Acct 505 Essay

1713 Words Dec 19th, 2014 7 Pages
Page: | 1 2 |

1. | Question : | (TCO A) The variable portion of advertising costs is a | | | Student Answer: | | Conversion YES... Period NO. | | | | Conversion YES .... Period YES. | | | | Conversion NO.... Period YES. | | | | Conversion NO.... Period NO. | | Instructor Explanation: | Chapter 2 | | | | Points Received: | 0 of 6 | | Comments: | | | |

2. | Question : | (TCO A) The costs of staffing and operating the accounting department at Central Hospital would be considered by the Department of Surgery to be | | | Student Answer: | | direct costs. | | | | sunk costs. | | | | incremental costs. | | | | None of the above | | Instructor Explanation: |
…show more content…
I. Overhead application may be made slowly as a job is worked on.II. Overhead application may be made in a single application at the time of completion of the job.III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory. | | | Student Answer: | | Only statement I is true. | | | | Only statement II is true. | | | | Both statements I and II are true. | | | | Statements I, II, and III are all true. | | Instructor Explanation: | Chapter 3 | | | | Points Received: | 6 of 6 | | Comments: | | | |

6. | Question : | (TCO F) Which of the following statements about the process-costing system is incorrect? | | | Student Answer: | | In a process-costing system, each processing department has a work-in-process account. | | | | In a process-costing system, equivalent units are separately computed for materials and for conversion costs. | | | | In a process-costing system, overhead can be under- or overapplied just as in job-order costing. | | | | In a process-costing system, materials costs are traced to units of products. | | Instructor Explanation: | Chapter 4 | | | | Points Received: | 0 of 6 | | Comments: | | | |

7. | Question : | (TCO F) The weighted-average method of process costing differs from the FIFO method of process costing in that the weighted-average method | | |

Related Documents