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Manegerial Accounting

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Week 2 Quiz
Managerial Accounting

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Page: | 1 2 | 1. | Question : | (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? | | | Student Answer: | | a steel factory that processes iron ore into steel bars | | | | a factory that processes sugar and other ingredients into black licorice | | | | a costume maker that makes specialty costumes for figure skaters | | | | all of these | | Instructor Explanation: | Chapter 3 | | | | Points Received: | 5 of 5 | | Comments: | | | | 2. | Question : | (TCO F) Process costing would be appropriate for each of the following except: | | | Student Answer: | | custom furniture manufacturing. | | | | oil refining. | | | | grain milling. | | | | newsprint production. | | Instructor Explanation: | Chapter 4 | | | | Points Received: | 5 of 5 | | Comments: | | | | 3. | Question : | (TCO F) Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be: | | | Student Answer: | | the same as the units completed. | | | | less than the units completed. | | | | the same as the units started during the period. | | | | less than the units started during the period. | | Instructor Explanation: | Chapter 3 | | |

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Question : 1. (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:


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