Managerial

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Author:
Anonymous
ID:
152306
Filename:
Managerial
Updated:
2012-05-05 12:09:16
Tags:
Accounting
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Description:
Chapter 17 & 18
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  1. After a job is completed, the product unit cost can be determined from the jov order cost card.
    T
  2. Job costs in a service organization end up in the Finished Goods Inventory account when a job is completed.
    F
  3. In costs-plus contracts, the "plus" is the sales price
    F
  4. In a service organization using a job order costing system, acutal overhead will be the same as applied overhead.
    F
  5. A job order cost card is a type of subsidiary ledger.
    T
  6. When a job is completed in a service organizatioin, the job costs are transfered to the
    Cost of Services account
  7. The type of product costing system used by a company is dictated by the
    production process
  8. Product costs appear on the income statement in the form of
    cost of goods sold
  9. Accounting for the incurrence of ______ does not change significantly between jov order costing and process costing.
    direct materials and conversion costs
  10. The total of the dollar amounts on the job order cost cards that have not been completed would be equal to the
    Balance in the Work in Process Inventory Account
  11. A company the manufactures potato chips would probably use a process costing system
    T
  12. Conversion costs per equivalent unit will be same under both FIFO and average costing methods.
    F
  13. In process costing systems, the average costing method assumes that cost flows do follow the logical physical flow of production
    F
  14. For a company having two or more production departments, at the end of the accounting period a separate process cost report for each department is prepared.
    T
  15. The most commonly used method to assign cost to products in the process costing is the FIFO costing method.
    T
  16. Fantastic Fabricating uses the FIFO methid in its process costing system. Beginning inventory in the mixing processing center consisted of 4,000 units, 75 percent complete with respect to converison costs. Ending work in process inventory consisted of 3,000 units, 60 percent complete with respect to conversion costs. If 11,200 units were transferred to the next processing center during the period, the equivalent units for conversion cost would be
    11,200 untis
  17. Equivalent production is also called
    equivalent units
  18. Which method assumes that all units in beginning work in process (WIP) are completed in the current period?
    FIFO

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