In a process costing system, who estimates the percentage of work completed in terms of conversion costs? Engineers or production experts Accountants Sales managers Human resources personnel

Engineers or production experts

Which of the following is included in the entry to record the completion of the manufacturing process? Debit to Finished Goods Inventory Credit to Work in Process Inventory Credit to Raw Materials Inventory Debit to Cost of Goods Sold

Debit to Finished Goods Inventory

Which of the following is included in the journal entry to record the application of manufacturing overhead? Debit to Raw Materials Inventory Credit to Finished Goods Inventory Debit to Work in Process Inventory Credit to Cost of Goods Sold

Debit to Work in Process Inventory

Process Costing Systems: Manufacturing Overhead, Equivalent Units and Activity-Based Costing

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Finance - Personal Finance

charlotte1oxhi Created by 10 mon ago

Cards in this deck(40)

When a company uses a process costing system and has more than one department, which type of account will result in multiple accounts in the general ledger?

Which of the following is an example of a type of company that would likely use a process costing system?

In a process costing system, who estimates the percentage of work completed in terms of conversion costs?

Which of the following are steps in process costing?

Which of the following is included in the entry to record the completion of the manufacturing process?

Equivalent units in production are calculated for which of the following?

Which of the following is included in the journal entry to record the application of manufacturing overhead?

Which of the following most likely would be produced using a process costing system?

What are the two types of product costing systems?

Which of the following is not included in conversion costs?

Which of the following are typical problems of traditional costing approaches compared to Activity-Based Costing?

Which of the following statements regarding Activity-Based-Costing is correct?

Which of the following statements are true regarding early 20th century manufacturing companies?

Which of the following steps is not part of the Activity-Based-Costing model?

Which of the following might be reasons to continue serving an unprofitable customer?

Which of the following activities would incur costs that could be tracked and allocated using Activity-Based-Costing?

Using a company-wide overhead rate rather than Activity-Based-Costing might lead to which of the following problems?

Activity-Based-Costing is best explained by which of the following statements?

Which of the following departments could not benefit from Activity-Based-Costing analysis?

What is the definition of calculate in relation to cost and would?

Which of the following pieces of information is not needed to calculate the break-even point in units?

Which of the following equations is used to calculate break-even point?

Which method of cost data analysis employs a plot of data points, drawing a line to find an approximate 'best visual fit'?

Which of the following is an example of a fixed cost?

What is the general break-even formula?

Which of the following statements best explains the concept of 'relevant range'?

If all possible levels of production are considered, which of the following statements is true?

Which of the following is an assumption of CVP analysis?

Which of the following equations describe the contribution margin ratio?

Which of the following correctly describes how to calculate contribution margin?

Which of the following are factors to consider when deciding whether to accept a special order?

Which of the following products could not usually be processed further?

Which of the following costs would be considered sunk costs?

Byproducts: How should a company handle the costs associated with byproducts?

Future benefits foregone when one option is chosen over another are called:

If a company is currently operating at full production capacity, which of the following costs are relevant to the decision to make or buy a new product?

Which of the following best describes the concept of 'sunk costs'?

Which of the following are not relevant to the decision of whether to drop a business segment or not?

Which of the following factors would lead a company to make a component rather than buy it?

Which of the following is not a factor to consider when deciding whether to accept a special order?

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