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Multiple choice

1. The type of product costing system used by a company is dictated by the :
a) plant supervisor
b) project manager
c) company president
d) production process

2. Activity based costing traces production costs to
a) activities within the company
b) departments within the company
c) workers within the company


_ 1. Process Costing System
_ 2. Schedule of equivalent production
_ 3. Unit cost of analysis schedule
_ 4. Cost summary schedule
_ 5. Equivalent production(equivalent units)
_ 6. Conversio costs
_ 7. FIFO costing method
_ 8. average costing method

a. process costing method that assumes beginning work in process was started and completed during the period
b. combined direct labor and manufacturing overhead costs that are often incurred uniformly throughout the production process
c. the schedule used to distribute costs during the period to ending work in process inventory and transferred units
d. the accounting method used when large quantities of identical products are being produced
e. process costing method in which cost flow follows product flow
f. the schedule that computes a cost-per-unit figure
g. whole units producted, taking into consideration partially completed units
h. the schedule in which equivalent unit production is computed.

  • accounting -

    And your answers are??

  • accounting -

    1. A
    2. A

    1. D
    2. H
    3. F
    4. C
    5. G
    6. B
    7. E
    8. A

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