Process cost systems use job order cost cards to accumulate cost data.
True
False
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Answer) False In a process cost system, product costs are accumulated by processing department rather than by job. |
Process cost systems use job order cost cards to accumulate cost data. True False
Process and job order cost systems are similar in all of the following ways except a. both accumulate product costs-direct materials, direct labor, and factory overhead b. both use job order cost cards c. both allocate product costs to units produced O d. both maintain perpetual inventories
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Standard costing can be used for both job order and process costing systems. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory. True False
Which of the following is TRUE of job order cost systems? A. Examples of companies that use job order cost systems would be oil refineries, paper producers, chemical processors, and food processors. B. Job order cost systems are not widely used. C. Job order cost systems are often used by companies that manufacture custom products for customers or batches of similar products. D. Job order cost systems provide product costs for each manufacturing department or process.
Actual manufacturing overhead appears on job cost cards. True False
Job order costing and process costing are pricing systems. cost accounting systems. cost flow systems. inventory tracking systems.
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
Job order costing and process costing are O a. pricing systems Ob.cost accounting systems Oc. cost flow systems Od. inventory tracking systems o
Which of the following represents the two basic types of cost accounting systems? Job order and process cost systems Process cost and batch systems Job order and batch systems Job order and job accumulation systems
Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead resources. True or False True False