New Acc 561 Week 3 Assignment Practice Quiz

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Multiple Choice Question 37
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
 
Multiple Choice Question 38
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.
 
Multiple Choice Question 39
 A process cost system would most likely be used by a company that makes
breakfast cereal.
motion pictures.
 college graduation announcements.
repairs to automobiles.
 
Multiple Choice Question 40
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.
 
Multiple Choice Question 45
 
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.
 
Multiple Choice Question 60
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
  
Multiple Choice Question 73
Time tickets should be approved by
the payroll department.
  the audit committee.
  co-workers.
  the employee's supervisor.
 
Multiple Choice Question 89
The labor costs that have been identified as indirect labor should...