Homework Answers
Ans. Option C
Explanation: Job order costing uses only a single work in process account for all unfinished jobs.
Just as, Process costing gives to each department it's own work in process account.
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24. Which of the following is correct regarding cost systems? Job Order Process A) Work in process account several...
Which of the following is correct regarding cost systems? Job Order Process Work in process account...
Which of the following is correct regarding cost
systems?
Job Order
Process
Work in process account
several
one for each process
Work in process account
one
one
Work in process account
one
one for each process
Work in process account
several
one
Which of the following is TRUE of job order cost systems? A. Examples of companies that...
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.
Which of the following represents the two basic types of cost accounting systems? Job order and...
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
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order...
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.
28 Which of the following are the two main types of cost accounting systems for manufacturing...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
Process and job order cost systems are similar in all of the following ways except a....
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
In a process cost system, a Work in Process account is maintained for each product. a...
In a process cost system, a Work in Process account is maintained for each product. a materials requisition must identify the job on which the materials will be used. a Work in Process account is maintained for each process. one Work in Process account is maintained for all the processes, similar to a job order cost system.
Which of the following statements regarding cost accounting systems is not true? a.A company may use...
Which of the following statements regarding cost accounting systems is not true? a.A company may use a job order cost system for some of its products and a process cost system for other products. b.A job order cost system provides product costs for each quantity of product that is manufactured. c.A company must use either a job order cost system for all of its products and services or a process cost system for all of its products and services. d.Managers...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing is used in financial accounting while process costing is used in managerial accounting. B. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. D. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the...
Which of the following is not a characteristic of a job order costing system? a. It...
Which of the following is not a characteristic of a job order costing system? a. It provides a separate record for the cost of each quantity of product that passes through the factory. b. It accumulates cost for each department within the factory. c. It uses only one work in process account d. It is best suited for industries that manufacture custom goods.
Which of the following is correct regarding cost
systems?
Job Order
Process
Work in process account
several
one for each process
Work in process account
one
one
Work in process account
one
one for each process
Work in process account
several
one
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.
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
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
Which of the following is not a characteristic of a job order costing system? a. It provides a separate record for the cost of each quantity of product that passes through the factory. b. It accumulates cost for each department within the factory. c. It uses only one work in process account d. It is best suited for industries that manufacture custom goods.
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