Question 1

A production department is an organizational unit of a factory that has the responsibility for at least partially manufacturing or producing a product or service.

Accepted Answer

A) True 
 B)False

Question 2

Process cost accounting systems are commonly used by companies that produce a large volume of standardized units on a continuous basis.

Accepted Answer

A) True 
 B)False

Question 3

A company that applies process costing is most frequently characterized by:

Accepted Answer

A) Low standardization and high production volume. 
B) Custom orders and homogeneous products. 
C) Repetitive production and heterogeneous products. 
D) Repetitive production and low production volume. 
E) Homogeneous product and high production volume. 
A) Low standardization and high production volume. 
B) Custom orders and homogeneous products. 
C) Repetitive production and heterogeneous products. 
D) Repetitive production and low production volume. 
E) Homogeneous product and high production volume.

Question 4

The FIFO method of process costing accounts for cost flow in a ______________ manner.

Accepted Answer

The answer of The FIFO method of process costing accounts...

Question 5

Describe the flow of overhead costs in a process cost accounting system, including accounts used.

Accepted Answer

As actual overhead costs are incurred fo

Question 6

Which of the following is true when computing cost per equivalent unit in a FIFO process costing system?

Accepted Answer

A) Prior period costs are combined with costs incurred in the current period and then divided by the equivalent units of production. 
B) Costs incurred in the current period are divided by the equivalent units of production. 
C) Total cost to account for is divided by the equivalent units of production. 
D) Equivalent units of production are divided by costs incurred in the current period. 
E) Equivalent units of production are divided by cost to account for. 
A) Prior period costs are combined with costs incurred in the current period and then divided by the equivalent units of production. 
B) Costs incurred in the current period are divided by the equivalent units of production. 
C) Total cost to account for is divided by the equivalent units of production. 
D) Equivalent units of production are divided by costs incurred in the current period. 
E) Equivalent units of production are divided by cost to account for.

Question 7

What are the four steps in accounting for production activity in a period?

Accepted Answer

Accounting for a department's

Question 8

Job order manufacturing and process manufacturing are two major costing systems used in manufacturing.Briefly contrast the characteristics of these two systems.

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 9

The _____________ method of process costing assigns costs to units assuming a first-in, first-out flow of product.

Accepted Answer

The answer of The _____________ method of process costing assigns...

Question 10

A company uses a process cost accounting system.Its Sewing Department's beginning inventory consisted of 50,000 units (1/4 complete with respect to direct labor and overhead).The Sewing Department started and finished 120,000 units this period.Its ending inventory consists of 40,000 units (1/4 complete with respect to direct labor and overhead).All direct materials are added at the beginning of the process.Under FIFO what are the equivalent units of production for the Sewing Department for direct materials and for direct labor and overhead, respectively?

Accepted Answer

A) 210,000;120,000 
B) 210,000; 180,000 
C) 167,500; 167,500 
D) 160,000; 162,500 
E) 160,000; 167,500 
A) 210,000;120,000 
B) 210,000; 180,000 
C) 167,500; 167,500 
D) 160,000; 162,500 
E) 160,000; 167,500

Question 11

In process costing, factory overhead incurred does not usually equal that applied, which yields either ____________________ or ___________________ overhead.

Accepted Answer

overapplie

Question 12

An expression of the activity of a process as the number of units that would have been processed during a period if all effort had been applied to units that were started and finished during the period is called:

Accepted Answer

A) Manufacturing overhead. 
B) Units in process. 
C) A job cost sheet. 
D) Equivalent units of production. 
E) Process cost summary. 
A) Manufacturing overhead. 
B) Units in process. 
C) A job cost sheet. 
D) Equivalent units of production. 
E) Process cost summary.

Question 13

A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor.These beginning units were completed and another 90,000 units were started during the current period.Of those started, 60,000 were finished and the remaining 30,000 were one-third complete at the end of the period.Using the weighted-average method, the equivalent units of production were:

Accepted Answer

A) 60,000 
B) 74,000 
C) 76,000 
D) 86,000 
E) 90,000 
A) 60,000 
B) 74,000 
C) 76,000 
D) 86,000 
E) 90,000

Question 14

The FIFO method of process costing has slightly different objectives from the weighted-average method of process costing.

Accepted Answer

A) True 
 B)False

Question 15

Describe the flow of materials in a process cost accounting system, including accounts used.

Accepted Answer

When raw materials are purchased, they a

Question 16

The FIFO method of process costing assigns costs to units assuming a first-in, first-out flow of product.

Accepted Answer

A) True 
 B)False

Question 17

Process manufacturing usually reflects a manufacturer that produces large quantities of identical products.

