Sample Question 20/20

1. A major purpose of cost accounting is to
2. The two basic types of cost accounting systems are
3. A process cost system would most likely be used by a company that makes
4. Which of the following would be accounted for using a job order cost system?
5. The flow of costs in a job order cost system
6. The entry to record the acquisition of raw materials on account is
7. Time tickets should be approved by
8. The labor costs that have been identified as indirect labor should be charged to
9. Manufacturing overhead is applied to each job
10. A process cost accounting system is most appropriate when
11. Which of these best reflects a distinguishing factor between a job order cost system and a process cost system?
12. In process cost accounting, manufacturing costs are summarized on a
13. In a process cost system, product costs are summarized:
14. Which of the following is considered a difference between a job order cost and a process cost system?
15. Often the most difficult part of computing accurate unit costs is determining the proper amount of _________ to assign to each product, service, or job
16. The last step in activity-based costing is to
17. The first step in activity-based costing is to
18. A well-designed activity-based costing system starts with
19. An example of an activity cost pool is