unting 121 Part I- Multiple Choice: (20 Questions, 2 Points each)Please circle t

Question

unting 121 Part I- Multiple Choice: (20 Questions, 2 Points each)Please circle the letter that best completes each question. 1) The two basic types of cost accounting systems are a. job order and job accumulation systems. b. job order and process cost systems. c. process cost and batch systems. d. job order and batch systems 2) An important feature of a job order cost system is that each job must be similar to previous jobs completed. has its own distinguishing characteristics. must be completed before a new job is accepted. consists of one unit of output. d. 3) The flow of costs in a job order cost system involves accumulating manufacturing costs incurred and assigning the accum costs to work done. b. cannot be measured until all jobs are complete c. measures, product costs for a set time period. d. generally follows a LIFO cost flow assumption. 4) Manufacturing Overhead would notinclude which of the following a. utilities b. property taxes. c. insurance. d. raw materials inventory. 5) Which one of the following best describes a job cost sheet? a. It is a form used to record the costs chargeable to a specific job and to de total and unit costs of the completed job b. It is used to track manufacturing overhead costs to specific jobs. c. It is used by management to understand how direct costs affect profitabi d. It is a daily form that management uses for tracking worker producti employee raises are based.

Explanation / Answer

1. Two basic type of costing system are job order costing system and process costing system

So correct answer is B

2. In job order costing system each job has its own characteristic

So correct answer is B

3. The flow of cost in job order costing system involves accumulated manufacturing cost incurred and assigning the cost to work done

Correct answer is A

4. Manufacturing overheads include the overheads cost and raw material inventory is not an expense

So correct answer is D

5. Job cost sheet includes Cost chargeable to specific job and total cost involved in a particular job with the unit cost of completed units

So correct answer is A

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