Accounting 202 - Chapter 3.1 Review Test Quiz
Accounting 202 - Chapter 3. 1 Review Test Quiz There are two different types of cost systems. These systems help a manufacturing company to know which products are profitable to make and those that are not. These costing systems are beneficial as they increase the profitability of a business. Take up the quiz below to see what more you can recall on the topic.
- 1.What are the two basic types of costing systems?
- A.
Job costing and process costing
- B.
Periodic costing and perpetual costing
- C.
Product costing and materials inventory costing
- D.
Periodic costing and process costing
- 2.What type of product costing system would a manufacturer of plywood use?
- A.
Job costing
- B.
Process costing
- C.
Either job or process
- D.
Both job and process
- 3.What type of product costing system would a manufacturer of luxury yachts use?
- A.
Job costing
- B.
Process costing
- C.
Either job or process
- D.
Both job and process
- 4.Which of these documents are used to accumulate the costs of a job?
- A.
Labor time record
- B.
Materials inventory requisition form
- C.
Job cost record
- D.
Bill of materials
- 5.Which of these documents substantiates the balance of the raw materials inventory account shown on the company’s balance sheet?
- A.
Raw materials records
- B.
Bill of materials
- C.
Materials requisition
- D.
Labor time record
- 6.Which of these documents informs the storeroom to send specific materials to the factory floor?
- A.
Receiving report
- B.
Bill of materials
- C.
Materials requisition
- D.
Purchase order
- 7.When direct materials are requisitioned, they flow directly into:
- A.
Cost of goods sold
- B.
Finished goods inventory
- C.
Manufacturing overhead
- D.
Work in process inventory.
- 8.A source document for tracking employee hours is called a
- A.
Job cost record
- B.
Process costing
- C.
Labor time record
- D.
Job costing
- 9.A document that accumulates job costs is called a
- A.
Job cost record
- B.
Bill of materials
- C.
Labor time record
- D.
Production schedule
- 10.Which comes first in the flow of costs?
- A.
Cost of goods sold
- B.
Finished goods inventory
- C.
Raw materials inventory
- D.
Work in process inventory
- 11.Which comes second in the flow of costs?
- A.
Cost of goods sold
- B.
Finished goods inventory
- C.
Raw materials inventory
- D.
Work in process inventory
Questions: 41 | Attempts: 63432 | Last updated: Nov 16, 2020
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