ACC 561 Week 3 Quiz
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1. A major purpose of cost accounting is to
• measure, record, and report product costs.
• classify all costs as operating or nonoperating.
• measure, record, and report period costs.
• provide information to stockholders for investment decisions.
2. The two basic types of cost accounting systems are
• job order and process cost systems.
• job order and batch systems.
• process cost and batch systems.
• job order and job accumulation systems.
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3. A process cost system would most likely be used by a company that makes
• breakfast cereal.
• motion pictures.
• college graduation announcements.
• repairs to automobiles.
4. Which of the following would be accounted for using a job order cost system?
• The refining of petroleum.
• The production of automobiles.
• The production of personal computers.
• The construction of a new campus building.
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5.The flow of costs in a job order cost system
• measures product costs for a set time period.
• generally follows a LIFO cost flow assumption.
• involves accumulating manufacturing costs incurred and assigning the accumulated costs to work done.
• cannot be measured until all jobs are complete.
6. The entry to record the acquisition of raw materials on account is
• Raw Materials Inventory Accounts Payable
• Work in Process Inventory Accounts Payable
• Manufacturing Overhead Raw Materials Inventory Accounts Payable
• Accounts Payable Raw Materials Inventory
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7. Time tickets should be approved by
• the payroll department.
• the audit committee.
• co-workers.
• the employee's supervisor.
8. The labor costs that have been identified as indirect labor should be charged to
• salary expense.
• manufacturing overhead.
• the individual jobs worked on.
• direct labor....