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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
A. Which of the following costs is not a product cost?
-
Depreciation on the plant installed in the factory - The electricity cost of the office of factory foreman
- The cost of shipping finished products to customers
- The cost of fuel used in the factory
B. Which of the following costs is not a period cost?
- Advertising cost
- Sales commission
- Interest
- Direct labor
C. Which of the following would not be classed as a service department?
- The maintenance department
- The canteen
- The finance department
- The assembly department
D.
- Oil processing units
- Transport Companies
- Sugar Industry
- Repair shops
E. Paper mills are must adopt?
- Unit costing
-
Process costing - Job costing
- Contract costing
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which one of the following best describes a job cost sheet? A. It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. B. It is used to track manufacturing overhead costs for specific jobs. C. It is used by management to understand how direct costs affect profitability. D. It is a daily form that management uses for tracking worker productivity on which employee raises are based.arrow_forwardIndicate whether each cost is: A. Fixed or Variable b. Selling, General/Administrative, or Manufacturingarrow_forwardNumber the following in the order of the flow of manufacturing costs for a company: a. Closing under/overapplied factory overhead to cost of goods sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the predetermined overhead rate f. Materials requisitioned to jobs g. Selling of finished product h. Preparation of financial statements to determine gross profitarrow_forward
- Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Sentence a. An example of factory overhead is b. Direct materials costs combined with direct labor costs are called c. Long-term plans are called d. Advertising costs are usually viewed as plans. costs. costs. e. The management process by which management monitors operations by comparing actual and expected results is f. The plant manager's salary would be considered to the product. g. The salaries of factory supervisors are normally considered a cost.arrow_forward1. Which type of cost system, process or job order, would be best suited for each of the following: (a) TV assembler, (b) building contractor, (c) automobile repair shop, (d) paper manufacturer, (e) custom jewelry manufacturer? Give reasons for your answers. 2. In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?arrow_forwardWhich of the following costs is best classified as a fixed cost with respect to volume of activity? (See your Chapter 20 notes, page 5) Direct labor Electricity used to heat, light, and cool a factory Cleaning supplies used in an automobile assembly plant Straight-line depreciation expense of a machine used in a factory Total cost of salaries paid to quality inspectors in a manufacturing plant Tires used in an automobile manufacturing plantarrow_forward
- Which one of the following represents a period cost? 1) The VP of Sales' salary and benefits 2) Overhead allocated to the manufacturing operations 3) Labor costs associated with quality control 4) Fringe benefits associated with factory workersarrow_forwardWhich of the following would not be part of costs applied to a unit as part of factory overhead? O Factory Utility Expenses O Office Salaries O Factory Equipment Maintenance O Factory Rentarrow_forward
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