Cost Measurement MCQs

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The following information was taken from Kay Companys accounting records for the year ended December 31, 2012: .tg {border-collapse:collapse;bor...






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Arp Co.manufacturing operations: .tg {border-collapse:collapse;border-spacing:0;} .tg td{font-family:Arial, sans-serif;font-size:14px;padding:10p...






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Arp Co.manufacturing operations: .tg {border-collapse:collapse;border-spacing:0;} .tg td{font-family:Arial, sans-serif;font-size:14px;padding:10p...






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Fab Co. manufactures textiles. Among Fabs 2012 manufacturing costs were the following salaries and wages: .tg {border-collapse:collapse;border-s...






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The fixed portion of the semi variable cost of electricity for a manufacturing plant is a Period cost . . . Product cost






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Gram Co. develops computer programs to meet customers special requirements. How should Gram categorize payments to employees who develop these prog...






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In a job-costing system, issuing indirect materials to production increases which account?






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Costs are accumulated by responsibility center for control purposes when using Job order costing . . . . Process costing






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Costs are accumulated by responsibility center for control purposes when using Job order costing . . . . Process costing






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In a job cost system, manufacturing overhead is An indirect cost of jobs . . A necessary element in production






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Under Pick Co.s job order costing system manufacturing overhead is applied to work in process using a predetermined annual overhead rate. During Ja...






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A direct manufacturing labor overtime premium should be charged to a specific job when the overtime is caused by the






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A company services office equipment. Some customers bring their equipment to the companys service shop; other customers prefer to have the company...






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A job order cost system uses a predetermined fixed factory overhead rate based on normal activity and expected fixed cost. At the end of the year, u...






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Worley Company has underapplied variable overhead of $45,000 for the year ended December 31, 2012. Before disposition of the underapplied overhead, ...






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Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop ...






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Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop ...






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In a process cost system, the application of factory overhead usually would be recorded as an increase in






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In computing the current periods manufacturing cost per equivalent unit, the FIFO method of process costing considers current period costs






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In process 2, material G is added when a batch is 60% complete. Ending work in process units, which are 50% complete, would be included in the compu...






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A department adds material at the beginning of a process and identifies defective units when the process is 40% complete. At the beginning of the pe...






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In its April 2012 production, Hern Corp., which does not use a standard cost system, incurred total production costs of $900,000, of which Hern attr...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to ...






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Which of the following would be a reasonable basis for allocating the material handling costs to the units produced in an activity-based costing sys...






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Which of the following would be a reasonable basis for allocating the material handling costs to the units produced in an activity-based costing sys...






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An assembly plant accumulates its variable and fixed manufacturing overhead costs in a single cost pool which are then applied to work in process us...






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In Belk Co.’s just-in-time production system, costs per setup were reduced from $28 to $2. In the process of reducing inventory levels, Belk found...






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What is the normal effect on the numbers of cost pools and allocation bases when an activity-based cost (ABC) system replaces a traditional cost sys...






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Which of the following is true about activity-based costing?






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Which of the following is true about activity-based costing?






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In an activity-based costing system, what should be used to assign a departments manufacturing overhead costs to products produced in varying lot s...






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In an activity-based costing system, cost reduction is accomplished by identifying and eliminating All cost drivers . . .Non-value-adding activities...






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Nile Co.s cost allocation and product costing procedures follow activity-based costing principles. Activities have been identified and classified a...






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For purposes of allocating joint costs to joint products, the sales price at point of sale, reduced by cost to complete after splitoff, is assumed t...






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Mig Co., which began operations in 2012, produces gasoline and a gasoline by-product. The following information is available pertaining to 2012 sale...






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Kode Co. manufactures a major product that gives rise to a by-product called May. Mays only separable cost is a $1 selling cost when a unit is sold...






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In accounting for by-products, the value of the by-product may be recognized at the time of Production . . .Sale






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Which of the following may be used to estimate how inventory warehouse costs are affected by both the number of shipments and the weight of material...