Accounting 211, Cost Accounting TRUE/FALSE-A TRUE B-FALSE page 2 T F 1Ina a manufacturing environment, all crusts that occur in a business ane either product cost or period easts T F 2. Raw Materials Invenasery is the name of un expense aecoumt T F 3. Direct materials is ans example of s traceable covt TF 4. Job-order costing cannot be used fo r service organizations T F. Ifsb ane ohed Goods laventory is crdiid and T F 6 The amount of overhead cost applied so jobs using an overhead rate always of Goods Sold is debited equals the actual overhead coed incurred. T F 7, Only manufacturing companies can use ABC Costing T F 8. Process is most usefial when all units of peoduct are alike. TF 9, If all direct materials are sded at the beginning of the production process, the number of equivalent units will equal the of physical units T F 10. If the number of spoiled units is material, cost should be assigned to them choice Multiple Choices: Select the most appropriate choice and place the letter of in the space provided at the left of each item. CONCEPTUAL 11. A combined set of departmental or functional period budgets that have been consolidated into forecasted financial statement for the entire organization is known as: a. a continuous badget b. a flexible budget e. a master budget d. a month-to-month budget The difference between actual costs and standard budget costs can be attributed to the a. price paid for resources used. b. quantity of resources used c. both a and b above d. none of the above -12