Exam (elaborations)
COMM 305 CHAPTER 3 QUESTIONS AND ANSWERS ACTUAL TRIAL UPDATE Concordia University
- Course
- COMM 305
- Institution
- Concordia University ( )
COMM 305 CHAPTER 3 QUESTIONS AND ANSWERS ACTUAL TRIAL UPDATE Concordia University
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Content preview
COMM305
CHAPTER
3
QUESTION
S AND
ANSWERS
ACTUAL
TRIAL
UPDATE
Concordia
University
Question 1
Your answer is correct.
Cost accounting is primarily concerned with allocating overhead.
True
False
Question 2
Your answer is correct.
A job cost accounting system is appropriate for homogeneous products that are continuously mass
produced.
True
False
Question 3
Your answer is correct.
Companies generally use a variation of either a job-order cost system or a process cost system.
True
,False
, Question 4
Your answer is correct.
Manufacturing costs are generally recorded and incurred in the same accounting period.
True
False
Question 5
Your answer is correct.
When raw materials are purchased, the Raw Materials Inventory account is credited.
True
F
a
l
s
e
Question 6
Your answer is correct.
A predetermined overhead rate is used to allocate the actual costs of manufacturing overhead for
the period.
True
F
a
l
s
e
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