Acc 241 exam 1 3-4 Questions &
Answers 100% Correct!!
process costing - ANSWERSmass production of identical products, produced with
uniform steps or processes, averages costs across all units produced (cereal or light
bulbs)
job costing - ANSWERSunique custom order products, small batches of different
products, professional services, orders, batches and client engagements are jobs, costs
for each job are accumulated (commercial buildings)
inventory flow - ANSWERSraw materials to work-in-process to finished goods/ or COGS
when the items are sold to customers
production plan - ANSWERScustomers orders, stock inventory
bill of materials - ANSWERSprepares by production engineers, identifies all raw
materials needed for each job
raw materials - ANSWERSmaintained for each item in stock, identifies cost and quantity
received, used and on hand
time record - ANSWERSrecords times spent by each employee and each job they
worked on
invoice - ANSWERSissued by supplier, lists: items sold, quantities, prices, payment
terms
receiving report - ANSWERSidentifies items and quantities received
purchase order - ANSWERSissued to supplier, lists desired items
job cost record - ANSWERSprepared for each job, identifies jobs costs for: direct
materials, direct labor, manufacturing overhead, identifies disposition of completed units
materials requisition - ANSWERSused to request materials needed for production, raw
materials record updated for items picked
allocation of manufacturing overhead to jobs - ANSWERSare relatively constant,
cossets of many different items; multiply the overhead rate by the number of direct labor
hours charged to each job
Answers 100% Correct!!
process costing - ANSWERSmass production of identical products, produced with
uniform steps or processes, averages costs across all units produced (cereal or light
bulbs)
job costing - ANSWERSunique custom order products, small batches of different
products, professional services, orders, batches and client engagements are jobs, costs
for each job are accumulated (commercial buildings)
inventory flow - ANSWERSraw materials to work-in-process to finished goods/ or COGS
when the items are sold to customers
production plan - ANSWERScustomers orders, stock inventory
bill of materials - ANSWERSprepares by production engineers, identifies all raw
materials needed for each job
raw materials - ANSWERSmaintained for each item in stock, identifies cost and quantity
received, used and on hand
time record - ANSWERSrecords times spent by each employee and each job they
worked on
invoice - ANSWERSissued by supplier, lists: items sold, quantities, prices, payment
terms
receiving report - ANSWERSidentifies items and quantities received
purchase order - ANSWERSissued to supplier, lists desired items
job cost record - ANSWERSprepared for each job, identifies jobs costs for: direct
materials, direct labor, manufacturing overhead, identifies disposition of completed units
materials requisition - ANSWERSused to request materials needed for production, raw
materials record updated for items picked
allocation of manufacturing overhead to jobs - ANSWERSare relatively constant,
cossets of many different items; multiply the overhead rate by the number of direct labor
hours charged to each job
