Cost accounting systems It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements. To state: the two principal types of cost accounting systems.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

A firm sells 2,800 units of an item each year. The carrying cost per unit is $3.26 and the fixed costs per order are $74. What is the economic order quantity? (Please round units to the nearest whole number) General Account

Ans general accounting question

Kavya Enterprises reported net sales of $65,000. The beginning accounts receivable was $12,000, and the ending accounts receivable was $18,500. What is the days sales collected for Kavya Enterprises? (Rounded answer to nearest day)

Answer 2

Question

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.

Answer 6

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

Answer 7

Chapter 17, Problem 1DQ

(a)

To determine

Cost accounting systems

It is a system which measures, record and report the product costs. In decision making process, managers use product cost for determining the prices of the product, controlling the operations of the business, and developing financial statements.

To state: the two principal types of cost accounting systems.

Answer 8

(a)

Expert Solution

Explanation of Solution

The two principal types of cost accounting systems are:

1. Job order cost system
2. Process cost system.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

Answer 13

(b)

To determine

To state: the system that provides for a separate record of each particular quantity of product that passes through the factory.

Answer 14

(b)

Expert Solution

Explanation of Solution

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job.

Answer 15

(b)

Expert Solution

Answer 16

(b)

Expert Solution

Answer 17

Expert Solution

Answer 18

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.

Answer 19

(c)

To determine

To state: the system that accumulates the cost for each department or process within the factory.

Answer 20

(c)

Expert Solution

Explanation of Solution

The process cost system accumulates the cost for each department or process within the factory. They are used by the companies which deal with manufacturing goods which are indistinguishable from each other and by using continuous manufacturing process.