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Indicate Whether Each of the Following Items Applies To

Question 60

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Indicate whether each of the following items applies to:

Premises:
Accounts like "cost of goods sold" and "manufacturing overhead" included in the AIS.
Can incorporate separation of duties.
Costs reported in financial statements.
Documents include materials requisitions and labor time tickets.
Emphasizes difference.
Equipment purchases debited to direct materials.
Flowcharts of production processes look alike in many different organizations.
General ledger would contain accounts like "painting" and "finishing".
Products look alike.
Summarizes information with a production cost report.
Responses:
process costing only
job costing only
both process and job costing
neither process nor job costing

Correct Answer:

Accounts like "cost of goods sold" and "manufacturing overhead" included in the AIS.
Can incorporate separation of duties.
Costs reported in financial statements.
Documents include materials requisitions and labor time tickets.
Emphasizes difference.
Equipment purchases debited to direct materials.
Flowcharts of production processes look alike in many different organizations.
General ledger would contain accounts like "painting" and "finishing".
Products look alike.
Summarizes information with a production cost report.
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