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PROCESS COST ACCOUNTING fill blanks matching essay




Question;174. Process cost systems are;used to apply costs to similar products that are;in;a ____________ fashion.;175. Separate;accounts are maintained for each production department or manufacturing process;in a process cost system.;176. In a process cost system;manufacturing costs are summarized in a;report;for each department.;177. A primary;driver of overhead;costs in continuous;manufacturing operations is;178.;Equivalent units of production measure the;work done during the period, expressed in fully;units.;179. Unit production costs are;expressed in terms of _____________ units of production.;180. If a processing department;has 27,000 units in process at the beginning of the period, completes and;transfers out 80,000 and has 18,000 units in process at the end of the period;then the number of units started into production during the period was;units.;181. A cost reconciliation;schedule is prepared to assign total costs to units ______________, and to the;units in the _________________ work in process.;182. The production cost report;is an internal document that shows production quantity and;for a production department.;183. One of the major benefits;of JIT is the elimination of ______________ and;inventory;accounts.;184. Under ABC, costs are traced;from ________________ to products.;185. ABC seeks to identify the;that measure the activities performed on the product.;186. The primary benefit of;activity-based costing is ______________ product costing.;MATCHING;187.;Match;the items in the two columns below by entering the appropriate code letter in;the space provided.;A. Just-in-time processing;B.;Equivalent units of production;C. Total units accounted for;D. Production cost report;E. Cost reconciliation;schedule;F. Units transferred out;G. Activity-based costing;H. Physical units;I. Unit production costs;J. Total manufacturing cost;per unit;1.;A summary of both production;quantity and cost data for a production department.;2.;Shows that the total costs accounted;for equal the total costs to be accounted for.;3.;Work done during a period expressed;in fully completed units.;4.;Focuses on the activities performed;in manufacturing a specific product.;5.;Actual units to;be accounted for during a period, irrespective of any work performed.;6.;Units transferred out during the;period plus units in ending work in process.;7.;Unit materials costs plus unit;conversion costs.;8.;Total units accounted for minus;units in ending work in process.;9.;Costs expressed in terms of;equivalent units of production.;10.;Uses a ?pull approach? in;manufacturing.;21 - 50 Test Bank for Accounting Principles, Eighth;Edition;SHORT-ANSWER ESSAY;QUESTIONS;S-A E 188;Why;do some companies need a cost accounting system while others do not? What are;the determining characteristics or factors that influence the type of cost;accounting system that is appropriate for a company?;S-A E 189;The production cost report;summarizes the activities that have taken place in a department or process over;a period of time. Identify the major types of information found on a production;cost report, and indicate who in the business organization uses this type of;information and for what purpose the information is used.;S-A E 190 (Ethics);Dolly's;Dream Homes, Inc. manufactures doll houses in a continuous process. Various;customizing features and furnishings are added at the end of the process to;create the various models that are sold. The basic design and floor plans of;all the houses are identical, however.;During;the most recent month, the lumber used in trimming the houses was inadvertently;recorded as direct materials. At month end, when the error was discovered;Betty Gray, the accountant, was told by the accounting manager, Donna Foxx, not;to bother with correcting the error, because the dollar amount of the error was;not "worth it." Betty believes that the dollar amount is not as;important as the quality of the reports. She wonders whether she would be;committing an unethical act if she were to make the changes anyway, despite her;superior's telling her not to.;Required;1. Who are the stakeholders in;this situation?;2. Was it unethical for the;company to ask that the error not be corrected? Explain briefly.;3. Would it be unethical for;Betty to correct the error? Explain briefly.;S-A E 191 (Communication);Lawrence Leather Goods;recently instituted just-in-time management of its inventories. The accounting;department carefully modified all its reports to reflect these changes.;Required;Prepare;a short memo to production department managers, briefly explaining the primary;changes they will see on the production cost report.


Paper#41827 | Written in 18-Jul-2015

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