Question 1

A process cost summary involves computations and analysis at four sequential steps.These are (1)_________ (2)_____________,(3)_______________,and (4)______________.

Accepted Answer

answers must appear in this order

Question 2

In a manufacturing operation with two process departments (1 and 2),the flow of costs would proceed from Goods in Process,Department #1 to ________________.

Accepted Answer

The answer of In a manufacturing operation with two process...

Question 3

Materials and labor costs that are clearly associated with a specific process are known as ___________________.Those costs that are not clearly associated with a specific process are called ________________.

Accepted Answer

answers must appear in this order

Question 4

A ____________________ contains features of both process and job order operations.

Accepted Answer

The answer of A ____________________ contains features of both process...

Question 5

On a process cost summary,the total costs to account for (the processing costs for the period plus the goods in process at the end of the period)should equal ___________________ (____________________ plus _____________________).

Accepted Answer

the first answer must appear where it is shown; the second and third answers can be flip-flopped in order

Question 6

The third step in accounting for production activity in a period is to compute the ______________________.

Accepted Answer

The answer of The third step in accounting for production...

Question 7

When the completed goods are sold,the cost of the completed goods are transferred to ____________________ .

Accepted Answer

The answer of When the completed goods are sold,the cost...

Question 8

In process costing,factory overhead incurred does not usually equal that applied,which yields either ____________________ or ___________________ overhead.

Accepted Answer

answers can appear in any order

Question 9

In a process costing accounting system,direct materials used are debited to the __________ account,and indirect materials used are debited to the ____________ account.

Accepted Answer

answers must appear in this order

Question 10

The fourth step in accounting for production activity in a period is to prepare a cost reconciliation,which reconciles __________________ with the ___________________.

Accepted Answer

answers can appear in any order

Question 11

When the final production department completes goods,the cost of the completed goods are transferred to ____________________ .

Accepted Answer

The answer of When the final production department completes goods,the...

Question 12

In a process costing accounting system,factory wages are debited to ___________,and when direct labor is used,that account is credited and ______________ is debited.When indirect labor is used,the ____________ account is debited and _____________ is credited.

Accepted Answer

The answer of In a process costing accounting system,factory wages...

Question 13

If a process has _______________ or _______________ inventory of partially completed production,equivalent units must be calculated so that total costs incurred during the period are assigned to all units worked on.

Accepted Answer

answers can appear in any order

Question 14

An equivalent unit of production is an estimate of efforts that is used to calculate the ______________ of each production component.

Accepted Answer

The answer of An equivalent unit of production is an...

Question 15

Process manufacturing,also called process operations or process production,is the ___________ production of products in a _____________________ flow of steps.

Accepted Answer

answers must appear in this order

Question 16

Match between columns
                        Premises: Job order cost accounting system
Equivalent units of production
Materials consumption report
Hybrid manufacturing system
Process cost accounting system
Process cost summary
Process manufacturing system

Accepted Answer

The Answer of Document that summarizes the materials a department is...

Quiz 20: Process Costing

A process cost summary involves computations and analysis at four sequential steps.These are (1)___ (2)_,(3)_,and (4)______.

In a manufacturing operation with two process departments (1 and 2),the flow of costs would proceed from Goods in Process,Department #1 to ________________.

Materials and labor costs that are clearly associated with a specific process are known as ___.Those costs that are not clearly associated with a specific process are called .

A ____________________ contains features of both process and job order operations.

On a process cost summary,the total costs to account for (the processing costs for the period plus the goods in process at the end of the period)should equal _ ( plus ___).

The third step in accounting for production activity in a period is to compute the ______________________.

When the completed goods are sold,the cost of the completed goods are transferred to ____________________ .

In process costing,factory overhead incurred does not usually equal that applied,which yields either __ or _ overhead.

In a process costing accounting system,direct materials used are debited to the account,and indirect materials used are debited to the __ account.

The fourth step in accounting for production activity in a period is to prepare a cost reconciliation,which reconciles with the _.

When the final production department completes goods,the cost of the completed goods are transferred to ____________________ .

In a process costing accounting system,factory wages are debited to _,and when direct labor is used,that account is credited and is debited.When indirect labor is used,the account is debited and _____ is credited.

If a process has _ or _ inventory of partially completed production,equivalent units must be calculated so that total costs incurred during the period are assigned to all units worked on.

An equivalent unit of production is an estimate of efforts that is used to calculate the ______________ of each production component.

Process manufacturing,also called process operations or process production,is the _ production of products in a ___________ flow of steps.

Match the following terms with the definitions.