11. Cost computation is at regular intervals, usually on a monthly basis Cost computation is upon completion of the manufacturing processes a. Process, Job order b. Job order, Job order C. Process, Process d. Job order, Process 12. Cost refers to a. anything of value given in exchange for another item of value b. anything of value given or sacrificed to attain an objective c. cash payments made to attain an objective d. none of the above 13. Which of the following is correct? (job order = JO and process costing = PC) Chalk Radios Paper Pianos Canned Fruit a. ) PC JO PC JO JO b.) PC PC PC JO PC PC JO PC JO PC PC PC PC JO JO 14. Which of the following best describes an opportunity cost? a. It is usually relevant but is not part of traditional accounting records b. It is not usually relevant but is part of traditional accounting records c. It is usually relevant and is part of traditional accounting records d. It is not usually relevant nor is part of traditional accounting recordsUse the following choices to answer the following questions 10. a.) Both statements are true c.) Both statements are false b.) Only the first statement is true d.) Only the second statement is true All departmental direct costs are controllable. All non-controllable costs are indirect departmental costs. All indirect departmental costs are nonacontrollable. Controllable costs are those over which the head of a responsibility center exercises significant influence. Variable cost is constant in amount within the relevant range. Sunk cost is relevant in making management decisions. Process costing uses cost sheet. Job order costing is reflected in production report. Cost of light and power is considered controllable and direct if there is only one meter in the entire compound. Cost of water used is noncontrollable and indirect when every department is provided with its own water meter. In performing the control function of management, plans and standards are never changed so that corrective measures must refer to improvement of performance to conform with them. Controlling refers to knowing what is happening in actual operations, comparing them with what have been planned and adopting corrective measures when there are deviations. It changes in amount from one alternative to another a.) differential cost b.) variable cost c.) opportunity cost d.) relevant cost It refers to the use of budgets and budgetary reports to coordinate, evaluate, and control day-to- day operations to attain the goals as specified in budgets a. responsibility accounting b. management by exception c. budgetary control d. departmentalization Cost that does not arise from any transaction but is included in cost computations a.) imputed cost b.) sunk cost c.) marginal cost d.) mixed cost Repair and maintenance of assets being used by the department subject to the approval of higher management a. Controllable, direct b. Controllable, indirect c. Non-controllable, indirect d. Noncontrollable, direct