5 PTS The percentage of completion method is primarily used in_?(a) Manufacturing(b) Service industries(c) Retail sales(d) Long-term construction contracts

(a) ManufacturingExplanation: Manufacturing typically involves the production of goods that are…

Answered: The percentage of completion method is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 13MC: A responsibility center structure that considers investments made by the operating segments by using...

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The largest expense of most manufacturing firms is?a. Salaries Expenseb. Amortization Expensec. Rent Expensed. Cost of Goods Sold
The income statement of a service-sector firm reports: both period and inventoriable costs a O inventoriable costs only .b O period costs only .R period and inventoriable costs but at different times; the reporting varies dO
The _____ concept requires a company to report its economic activities on a regular basis for a specific period. a.objectivity b.cost c.matching d.time period
Q2) Product costing is the process of: A. accumulating the costs of a production process.B. assigning costs to a firm's products.C. placing a value on fixed assets owned by a producer.D. accumulating the costs of a production process AND assigning costs to a firm's products.
Property taxes on a company’s factory building would be classified as a(n): a. Product cost b. Opportunity cost c. Period cost d. Variable cost e. Administrative cost f. Selling cost
Research and development costs are classified as: O a. Inventoriable costs. O b. Product costs. O c. Period costs. O d. Cost of goods sold.
Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van depreciation D) Depreciation on production equipment
Research and development activities may include (a) personnel costs, (b) materials and equipment costs, and (c) indirect costs. What is the recommended accounting treatment for these three types of R&D costs?
Which of the following costs shall from part of contract costs of long-term construction contract? a. General administration costs for which reimbursement is not specified in the contract b. Research and development costs for which reimbursement is not specified in the contract c. Construction overheads including costs such as the preparation and processing of construction personnel payroll. d. Selling costs such as broker’s commission
2) What is measured along the horizontal axis in a graph of the production possibility frontier? the amount of labor input the amount of capital input the quantity of one good produced the quantity of one good exported
In any construction project, the total bill to the owner must equal a. Gross profit b. Net profit c. Project contract amount d. General overhead
Fixed costs depend on the: Select one: a. amount of resources acquired b. amount of resources used c. volume of sales d. volume of production Which of the following types of information are used in management accounting? Select one: a. financial information b. information focused on the long term c. nonfinancial information d. All of these answers are correct The production component of the value chain refers detailed planning, engineering, and testing of products and processes. Select one: True False The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is: Select one: a. conversion costing b. cost assignment c. cost tracing d. cost accumulation. Period costs: Select one: a. are treated as expenses in the period they are incurred b. are directly traceable to products c. are also referred to as manufacturing overhead costs d. include direct labor Period costs: Select one: a. are treated as expenses in the period they are incurred b.…

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The percentage of completion method is primarily used in _? (a) Manufacturing (b) Service industries (c) Retail sales (d) Long-term construction contracts