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WorksheetsCost Accounting: Process Costing
Total questions: 15
Worksheet time: 5mins
Under this method there is an assumed flow of manufacturing operations and as such it is considered that those units which are first placed in process are presumed to be the first ones completed and those that are first completed are the ones transferred out.
Weighted Average Method
Average Cost Method
FIFO Method
Process Costing
Under is method, there is NO assumed flow of manufacturing operations.
Average Cost Method
FIFO Method
Process Costing
Weighted Average Method
It is a method of costing used mainly in manufacturing where units are continuously mass-produced through one or more processes.
Job Costing
Direct Costing
Process Costing
Throughput Costing
Under this method, the introduction of the elements of cost to production varies at any age of the process, hence, there should be as many computations of equivalent as the elements of cost that are unevenly applied.
Uneven Application
Direct Costing
Even Application
Job Costing
Under this method, it is considered that at any stage during the process of production, the introduction of the three elements of cost are equal with one another.
Even Application
Job Costing
Uneven Application
Direct Costing
What is the Step 2 in the "Cost of Production Report"?
Account for all costs
The Quality Schedule
Determine the costs to be accounted for (cost charged to the department)
Calculate Equivalent Units and unit costs
What is the Step 4 in the "Cost of Production Report"?
Determine the costs to be accounted for (cost charged to the department)
The Quality Schedule
Account for all costs
Calculate Equivalent Units and unit costs
An abnormal gain in a process occurs in which of the following situations?
When actual losses are less than the normal level
When the process output is greater than planned
When costs are reduced through increased machine speed
When actual losses are greater than the normal loss level
The physical flow of units into and out of departments is shown on the:
Qualities Schedule
Cost of account for schedule
Equivalent production schedule
Cost of accounted for schedule
An equivalent unit of material or conversion cost is equal to:
50% of material or conversion cost of a unit to finished goods inventory (assuming a linear production pattern)
A unit of work-in-process inventory
The amount of material or conversion cost necessary to start a unit of production into workthe -in-process inventory
The amount of material conversion cost necessary to complete one unit of production
Process costing is used when identical units are produced through an ongoing series of uniform steps
TRUE
FALSE
In process costing, the same equivalent units figure is always used for both materials and conversion costs.
FALSE
TRUE
In order to use process costing, the output of a processing department must be homogeneous.
FALSE
TRUE
Job-order costing would be more likely to be used than process costing in situations where many different products or services are produced each period to customer specifications
TRUE
FALSE
When assigning costs to partially completed units in the ending work in process inventory, it is not necessary to consider the percentage completion of the units under the weighted-average method.
FALSE
TRUE
