a. Name two principal types of cost accounting systems.b. Which system provides for a separate record of each particular quantity of product that passes through the factory?c. Which system accumulates the costs for each department or process within the factory?

Q: In process costing systems, costs are accumulated and assigned to: a) Products or jobs b)…

A: a) Products or jobs: Costs are attributed to specific products or jobs based on their direct and…

Q: dentify the best description of job order costing.   A practice of substituting an expected cost…

A: Job order costing is a method of costing where the manufacturing cost of each job is identified by…

Q: Which of the following is a characteristic of a process cost accounting system? A. Material, Labor,…

A: The objective of the question is to identify the correct characteristic of a process cost accounting…

Q: All the following can be used as an allocation base , EXCEPT : a All of the given answers can be…

A: Allocation base means base used to allocate costs between various jobs and products.

Q: Which one of the following costs can be accurately identified as forming part of a cost centre?…

A: cost center - it is a department that indirectly contributes to the organization's profits.  They…

Q: A system for accumulating detailed information about the cost of producing a product is known as a…

A: In accounting, there are several branches or systems for use. These are financial accounting,…

Q: Question. Signify the account that should be DEBITED to record each transaction below. Group of…

A: INTRODUCTION: Manufacturing overhead refers to the secondary expenditures encountered throughout the…

Q: The following may be included in the cost of inventories, except:   a. Selling costs b. Wasted…

A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory.…

Q: Companies that use a process-cost accounting system would establish a separate Work-in-Process…

A: Process cost accounting system: Process cost accounting system is a costing method which is used to…

Q: Which of the following statements is true? a. Indirect materials and indirect labor are included in…

A: The true statement is "Indirect materials and indirect labor are included in the manufacturing…

Q: Which of the following descriptions is notcorrect?a. The routing sheet shows the manufacturingpath…

A: Production cost comprises of total costs that are incurred in the process of bringing a product to…

Q: Which of the following is a cost pool used with the activity-based costing method? a. total factory…

A: The ABC cost system or activity based system is used to allocate the overhead costs on the basis of…

Q: Manufacturing overhead is the costs that can be traced directly to specific units produced.…

A: Manufacturing overheads are indirect costs. Indirect costs are those costs which cannot be easily…

Q: Indicate which of the following statement is not correct   a.Manufacturing costs are assigned the…

A: Manufacturing costs  is the cost incurred to manufacture a product. It includes  all prime costs and…

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: The controlling account for the job cost sheets is a.Finished Goods b.Materials c.Work in Process…

A: A job cost sheet is indeed a list of a task's real expenses.  The accounting department creates the…

Q: If selling and administrative expenses are allocated to different products, they should be reported…

A: Cost refers to the amount spent to acquire a product and item, or the cost used to produce a product…

Q: a. Prepare the journal entries to record all possible events in above situation. b. Compute the…

A: a) Journal Entries Date Particulars Debit Credit   Work  in Process 120,000     Raw Materials…

Q: Which of the following would be included in the journ record the requisition of indirect materials?…

A: SOLUTION- MANUFACTURING OVERHEAD -  IT IS ALSO KNOWN AS FACTORY OVERHEAD AND PRODUCTION OVERHEAD .…

Q: how do i calculate allocated manufacturing overhead by department

A: Manufacturing overhead: The cost incurred in production process other than the cost of direct…

Q: Indicate whether each of the following costs incurred by a manufacturer would be considered a…

A: There are two type of cost-Product cost and period cost Product cost-these cost are directly related…

Q: What is the deadline by which a c corporation must file a tax return

A: Generally, an organization must file its tax return by the 15th day of the fourth month after the…

Q: 1. Match one or more of the following terms with each definition below: Inventoriable product costs…

A: The given terms in the questions should be matched with definitions given below.

Q: 2. Matching Activity with Cost Drivers For each cost pool below, identify an appropriate cost…

A: A cost driver is a factor that determines or influences the cost of an activity or process. It is a…

Q: Question1. What is the process costing income statement? Provide a hypothetical example of a…

A: Process costing is a term used in cost accounting to describe one method for collecting and…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.