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Accounting Concept Final

In: Business and Management

Submitted By cwestveld
Words 2396
Pages 10
Final Exam Comprehensive
1. A company should use process costing rather than job order costing if…
a. Production is only partially completed during the accounting period.
b. The product is produced in batches only as orders are received.
c. The product is composed of mass-produced homogeneous units.
d. The product goes through a single stage of production.

2. Measures of equivalent production are necessary in process costing because…
a. Job order costing procedures cannot be applied.
b. Unit costs are computed by departments or processes at fixed time intervals.
c. Perpetual inventories are not employed in process plants.
d. Production methods are more complex than in job order costing systems.

3. Which of the following is included in full product cost?
a. All direct labor and direct material costs and all production and nonproduction costs.
b. Only nonproduction costs.
c. Only the costs of direct material.
d. Only the costs of direct labor.

4. For a company offering services, which of the following is a value-adding activity?
a. Billing the clients
b. Preparing job order forms
c. Ordering, receiving, and inspecting supplies
d. Designing advertisements

5. Abraham Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 200 units and of Product B is 1,000 units. There are three activity cost pools, with total costs and activity as follows:

Activity Cost Pool Product A Product B Total
Activity 1 $10,485 300 200 500
Activity 2 35,264 1,600 300 1,900
Activity 3 26,395 60 400 460

The cost per unit of Product B is closest to:

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