Question
QUESTION 1 Process costing systems are most appropriate with products produced in small quantities. True False QUESTION 2 All of the following are common cost
QUESTION 1
Process costing systems are most appropriate with products produced in small quantities.
True
False
QUESTION 2
All of the following are common cost variances except....?
A. | Material price variance | |
B. | Labor price variance | |
C. | Material quantity variance | |
D. | Labor efficiency variance |
QUESTION 3
All of the following are common cost accumulation systems except...?
A. | Normal | |
B. | Actual | |
C. | Standard | |
D. | Typical |
QUESTION 4
A material requisition form is a supporting document in a Job order costing system. All listed below are good reasons for using a material requisition form except...?
A. | Tracks who is responsible for materials | |
B. | Authorizes release of materials from inventory to production area | |
C. | Verifies flow of materials from storage area to department to job | |
D. | Documents receipt of materials into inventory |
QUESTION 5
Shrinkage represents a loss of product and/or material for one of a number of reasons.
True
False
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