244142550 Principles Of Cost Accounting

Topics: Inventory, Costs, Cost accounting Pages: 42 (7248 words) Published: November 12, 2014
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Name: Principles of Cost Accounting
Author: Vanderbeck
Edition: 16th
ISBN-10: 1133187862
Type: Test Bank
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Principles of Cost Accounting Vanderbeck 16th Edition Test Bank

Principles of Cost Accounting Vanderbeck 16th Edition Test Bank

Student: ___________________________________________________________________________ 1. Process costing techniques should be used in assigning costs to products: A. If the product is manufactured on the basis of each order received. B. In all manufacturing situations.

C. When production is only partially completed during the accounting period. D. If the product is composed of mass-produced homogeneous units.

2. Which of the following firms is least likely to use process costing? A. A yogurt manufacturer.
B. A refiner of petroleum products.
C. A machine tool manufacturer.
D. A manufacturer of concrete products.

3. Which of the following characteristics applies to process costing? A. Differentiated products are provided on a special order basis. B. Cost are accumulated by department.
C. Cost are accumulated by jobs.
D. Direct labor workers must keep detailed records as to the jobs on which they worked.

4. A cost object in a process cost system is usually a:
A. Department.
B. Job.
C. Specific product.
D. Employee.

5. Characteristics that job order costing and process costing have in common include all of the following except:
A. The use of predetermined factory overhead rates.
B. Each can be used by service firms.
C. The costs of materials and labor are charged to the departments where they are incurred. D. The primary objective is to complete a unit cost for products.

Principles of Cost Accounting Vanderbeck 16th Edition Test Bank

Principles of Cost Accounting Vanderbeck 16th Edition Test Bank

6. A true process costing system could make use of each of the following except: A. Predetermined factory overhead rates.
B. Individual jobs.
C. Cost centers.
D. General ledger control accounts.

7. All of the following could be included in the cost of a product located in the final production department of a multi-step process except:
A. The costs of materials, labor and overhead identifiable with that department. B. Marketing and distribution costs.
C. The costs of service departments that have been allocated to production departments. D. The costs of prior production departments.

8. Brown Company incurred cost of $17,000 for material, $13,000 for labor, and $16,000 for factory overhead. There was no beginning or...
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