Accepted Answer

A) True 
 B)False

Question 18

Medina Corp. had the following information available for the year: 
 
-FIFO equivalent units of production for the year are:

Accepted Answer

A) 3,320 units. 
B) 3,200 units. 
C) 3,240 units. 
D) 3,520 units. 
E) 3,420 units. 
A) 3,320 units. 
B) 3,200 units. 
C) 3,240 units. 
D) 3,520 units. 
E) 3,420 units.

Question 19

Medina Corp. had the following information available for the year: 
 
-The number of units transferred to finished goods during the year is:

Accepted Answer

A) 3,200 units. 
B) 3,000 units. 
C) 3,400 units. 
D) 3,160 units. 
E) 3,500 units. 
A) 3,200 units. 
B) 3,000 units. 
C) 3,400 units. 
D) 3,160 units. 
E) 3,500 units.

Question 20

A process cost accounting system records all factory overhead costs directly in the Goods in Process Inventory accounts.

Accepted Answer

A) True 
 B)False

A production department is an organizational unit of a factory that has the responsibility for at least partially manufacturing or producing a product or service.

Process cost accounting systems are commonly used by companies that produce a large volume of standardized units on a continuous basis.

A company that applies process costing is most frequently characterized by:

The FIFO method of process costing accounts for cost flow in a ______________ manner.

Describe the flow of overhead costs in a process cost accounting system, including accounts used.

Which of the following is true when computing cost per equivalent unit in a FIFO process costing system?

What are the four steps in accounting for production activity in a period?

Job order manufacturing and process manufacturing are two major costing systems used in manufacturing.Briefly contrast the characteristics of these two systems.

The _____________ method of process costing assigns costs to units assuming a first-in, first-out flow of product.

In process costing, factory overhead incurred does not usually equal that applied, which yields either __ or _ overhead.

An expression of the activity of a process as the number of units that would have been processed during a period if all effort had been applied to units that were started and finished during the period is called:

The FIFO method of process costing has slightly different objectives from the weighted-average method of process costing.

Describe the flow of materials in a process cost accounting system, including accounts used.

The FIFO method of process costing assigns costs to units assuming a first-in, first-out flow of product.

Process manufacturing usually reflects a manufacturer that produces large quantities of identical products.

Medina Corp. had the following information available for the year: -FIFO equivalent units of production for the year are:

Medina Corp. had the following information available for the year: -The number of units transferred to finished goods during the year is:

A process cost accounting system records all factory overhead costs directly in the Goods in Process Inventory accounts.

Managerial Accounting Concepts and Principles

Job Order Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Performance Reporting

Master Budgets and Performance Planning

Flexible Budgets and Standard Costing

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Time Value of Money

Basic Accounting for Transactions

Accounting for Partnerships

Filters

Exam 3: Process Costing and Analysis

A production department is an organizational unit of a factory that has the responsibility for at least partially manufacturing or producing a product or service.

Process cost accounting systems are commonly used by companies that produce a large volume of standardized units on a continuous basis.

A company that applies process costing is most frequently characterized by:

The FIFO method of process costing accounts for cost flow in a ______________ manner.

Describe the flow of overhead costs in a process cost accounting system, including accounts used.

Which of the following is true when computing cost per equivalent unit in a FIFO process costing system?

What are the four steps in accounting for production activity in a period?

Job order manufacturing and process manufacturing are two major costing systems used in manufacturing.Briefly contrast the characteristics of these two systems.

The _____________ method of process costing assigns costs to units assuming a first-in, first-out flow of product.

In process costing, factory overhead incurred does not usually equal that applied, which yields either ____________________ or ___________________ overhead.

An expression of the activity of a process as the number of units that would have been processed during a period if all effort had been applied to units that were started and finished during the period is called:

The FIFO method of process costing has slightly different objectives from the weighted-average method of process costing.

Describe the flow of materials in a process cost accounting system, including accounts used.

The FIFO method of process costing assigns costs to units assuming a first-in, first-out flow of product.

Process manufacturing usually reflects a manufacturer that produces large quantities of identical products.

Medina Corp. had the following information available for the year: -FIFO equivalent units of production for the year are:

Medina Corp. had the following information available for the year: -The number of units transferred to finished goods during the year is:

A process cost accounting system records all factory overhead costs directly in the Goods in Process Inventory accounts.

Managerial Accounting Concepts and Principles

Job Order Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Performance Reporting

Master Budgets and Performance Planning

Flexible Budgets and Standard Costing

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Time Value of Money

Basic Accounting for Transactions

Accounting for Partnerships

Filters

In process costing, factory overhead incurred does not usually equal that applied, which yields either __ or _ overhead.