Exam 5: Estimating the Cost of Producing Services

Compare job-costing and process-costing systems. _ _

(Essay)

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Question 21

In general,the more complex the cost allocations,the higher the education costs.

(True/False)

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Question 22

Managers use a(n)___________ system when the cost object is a distinct output called a job.

(Multiple Choice)

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Question 23

An operation-costing system is a hybrid costing system applied to batches of similar,but not identical,products.

(True/False)

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Question 24

After identifying the purposes for which costs are to be allocated,managers and management accountants must decide on how to:

(Multiple Choice)

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Question 25

What are indirect labour costs frequently divided into?

(Multiple Choice)

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Question 26

In job costing,managers trace costs to a specific ___________.

(Multiple Choice)

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Question 27

A(n)_______________ is a standardised method or technique performed repetitively,often on different materials,resulting in different finished goods.

(Multiple Choice)

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Question 28

Irrespective of the costing system that a manager or management accountant might select,the _________ rate is calculated in the same way.

(Multiple Choice)

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Question 29

In job costing,managers trace costs to a specific job.

(True/False)

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Question 30

What type of costing system blends characteristics of both job-costing and process costing systems?

(Multiple Choice)

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Question 31

When a job continues across accounting periods,where do costs remain until the job has been completed?

(Multiple Choice)

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Question 32

Are job costing and process costing mutually exclusive? _ _

(Essay)

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Question 33

An activity-cost driver is used to allocate costs from a resource-cost pool to activity-cost pools.

(True/False)

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Question 34

A cost object is anything for which an estimation of costs is sought.

(True/False)

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Question 35

All direct materials are generally added to the process at one time and all __________ costs are generally added to the process evenly through time.

(Multiple Choice)

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Question 36

What central factor in both strategic and operating decisions,and estimating costs,is important for making pricing,performance evaluation,continuous improvement and other decisions? _ _

(Essay)

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Question 37

Hammond and Jarrett provide tax consulting for estates and trusts.Their job-costing system has a single direct-cost category (professional labour)and a single indirect-cost pool (research support).The indirect-cost pool contains all the costs except direct personnel costs.All budgeted indirect costs are allocated to individual jobs using actual professional labour-hours. Required: a.Discuss the reasons a consulting firm might use a normal costing system rather than an actual costing system. b.What might be some reasons for the firm to change from a one-pool to a multiple-pool allocation concept? _

(Essay)

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Question 38

What does the extent of the impact of inventory on the reported results of service providers depends on? _ _

(Essay)

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Question 39

What are the defining characteristics of services? _ _

(Essay)

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Question 40

Compare job-costing and process-costing systems. _ _

In general,the more complex the cost allocations,the higher the education costs.

Managers use a(n)___________ system when the cost object is a distinct output called a job.

An operation-costing system is a hybrid costing system applied to batches of similar,but not identical,products.

After identifying the purposes for which costs are to be allocated,managers and management accountants must decide on how to:

What are indirect labour costs frequently divided into?

In job costing,managers trace costs to a specific ___________.

A(n)_______________ is a standardised method or technique performed repetitively,often on different materials,resulting in different finished goods.

Irrespective of the costing system that a manager or management accountant might select,the _________ rate is calculated in the same way.

In job costing,managers trace costs to a specific job.

What type of costing system blends characteristics of both job-costing and process costing systems?

When a job continues across accounting periods,where do costs remain until the job has been completed?

Are job costing and process costing mutually exclusive? _ _

An activity-cost driver is used to allocate costs from a resource-cost pool to activity-cost pools.

A cost object is anything for which an estimation of costs is sought.

All direct materials are generally added to the process at one time and all __________ costs are generally added to the process evenly through time.

What central factor in both strategic and operating decisions,and estimating costs,is important for making pricing,performance evaluation,continuous improvement and other decisions? _ _

What does the extent of the impact of inventory on the reported results of service providers depends on? _ _

What are the defining characteristics of services? _ _

Management Accounting in Context

Different Costs for Different Purposes

Determining How Costs Behave

Costvolumeprofit Analysis

Estimating the Costs of Products and Inventory

Target Costing, Managing Activities and Managing Capacity

Activity-Based Management and Activity-Based Costing

Pricing and Customer Profitability

Decision Making and Relevant Information

Budgeting, Management Control and Responsibility Accounting

Flexible Budgets, Direct Cost Variances and Management Control

Flexible Budgets, Overhead Cost Variances and Management Control

Allocation of Support-Department Costs, Common Costs and Revenues

Strategy Formation, Strategic Control and the Balanced Scorecard

Quality, Time and the Balanced Scorecard

Inventory Management, Just-In-Time and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, Transfer Pricing and Multinational Considerations

Performance Measurement, Compensation and Multinational Considerations

Measuring and Reporting Sustainability

Filters

Exam 5: Estimating the Cost of Producing Services

Compare job-costing and process-costing systems. _____________________________________________________________________________________________ _____________________________________________________________________________________________

In general,the more complex the cost allocations,the higher the education costs.

Managers use a(n)___________ system when the cost object is a distinct output called a job.

An operation-costing system is a hybrid costing system applied to batches of similar,but not identical,products.

After identifying the purposes for which costs are to be allocated,managers and management accountants must decide on how to:

What are indirect labour costs frequently divided into?

In job costing,managers trace costs to a specific ___________.

A(n)_______________ is a standardised method or technique performed repetitively,often on different materials,resulting in different finished goods.

Irrespective of the costing system that a manager or management accountant might select,the _________ rate is calculated in the same way.

In job costing,managers trace costs to a specific job.

What type of costing system blends characteristics of both job-costing and process costing systems?

When a job continues across accounting periods,where do costs remain until the job has been completed?

Are job costing and process costing mutually exclusive? _____________________________________________________________________________________________ _____________________________________________________________________________________________

An activity-cost driver is used to allocate costs from a resource-cost pool to activity-cost pools.

A cost object is anything for which an estimation of costs is sought.

All direct materials are generally added to the process at one time and all __________ costs are generally added to the process evenly through time.

What does the extent of the impact of inventory on the reported results of service providers depends on? _____________________________________________________________________________________________ _____________________________________________________________________________________________

What are the defining characteristics of services? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Management Accounting in Context

Different Costs for Different Purposes

Determining How Costs Behave

Costvolumeprofit Analysis

Estimating the Costs of Products and Inventory

Target Costing, Managing Activities and Managing Capacity

Activity-Based Management and Activity-Based Costing

Pricing and Customer Profitability

Decision Making and Relevant Information

Budgeting, Management Control and Responsibility Accounting

Flexible Budgets, Direct Cost Variances and Management Control

Flexible Budgets, Overhead Cost Variances and Management Control

Allocation of Support-Department Costs, Common Costs and Revenues

Strategy Formation, Strategic Control and the Balanced Scorecard

Quality, Time and the Balanced Scorecard

Inventory Management, Just-In-Time and Simplified Costing Methods

Capital Budgeting and Cost Analysis

Management Control Systems, Transfer Pricing and Multinational Considerations

Performance Measurement, Compensation and Multinational Considerations

Measuring and Reporting Sustainability

Filters

Compare job-costing and process-costing systems. _ _

Are job costing and process costing mutually exclusive? _ _

What does the extent of the impact of inventory on the reported results of service providers depends on? _ _

What are the defining characteristics of services? _ _