Which of the following is a hybrid costing system that applies to batches of 1. like or similar products? III. Multiple Choice Process costing system C. Fixed costing system b. a. Variable costing system d. Operation costing system 2. In backflush costing, the journal entry to record direct-labor costs incurred would include a Debit to work-in-process b. Credit to work-in-process a. c. d. Credit to cost of goods sold Debit to conversion costs A manager's needs regarding cost management and accuracy in product costing, and the underlying production system, determine the choice of a(n) Costing systenı b. 3. Operation system Production system a. с. Manufacturing system d. When backflush costing is used, managers generally do not use which of the following to keep track of operations? Complex costing methods b. 4. c. Nonfinancial measures Personal observations a. Computer monitoring d. 5. Key features in a just-in-time production system include all of the following except Streamlining operations. a. b. Continuous striving for quality improvement. Elimination of storage and handling costs. с. d. Prorating manufacturing lead time. All of the following are reasons to use backflush costing, except Managers tend to use their limited resources on developing more accurate product cost data. b. Complex ledger systems may be too costly to develop under traditional cost tracking systems. Accuracy is critical when allocating accurate conversion cost per unit. 6. a. с. d. A fairly rough allocation may be sufficient for external reporting purposes. All of the following statements about operation costing systems are true except Direct materials are traced to each batch of goods. b. a. Direct materials are not treated in the same manner as in a job-costing system. с. Conversion costs are traced to each process. d. Conversion costs are allocated only to units passing through that operation.
Which of the following is a hybrid costing system that applies to batches of 1. like or similar products? III. Multiple Choice Process costing system C. Fixed costing system b. a. Variable costing system d. Operation costing system 2. In backflush costing, the journal entry to record direct-labor costs incurred would include a Debit to work-in-process b. Credit to work-in-process a. c. d. Credit to cost of goods sold Debit to conversion costs A manager's needs regarding cost management and accuracy in product costing, and the underlying production system, determine the choice of a(n) Costing systenı b. 3. Operation system Production system a. с. Manufacturing system d. When backflush costing is used, managers generally do not use which of the following to keep track of operations? Complex costing methods b. 4. c. Nonfinancial measures Personal observations a. Computer monitoring d. 5. Key features in a just-in-time production system include all of the following except Streamlining operations. a. b. Continuous striving for quality improvement. Elimination of storage and handling costs. с. d. Prorating manufacturing lead time. All of the following are reasons to use backflush costing, except Managers tend to use their limited resources on developing more accurate product cost data. b. Complex ledger systems may be too costly to develop under traditional cost tracking systems. Accuracy is critical when allocating accurate conversion cost per unit. 6. a. с. d. A fairly rough allocation may be sufficient for external reporting purposes. All of the following statements about operation costing systems are true except Direct materials are traced to each batch of goods. b. a. Direct materials are not treated in the same manner as in a job-costing system. с. Conversion costs are traced to each process. d. Conversion costs are allocated only to units passing through that operation.
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Transcribed Image Text:272 Chapter 8
III. Multiple Choice
to batches of
Which of the following is a hybrid costing system that applies
like or similar products?
Fixed costing system
b.
1,
Process costing system
c.
a.
d.
Variable costing system
In backflush costing, the journal entry to record direct-labor costs incurred
would include a
Operation costing system
2.
Credit to work-in-process
Credit to cost of goods sold
Debit to work-in-process
a.
с.
b.
Debit to conversion costs
d.
A manager's needs regarding cost management and accuracy in product
costing, and the underlying production system, determine the choice of a(n)
Costing system
b.
3.
Operation system
Production system
a.
с.
Manufacturing system
d.
When backflush costing is used, managers generally do not use which of the
following to keep track of operations?
Complex costing methods
b.
4.
* Nonfinancial measures
a.
с.
Computer monitoring
d.
Personal observations
5.
Key features in a just-in-time production system include all of the following
except
Streamlining operations.
b.
a.
Continuous striving for quality improvement.
Elimination of storage and handling costs.
d.
с.
Prorating manufacturing lead time.
All of the following are reasons to use backflush costing, except
Managers tend to use their limited resources on developing more
accurate product cost data.
b. Complex ledger systems may be too costly to develop under traditional
cost tracking systems.
Accuracy is critical when allocating accurate conversion cost per unit.
d.
6.
a.
C.
A fairly rough allocation may be sufficient for external reporting
purposes.
7.
except
Direct materials are traced to each batch of goods.
b.
All of the following statements about operation costing systems are true
a.
Direct materials are not treated in the same manner as in a job-costing
system.
Conversion costs are traced to each process.
d.
c.
Conversion costs are allocated only to units passing through that operation.
2020.12.03 16:31
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