Matching
Select the response from the list provided that best matches each of the following descriptions:
Premises:
System used to determine cost of distinct, one of a kind products
Method used in process cost systems to determine equivalent whole units, where state of completion of beginning units is ignored
System used to determine costs of products such as chemicals or paints
Calculated by dividing total production costs by number of equivalent whole units
The result of expressing partially completed goods in equivalent number of fully completed goods
Cost system that blends features of job-order and process costing
Document used in job-order costing system to accumulate material, labor, and overhead costs of a job through the various stages of production.
Costs that are transferred from one department to the next
Mechanism or document used to request materials needed to begin a job
Mechanism or document used to accumulate the time spent on a job by each employee
More complicated method of determining equivalent whole units when accuracy is of paramount importance
Responses:
Cost per equivalent whole unit
Equivalent whole units
FIFO method
Hybrid accounting system
Job-order cost sheet
Job-order cost system
Materials requisition
Process cost system
Transferred-in costs
Weighted-average method
Work ticket
Correct Answer:
Premises:
Responses:
System used to determine cost of distinct, one of a kind products
Method used in process cost systems to determine equivalent whole units, where state of completion of beginning units is ignored
System used to determine costs of products such as chemicals or paints
Calculated by dividing total production costs by number of equivalent whole units
The result of expressing partially completed goods in equivalent number of fully completed goods
Cost system that blends features of job-order and process costing
Document used in job-order costing system to accumulate material, labor, and overhead costs of a job through the various stages of production.
Costs that are transferred from one department to the next
Mechanism or document used to request materials needed to begin a job
Mechanism or document used to accumulate the time spent on a job by each employee
More complicated method of determining equivalent whole units when accuracy is of paramount importance
Premises:
System used to determine cost of distinct, one of a kind products
Method used in process cost systems to determine equivalent whole units, where state of completion of beginning units is ignored
System used to determine costs of products such as chemicals or paints
Calculated by dividing total production costs by number of equivalent whole units
The result of expressing partially completed goods in equivalent number of fully completed goods
Cost system that blends features of job-order and process costing
Document used in job-order costing system to accumulate material, labor, and overhead costs of a job through the various stages of production.
Costs that are transferred from one department to the next
Mechanism or document used to request materials needed to begin a job
Mechanism or document used to accumulate the time spent on a job by each employee
More complicated method of determining equivalent whole units when accuracy is of paramount importance
Responses:
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