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Management Accounting 6th Canadian Edition Test Bank

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  • ISBN-10 ‏ : ‎ 013257084X
  • ISBN-13 ‏ : ‎ 978-0132570848

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SKU:tb1002420

Management Accounting 6th Canadian Edition Test Bank

Management Accounting, Cdn. 6e (Horngren/Sundem/Stratton/Beaulieu)
Chapter 6 Job-Costing Systems

1) Product costs appear as cost of goods sold in income statements and as finished-goods inventory values in balance sheets.
Answer: TRUE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

2) Two extremes of product costing are job-order costing and normal costing.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

3) The entry to record the requisition of direct materials would include a debit to WIP Inventory.
Answer: TRUE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

4) A job-order cost system associates costs with particular jobs.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

5) A job-order cost system is especially appropriate for situations where basically similar units flow through production on a fairly continuous basis.
Answer: TRUE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

6) Labour time tickets indicate the direct labour time worked by an individual on each job.
Answer: TRUE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

7) The work-in-process account will have a balance only if there is unfinished work in the factory.
Answer: TRUE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

8) Materials inventory, work in process, and cost of goods sold would appear in the asset section of the balance sheet.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

9) Most firms use actual costing because it provides product cost information on a timely basis.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 223
Objective: 1

10) The most widely used approach in disposing of an overhead variance is proration.
Answer: FALSE
Diff: 1 Type: TF Page Ref: 225
Objective: 2

 

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