True False - Accounting: Building Business Skills 3e; Carlon/Kimmel

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Chapter 14 - True/false quiz
1. Cost accounting is primarily concerned with accumulating information about product costs.
A. True
B. False
2. A job order cost system is most appropriate when a large volume of uniform products are produced.
A. True
B. False
3. A process cost accounting system is appropriate for homogeneous products that are continuously mass produced.
A. True
B. False
4. Raw Materials Inventory, Factory Labour, and Manufacturing Overhead are all control accounts in the general ledger when a job order cost accounting system is used.
A. True
B. False
5. The Purchases account is credited for all raw materials purchase returns and allowances
A. True
B. False
6. Job order cost sheets constitute the subsidiary ledger of the control account Work In Process Inventory
A. True
B. False
7. Actual manufacturing overhead costs should be charged to the Work in Process Inventory account as they are incurred.
A. True
B. False
8. In a process cost system, materials, labour and overhead are only added in the first production department
A. True
B. False
9. There are no units in process at the beginning of the period, 1,000 units in process at the end of the period that are 40% complete, and 5,000 units transferred out during the period. Based on this information, there were 4,600 equivalent units of production during the period.
A. True
B. False
10. A cost driver does not generally have a direct cause-effect relationship with the resources consumed.
A. True
B. False

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