Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/4

Click to flip

4 Cards in this Set

  • Front
  • Back
ACC 350 WEEK 5 Midterm Exam - All Possible Questions
Get Help In All Courses Visit - strtutorials com
ACC 350 WK 5 Midterm Exam - All Possible Questions

1)

Direct costs are allocated to the cost object using a cost-allocation method.

2)

Raw materials that can be traced to a cost object are an example of an indirect cost.


3)

Fixed and variable costs may be allocated to a cost object.
ACC 350 WEEK 5 Midterm Exam - All Possible Questions
4)

Quality control costs may be a direct cost of the Manufacturing Department, but an indirect cost of an individual job.


5)

Cost objects may be jobs, products, or customers.

6)

The cost driver of an indirect cost is often used as the cost-allocation base.


7)

A company may use job costing to assign costs to different product lines and then use process costing to calculate unit costs within each product line.
ACC 350 WEEK 5 Midterm Exam - All Possible Questions
In each period, job costing divides the total cost of producing an indentical or similar product by the total number of units produced to obtain a per-unit cost.


9)

Job costing is commonly used to estimate costs in beverage production.


10)

In a job-costing system the cost object is an individual unit, batch, or lot of a distinct product or service.


11)

Actual costing is a method of job costing that allocates an indirect cost based on the actual indirect-cost rate times the actual quantity of the cost-allocation base.

12)

Process costing is used to assign
ACC 350 WEEK 5 Midterm Exam - All Possible Questions
13)

Job costing and process costing systems share the same objective of estimating product costs.


14)

While costs are measured for individual jobs in a job cost system, they are measured for individual process stages in a process costing system.


15)

If indirect-cost rates were based on actual short-term usage, periods of lower demand would result in higher costs per unit.


16)

In job costing, only direct costs are used to determine the cost of a job.