Question 14 (3 points) The company controller for a manufacturing company is an

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Question 14 (3 points)

The company controller for a manufacturing company is an example of ___________________.

Question 14 options:

a staff position

a line position

management by exception

none of the above

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Question 15 (3 points)

In the process costing system, accumulated depreciation is credited and charged to one particular department.

Question 15 options:

B) False

Question 12 (3 points)

Maintenance and repairs to equipment are considered service activities during the manufacturing process.

Question 12 options:

B) False

Question 7 (3 points)

In the process costing system, work in process inventory is transferred from Department E to Department F. The company should debit Work in Process - Department F and credit Work in Process - Department E.

Question 7 options:

Question 8 (3 points)

When using the process costing system, the company uses one work in process account for each department.

Question 8 options:

Question 9 (3 points)

Company A purchased $5,000 of raw materials on account for an upcoming job. The company should debit the Work in Process account and credit Accounts Payable.

Question 9 options:

Question 10 (2 points)

Managerial accounting information includes both historical and estimated data.

Question 10 options:

A)

a staff position

B)

a line position

C)

management by exception

D)

none of the above

Explanation / Answer

14.

Company controller plays the role of cheif accounting officer and acts as a head of the accounting department supervising the subordinates accounting manager, accounting clerk etc., Hence the company controller comes in category of personnel handling management by exception.

15.

In process costing accounting system the accumulated depreciation of a deparment is allocated and charged only to the same department under the head of direct costs. But however the depreciation being considered as an expense for the department it would be debited for deparment accounts.Hence the given statement is "False"

12.

Maintenance and repairs cost in a manufacturing process for the equipments involved in process are considered as service activities as those costs incurred are to generate service revenue. Hence the given statement is "True"

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