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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 20 - Goals Achievement

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Chapter 20 – Goals Achievement

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Question 1 of 12

1. Question
A process costing system is best suited to a manufacturing operation which gives rise to:
- uniquely produced inventory items
- homogeneous mass produced items
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Question 2 of 12

2. Question
In a process costing system, costs are accumulated on:
- cost of production report
- job cost sheets
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Question 3 of 12

3. Question
An equivalent unit is a physical unit stated in terms of:
- raw materials
- finished output
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Question 4 of 12

4. Question
Direct materials, direct labor, and factory overhead are generally introduced at the same time throughout the production process.
- true
- false
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Question 5 of 12

5. Question
In preparing a cost of production report, which step precedes the other?
- computing the equivalent unit cost
- cost assignment
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Question 6 of 12

6. Question
On a cost of production report, the total cost accounted for in the cost assignment section should equal the beginning work in process plus the:
- current production cost incurred
- current conversion cost incurred
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Question 7 of 12

7. Question
With a weighted-average method of process costing, the dollar value of beginning work in process is assumed to be related to:
- materials and conversion
- materials only
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Question 8 of 12

8. Question
The ending work in process equivalent units are assumed to be the same for materials and conversion if a weighted-average process costing method is used.
- true
- false
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Question 9 of 12

9. Question
Within the ledger system for a company using process costing techniques, a credit to the Work in Process account of the final processing department would likely indicate:
- transfers from a previous department
- transfers to finished goods
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Question 10 of 12

10. Question
Which of the following will likely more likely result in cost objects absorbing a portion of the non-factory costs?
- ABC
- traditional costing methods
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Question 11 of 12

11. Question
Which of the following techniques will likely result in more cost drivers being used to cost a single product?
- conventional costing
- activity-based costing
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Question 12 of 12

12. Question
With activity-based costing, activities are considered to occur at various levels (e.g., unit-level, batch-level, etc.) and the levels are then combined prior to allocating costs.
- true
- false
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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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