inv
Units started
Beg inv Complete
Units start and comp
End inv
Costs t
Friends University
ACCT 382: Cost Accounting
AC 39
Quiz Practice Ch 7 and 8
True/False
Indicate whether the statement is true or false.
_F_ 1. The formula for price/rate variance is (AP - SP) AQ.
_T_ 2. The difference between actual and budgeted fixed fac