Test Bank for Managerial Accounting 10th Edition Crosson, Needles
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Test Bank for Managerial Accounting 10th Edition
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Test Bank For Managerial Accounting 10th Edition
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Financial and Managerial Accounting
Test Bank for Managerial Accounting 10th Edition Crosson, NeedlesChapter 2: Costing Systems: Job Order Costing
Student: ___________________________________________________________________________
1. A job order costing system measures costs of each processes using an inventory account for each.
...
1. A job order costing system measures costs of each processes using an inventory account for each.
True False
2. The computations for costs to be transferred out of Work in Process Inventory differ if the production process
involves multiple departments rather than a single department.
True False
3. Like a job order costing system, a process costing system is restricted to one Work in Process Inventory
account.
True False
4. Identical products are produced in a continuous flow production process.
True False
5. In a job order costing system, costs are traced to a specific job order.
True False
6. An advertising company would probably use a process costing system.
True False
7. Companies that produce custom-made products usually use a process costing system.
True False
8. Job order costing is used by companies that make unique or special-order products.
True False
, Full file at http://testbankscafe.eu/Test-Bank-for-Managerial-Accounting-10th-Edition-Crosson,-Needles
9. In a process costing system, product costs are traced to work cells.
True False
10. A job order costing system is used by companies that manufacture large amounts of similar products.
True False
11. A typical operations costing system for a manufacturer incorporates parts of both job order costing and
process costing.
True False
12. The production process determines the product costing system needed.
True False
13. A process costing system first assigns the costs to the products manufactured by the departments, and then
traces the costs of direct materials, direct labor, and overhead to departments.
True False
14. A company using the periodic inventory system records cost of goods sold when products are sold.
True False
15. The purchasing process begins with a request for indirect materials, whereas the manufacturing process
begins with a request for direct materials.
True False
16. Costs for individual jobs are maintained on material cost cards when job order costing is in use.
True False
17. Job order cost cards for incomplete jobs make up the ending balance of the Finished Goods Inventory
account.
True False
, Full file at http://testbankscafe.eu/Test-Bank-for-Managerial-Accounting-10th-Edition-Crosson,-Needles
18. When a job has been completed, all of the costs assigned to that job are moved to the Cost of Goods Sold
account.
True False
19. In a job order costing system, when overhead costs are applied, they decrease the Work in Process Inventory
account.
True False
20. In a job order costing system, indirect labor costs incurred are debited to the Overhead account.
True False
21. In a job order costing system, the transfer of overhead costs to the Work in Process Inventory account must
take place before product unit costs can be computed.
True False
22. In a job order costing system, when indirect materials are used, the Overhead account is increased.
True False
23. In a job order costing system, indirect labor costs are recorded by increasing the Payroll Payable account
and increasing the Overhead account.
True False
24. In a job order costing system, when the goods are sold, the Cost of Goods Sold account is increased, and the
Finished Goods Inventory account is decreased for the selling price of the goods sold.
True False
25. The ending balance in the Work in Process Inventory account equals the ending Overhead balance.
True False
26. A zero balance in Work in Process Inventory at the start of the period means all previously completed
products have been shipped.
True False
, Full file at http://testbankscafe.eu/Test-Bank-for-Managerial-Accounting-10th-Edition-Crosson,-Needles
27. To prepare financial statements at the end of the accounting period, the actual overhead cost for the period
and the estimated overhead that was applied during the period must be reconciled in a job order costing system.
True False
28. If applied overhead exceeds actual overhead, cost of goods sold must be increased by the amount of the
overapplied overhead in a job order costing system.
True False
29. Job order cost cards and cost flows through the inventory accounts form the core of a job order costing
system.
True False
30. Regardless of the cost accounting system used, when the products are completed, they are transferred from
work in process inventory to finished goods inventory.
True False
31. Job costs in a service organization end up in the Finished Goods Inventory account when a job is
completed.
True False
32. In cost-plus contracts, a predetermined amount of profit is added to the cost of the contract.
True False
33. In a service organization using a job order costing system, actual overhead will be the same as applied
overhead.
True False
34. The ending balance of Work in Process account is compared with the total costs shown on the job order cost
cards to ensure correctness.
True False
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