Question:The question is in the diagram below:Which one of the following is used by the production department supervisor torequest the materials for production?Select one:O a. Material requisition.O b. Purchase order.O c. Bill of materials.O d. Job cost record.As goods are sold, the cost of the goods is transferred from:Select one:O a. finished goods to cost of goods soldO b. work in process to cost of goods soldO c. overhead to finished goodsO d. work in process to finished goods

Inventory or stock is a current resource on the accounting report that addresses the expenses of…

Which one of the following is used by the production department supervisor to request the materials for production? Select one: a. Material requisition. b. Purchase order. c. Bill of materials. O d. Job cost record. As goods are sold, the cost of the goods is transferred from: Select one: O a. finished goods to cost of goods sold O b. work in process to cost of goods sold c. overhead to finished goods O d. work in process to finished goods

Which one of the following is used by the production department supervisor to request the materials for production? Select one: a. Material requisition. b. Purchase order. c. Bill of materials. O d. Job cost record. As goods are sold, the cost of the goods is transferred from: Select one: O a. finished goods to cost of goods sold O b. work in process to cost of goods sold c. overhead to finished goods O d. work in process to finished goods

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheet
Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.
In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a a.
Which of the following is the correct flow of manufacturing costs? Oa. work in process, finished goods, raw materials, cost of goods sold Ob. raw materials, finished goods, cost of goods sold, work in process Oc. raw materials, work in process, finished goods, cost of goods sold Od. cost of goods sold, raw materials, work in process, finished goods
In a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following? Group of answer choices To finished goods inventory To the units completed and transferred to the next process and incomplete units left in the ending work-in-process inventory account To direct costs and indirect costs To individual jobs completed during a period
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Which of the following describes cost allocation? a. serves as the basis for recording materials used O b. process by which factory overhead is assigned to a cost object serves as the basis for recording direct labor on a job cost sheet O c. O d. completed when materials that have been ordered are received and inspected