1.Cost accounting systems accumulate manufacturing costs and then assign themto products and services.
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2.A manufacturing company that uses a cost accounting system normally has onlytwo inventory accounts: Finished Goods Inventory and Goods in ProcessInventory.
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3.There are two basic types of cost accounting systems: job order costing andperiodic costing.
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4.Cost accounting information is helpful to management for pricing decisions, buthas no effect on controlling costs.
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5.Job order manufacturing systems would be appropriate for companies thatproduce custom homes, specialized equipment, and special computer systems
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6.A company that produces products individually designed to meet the needs of a
19Student: ___________________________________________________________________________1.Cost accounting systems accumulate costs and then assign them to products or services.True False
2.A company that uses a cost accounting system normally has only two inventory accounts: Finished GoodsInventory and Goods in Process Inventory.
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3.Cost accounting information is helpful to management in controlling costs but has no effect on pricingdecisions.
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4.There are two basic types of cost accounting systems: job order costing and periodic costing.
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5.A company that produces a large number of standardized units would normally use a job order costaccounting system.True False
6.Job order production systems would be appropriate for companies that produce custom homes,specialized equipment, and special computer systems.
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7.Job order production systems would be appropriate for companies that produce compact disks ordisposable cameras.
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8.A job order cost accounting system would be appropriate for a manufacturer of automobile tires.
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9.Job order production systems would be appropriate for companies that produce training films for aspecific customer or custom-made furniture to be used in a new five-star resort hotel.True False
10.A company's file of job cost sheets for finished but unsold jobs equals the balance in the Finished GoodsInventory account.
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11.The raw materials section of a job cost sheet shows the materials costs assigned to a job, but the directlabor section only shows the total hours of labor exerted by employees on the job.
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12.In a job order cost accounting system, the total balances on the entire job cost sheets for unfinished jobsequals the balance in the Goods in Process Inventory account.
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13.A job cost sheet is useful for developing financial accounting numbers but does not contain informationthat is useful for managing the production process.True False
14.Job cost sheets are used to track all of the costs assigned to a job, including direct materials, direct labor,overhead, and all selling and administrative costs.
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