A. Name two principal types of cost accounting systems. B. Which system provides for a separate record of each particular quantity of product that passes through the factory? C. Which system accumulates the costs for each department or process within the factory?

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Answer 1

Textbook Question

Chapter 2, Problem 1DQ

A. Name two principal types of cost accounting systems.
B. Which system provides for a separate record of each particular quantity of product that passes through the factory?
C. Which system accumulates the costs for each department or process within the factory?

(a)

Expert Solution

To determine

Provide the two principal types of cost accounting systems.

Explanation of Solution

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.

The two principal types of cost accounting systems are:

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

(b)

Expert Solution

To determine

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

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)

Expert Solution

To determine

Identify the system that accumulates the cost for each department or process within the factory.

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 2

Textbook Question

Chapter 2, Problem 1DQ

A. Name two principal types of cost accounting systems.
B. Which system provides for a separate record of each particular quantity of product that passes through the factory?
C. Which system accumulates the costs for each department or process within the factory?

(a)

Expert Solution

To determine

Provide the two principal types of cost accounting systems.

Explanation of Solution

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.

The two principal types of cost accounting systems are:

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

(b)

Expert Solution

To determine

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

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)

Expert Solution

To determine

Identify the system that accumulates the cost for each department or process within the factory.

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

Textbook Question

Chapter 2, Problem 1DQ

A. Name two principal types of cost accounting systems.
B. Which system provides for a separate record of each particular quantity of product that passes through the factory?
C. Which system accumulates the costs for each department or process within the factory?

(a)

Expert Solution

To determine

Provide the two principal types of cost accounting systems.

Explanation of Solution

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.

The two principal types of cost accounting systems are:

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

(b)

Expert Solution

To determine

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

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)

Expert Solution

To determine

Identify the system that accumulates the cost for each department or process within the factory.

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 4

Textbook Question

Chapter 2, Problem 1DQ

A. Name two principal types of cost accounting systems.
B. Which system provides for a separate record of each particular quantity of product that passes through the factory?
C. Which system accumulates the costs for each department or process within the factory?

(a)

Expert Solution

To determine

Provide the two principal types of cost accounting systems.

Explanation of Solution

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.

The two principal types of cost accounting systems are:

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

(b)

Expert Solution

To determine

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

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)

Expert Solution

To determine

Identify the system that accumulates the cost for each department or process within the factory.

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 5

Textbook Question

Answer 6

Textbook Question

Answer 7

(a)

Expert Solution

To determine

Provide the two principal types of cost accounting systems.

Explanation of Solution

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.

The two principal types of cost accounting systems are:

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

(b)

Expert Solution

To determine

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

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)

Expert Solution

To determine

Identify the system that accumulates the cost for each department or process within the factory.

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 8

(a)

Expert Solution

To determine

Provide the two principal types of cost accounting systems.

Explanation of Solution

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.

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

To determine

Provide the two principal types of cost accounting systems.

Answer 13

Explanation of Solution

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.

The two principal types of cost accounting systems are:

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

Answer 14

(b)

Expert Solution

To determine

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

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

To determine

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

Answer 19

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 20

(c)

Expert Solution

To determine

Identify the system that accumulates the cost for each department or process within the factory.

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 21

(c)

Expert Solution

Answer 22

(c)

Expert Solution

Answer 23

Expert Solution

Answer 24

To determine

Identify the system that accumulates the cost for each department or process within the factory.

Answer 25

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 26

Ch. 2 - A. Name two principal types of cost accounting...Ch. 2 - What kind of firm would use a job order cost...Ch. 2 - Which account is used in the job order cost system...Ch. 2 - What document is the source for (A) debiting the...Ch. 2 - What is a job cost sheet?Ch. 2 - Prob. 6DQ Ch. 2 - Discuss how the predetermined factory overhead...Ch. 2 - A. How is a predetermined factory overhead rate...Ch. 2 - Prob. 9DQ Ch. 2 - Describe how a job order cost system can be used...

A. Name two principal types of cost accounting systems. B. Which system provides for a separate record of each particular quantity of product that passes through the factory? C. Which system accumulates the costs for each department or process within the factory?

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