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Strayer ACC 499 Quiz MCQs Test Bank

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Question;1. Which cost accumulation procedure is most applicable in continuous mass-production manufacturing environments? (Points: 1) standard actual process job order2. Process costing is used in companies that _______. (Points: 1) engage in road and bridge construction produce sailboats made to customer specifications produce bricks for sale to the public construct houses according to customer plans3. A producer of ____ would not use a process costing system. (Points: 1) gasoline potato chips blank videotapes stained glass windows4. Equivalent units of production are equal to the _______. (Points: 1) units completed by a production department in the period number of units worked on during the period by a production department number of whole units that could have been completed if all work of the period had been used to produce whole units identifiable units existing at the end of the period in a production department5. In a process costing system using the weighted average method, cost per equivalent unit for a given cost component is found by dividing which of the following by EUP? (Points: 1) only current period cost current period cost plus the cost of beginning inventory current period cost less the cost of beginning inventory current period cost plus the cost of ending inventory6. The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units _______. (Points: 1) started and completed during the period residing in beginning Work in Process Inventory residing in ending Work in Process Inventory uncompleted in Work in Process Inventory7. In a FIFO process costing system, which of the following are assumed to be completed first in the current period? (Points: 1) units started this period units started last period units transferred out units still in process8. The primary difference between the FIFO and weighted average methods of process costing is _______. (Points: 1) in the treatment of beginning Work in Process Inventory in the treatment of current period production costs in the treatment of spoiled units none of the above9. In a cost of production report using process costing, transferred-in costs are similar to the ______. (Points: 1) cost of material added at the beginning of production conversion cost added during the period cost transferred out to the next department cost included in beginning inventory10. In a process costing system, the journal entry to record the transfer of goods from Department #2 to Finished Goods Inventory is a _______. (Points: 1) debit Work in Process Inventory #2, credit Finished Goods Inventory debit Finished Goods Inventory, credit Work in Process Inventory #1 debit Finished Goods Inventory, credit Work in Process Inventory #2 debit Cost of Goods Sold, credit Work in Process Inventory #211. Transferred-in cost represents the cost from _______. (Points: 1) the last department only the last production cycle all prior departments the current period only12. A hybrid costing system combines characteristics of _______. (Points: 1) job order and standard costing systems job order and process costing systems process and standard costing systems job order and normal costing systems13. When standard costs are used in process costing, _______. (Points: 1) variances can be measured during the production period total costs rather than current production and current costs are used process costing calculations are made simpler the weighted average method of calculating EUPs makes computing transferred-out costs easier14. The cost of abnormal continuous losses is _______. (Points: 1) considered a product cost absorbed by all units in ending inventory and transferred out on an equivalent unit basis written off as a loss on an equivalent unit basis absorbed by all units past the inspection point15. Normal spoilage units resulting from a continuous process _______. (Points: 1) are extended to the EUP schedule result in a higher unit cost for the good units produced result in a loss being incurred cause estimated overhead to increase16. Listed below are the steps to assign costs to ending inventory using the weighted average method process costing method.A. Assign the costs to the inventory accountsB. Calculate the physical units accounted forC. Calculate the physical units to account forD. Calculate the equivalent units of productionE. Calculate the total costs to account forF. Calculate the cost per equivalent units(Points: 1) abcdef cebafd bcdefa fabdce17. Units started and completed during the period equals (Points: 1) units started plus beginning inventory units started minus beginning inventory units completed plus beginning inventory units completed minus beginning inventory18. In process costing systems, unit costs are found by dividing total costs incurred by (Points: 1) ending work in process beginning work in process equivalent units of production units transferred to finished goods19. Equivalent units of production using the weighted average method of costing are found using which of the following formulas: (Points: 1) units completed and transferred + units in ending WIP inventory beginning WIP physical units + units started and completed + (ending WIP x percent complete) beginning WIP in physical units + units started and completed (beginning WIP physical units x percent complete) + units started and completed + (ending WIP x percent complete)20. Total costs to account for is: (Points: 1) the number of units finished during the period equal to the dollar value offending work in process inventory is the sum of the beginning WIP balance plus all current product costs is the sum of the beginning WIP balance plus the ending WIP balance

 

Paper#41411 | Written in 18-Jul-2015

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