1. A Company that makes custom products would use a __________ system.

   1. process costing

   2. standard costing

   3. job order costing

   4. mixed costing

2. A _____________ is a document used to order material from a vendor. A.receiving report B.purchase order C.material request D.purchase request
3. The purpose of product costing is A.to determine prices B.forecast future costs C.determine the inventory balance D.all of these answers
4. Which of the following is not a Process costing report? A.Schedule of equivalent units B.Unit cost analysis C.Cost summary schedule D.Job order report
5. Which of the following is not a component of factory overhead? A.Indirect material B.Indirect labor C.Direct labor D.FActory rent
6. A process costing system has _____ work-in-process accounts. A.One B.Two C.Three D.as many as there are processes
7. The Material (raw material inventory) account is a _____________ account. A separate account for each type of material is maintained in a subsidiary material account. A.subsidiary B.overhead account C.expense D.control
8. To provide current job costs, factory overhead may be allocated or applied to production using a predetermined _______________ rate A.labor B.factory overhead C.cost D.office overhead
9. To request material from the material stockroom you would use a A.Purchase order B.Material requisition C.Purchasing requisition D.Receiving report
10. Which of the following statement is true? A.GAAP allows Variable based costing B.Under GAAP you can use either Variable Based or Absorption Costing C.GAAP required Absorption Costing D.All of correct