Unformatted Attachment Preview Job-order costing BCSV [COST ACCOUNTING] Job-order Costing I. Theories True or False Write T if the statement is true otherwise, Write F. 1. A company that produces sugar will use a job order costing system to track production costs. 2. A company that produces sugar will use a process costing system to track production costs. 3. A company that manufactures custom bridal gowns will use a job order costing system to track production costs 4. A
company that manufactures custom bridal gowns will use a process costing system to track costs. 5. A company that manufactures small quantities of identifiable products will use a job order costing system 6. A company that manufactures small quantities of identifiable products will use a process costing system 7. A company that manufactures large quantities of homogenous goods will use a process costing system. 8. In an actual job order costing system, factory overhead is assigned to a job on a
periodic basis. 9. A company that manufactures large quantities of homogenous goods will use a job order costing system. 10. Cost flows and physical flows of units are identical. 11. In an actual job-order costing system, factory overhead is assigned to a job continuously during the production process. 12. In a normal job order costing system, actual factory overhead is applied at the end of the period 13. In a normal job order costing system, factory overhead is applied using actual rates times
actual input 14. In a normal job order costing s ... Show
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A company that manufactures custom bridal gowns will use a process costing system to track costs. Free True False A company that manufactures large quantities of homogenous goods will use a process costing system. Free True False In a normal job-order costing system,factory overhead is applied using actual rates times actual input. Free True False Cost flows and physical flows of units are identical. True False In a normal job-order costing system,factory overhead is applied using predetermined rates times standard input. True False In a job-order costing system,costs are accumulated for each individual job. True False When raw materials are placed into production,the materials inventory account is debited. True False In a normal job-order costing system,actual factory overhead is applied at the end of the period. True False A company that manufactures large quantities of homogenous goods will use a job-order costing system. True False A company that manufactures small quantities of identifiable products will use a process costing system. True False A company that manufactures small quantities of identifiable products will use a job-order costing system. True False A company that manufactures custom bridal gowns will use a job-order costing system to track production costs. True False In an actual job-order costing system,factory overhead is assigned to a job continuously during the production process. True False In a standard job-order costing system,factory overhead is applied using predetermined rates times actual input. True False In an actual job-order costing system,factory overhead is assigned to a job on a periodic basis. True False In a normal job-order costing system,factory overhead is applied using predetermined rates times actual input. True False A company that produces sugar will use a process costing system to track production costs. True False In a standard job-order costing system,factory overhead is applied using actual rates times standard input. True False In a standard job-order costing system,factory overhead is applied using predetermined rates times standard input. True False A company that produces sugar will use a job-order costing system to track production costs. True False What types of companies use job order costing systems?What types of companies use job order costing systems? Companies that manufacture unique products or provide specialized services, such as accounting firms, music studios, health-care providers, building contractors, and custom furniture manufacturers, use job order costing systems. Which company is most likely to use job order costing?Companies in the white collar sector of business, including law firms, accounting businesses and private investment companies, can utilize job order costing to manage individual client accounts. For example, accounting firms can consider each individual client a job. What manufacturing companies use job order costing?Examples of manufacturing businesses that use job order costing system include clothing factories, food companies, air craft manufacturing companies etc. Examples of service businesses that use job order costing system include movie producers, accounting firms, law firms, hospitals etc. What products use job order costing?Examples of companies that use job costing systems include Boeing (airplanes), Lockheed Martin (advanced technology systems), and Deloitte & Touche (accounting). Which of the following industries is most likely to use the process costing?Process costing is widely used in industries such as oil refining, food production, chemical processing, textiles, glass, cement and paint manufacture.
Which type of business would be most likely to use a job order costing system?Companies in the white-collar sector of business, including law firms, accounting businesses, and private investment companies, can utilize job order costing to manage individual client accounts. For example, accounting firms can consider each individual client a job.
Which cost accumulation method will most likely be used by a company that mass produces similar products?Process costing is used when there is mass production of similar products, where the costs associated with individual units of output cannot be differentiated from each other.
When shall process costing be used instead of job order costing?Thus, a job order cost system is used for custom jobs when it is easy to determine the cost of materials and labor used for each job. A process cost system is often less expensive to maintain and works best when items are identical and it is difficult to trace the exact cost of materials and labor to the final product.
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A company that manufactures custom bridal gowns will use a process costing system to track costs
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