Exam 3 BUSI 601 (100% correct answers)

(chapter 4) operations costing identifies direct materials by: correct answers job (chapter 4) costs in a job costing system can be measured using _____ costing correct answers normal, actual, standard (chapter 4) to make nonconforming goods acceptable so they can be sold in regular channels requires: correct answers rework (chapter 4) which of the following is charged as a loss to operations in the period detected? correct answers abnormal spoilage only (chapter 4) normal spoilage may be: correct answers specific and common (chapter 4) normal spoilage can be: correct answers charged to factory overhead attached to the cost of a specific job spread over the costs of all jobs (chapter 4) t/f: cost of rework is treated in the same way as costs of spoiled units correct answers true depending on the type, rework is either charged to specific jobs, factory overhead, or a loss account, just like spoiled units (chapter 4) scrap can be classified as: correct answers relating to a specific job common to all jobs (chapter 4) unacceptable units that are discarded or sold for disposal value are called: correct answers spoilage (chapter 4) the proper treatment for abnormal spoilage is to: correct answers charge it to a special loss account (chapter 4) Types of rework include rework on: correct answers Abnormal defective units Normal defective units (chapter 4) The process of classifying and assigning material, labor, and overhead costs to cost objects is known as __________ correct answers costing (chapter 4) 1. Cost accumulation method 2. Cost measurement method 3. Overhead application method correct answers 1. Job costing, process costing, or joint costing 2. Actual, normal, or standard costing 3. Volume-based or activity-based