Accounting 202 - Chapter 3.1 Review Test Quiz

11 Questions | By Jc173 | Last updated: Mar 19, 2022 | Total Attempts: 77

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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.

Questions and Answers

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