QUIZ 1 : TOPIC 8 [PROCESS COSTING]

QUIZ 1 : TOPIC 8 [PROCESS COSTING]

1st Grade - University

20 Qs

quiz-placeholder

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QUIZ 1 : TOPIC 8 [PROCESS COSTING]

QUIZ 1 : TOPIC 8 [PROCESS COSTING]

Assessment

Quiz

Professional Development, Business, Education

1st Grade - University

Practice Problem

Medium

Created by

MASITAH Moe

Used 48+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Process cost accounting focuses on the process involved in mass-producing products that are very similar in nature

True

False

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A company that produces motion pictures would likely use a process cost system

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a process costing system, costs are tracked through a series of connected manufacturing processes or departments, rather than by individual jobs.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a process cost system, materials, labor and overhead are only added in the first production department.

True

False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The assignment of the three manufacturing cost elements to Work in Process in a process cost system is the same as in a job order cost system.

True

False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Equivalent units of production are used to determine the cost per unit of completed products.

True

False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Equivalent units of production is the sum of units completed and transferred out plus equivalent units of beginning work in process.

True

False

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