1.

The perpetual inventory method cannot be used in a job order cost system.

True

False

2. A job order cost system and a process cost system are two alternative methods for valuing inventories.

True

False

3. Accumulating and assigning manufacturing costs are two important activities in a job order cost system.

True

False

4. When raw materials are purchased, the Work in Process Inventory account is debited.

True

False

5. Job order cost sheets constitute the subsidiary ledger of the control account Work In Process Inventory.

True

False

6- In a job order cost system, each entry to the Work In Process Inventory account should be accompanied by a posting to one or more job cost sheets.

True

False

Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job.

True

False

7- Overapplied overhead means that actual manufacturing overhead costs were greater than the manufacturing overhead costs applied to jobs.

True

False

8-

Labor costs are debited to Work in Process Inventory when they are incurred.

True

False

9- When raw materials are received, there is no effort at this point to associate the cost of materials with specific jobs.

True

False

10. The two basic types of cost accounting systems are

job order and job accumulation systems.

job order and batch systems.

job order and process cost systems.

process cost and batch systems.