Accounting II part 2 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?
answer
Job order cost system
question
The amount of time spent by an employee in the factory is usually recorded on
answer
time cards
question
Which of the following is the correct flow of manufacturing costs?
answer
Raw materials, work in process, finished goods, cost of goods sold
question
Which of the following would most likely be a product cost?
answer
Drill bits for a drill press used in the plant assembly area
question
Costs that are used in generating revenues during the current period are often referred to as
answer
Period Cost
question
Which of the following is not a characteristic of a job order costing system?
answer
It accumulates cost for each department within the factory
question
Which of the following would record the labor costs to an individual job
answer
Time tickets
question
Which of the following are the two main types of cost accounting systems for manufacturing operations?
answer
Job order cost and process cost systems
question
The document authorizing the issuance of materials from the storeroom is the
answer
Materials requisition
question
The details concerning the costs incurred on each job order are accumulated in a subsidiary ledger known as the:
answer
Cost ledger
question
Costs that are treated as assets until the product is sold are called:
answer
Product Costs
question
Which types of inventories does a manufacturing business report on the balance sheet?
answer
Direct materials inventory, work in process inventory, and finished goods inventory
question
Which of the following would most likely be a period cost?
answer
Salary of telephone receptionist in the sales office
question
The finished goods account is the controlling account for the:
answer
Stock ledger
question
A widely used activity base for developing factory overhead rates in highly automated settings is:
answer
Machine hours
