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

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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.

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Students have asked these similar questions

I am looking for the correct answer to this general accounting problem using valid accounting standards.

Which accounting principle requires the recording of expenses in the same period as the revenues they help to generate?a) Revenue Recognition Principleb) Matching Principlec) Conservatism Principled) Cost Principle

Please provide the accurate answer to this general accounting problem using valid techniques.

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.

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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.

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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.

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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.