管理会计作业.pdf

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PROCESSCOSTING
TRUE/FALSE

pharmaceuticalandsemiconductorindustry.
Answer:TrueDifficulty:1
Objective:1
TermstoLearn:process-costingsystem

thatinjobcostinganaveragingprocessisusedtocomputetheunit
costsofproductsorservices.
Answer:FalseDifficulty:2
Objective:1
TermstoLearn:process-costingsystem
Theaveragingprocessisusedtocalculateunitcostsinprocess
costing.
-costingsystemsseparatecostsintocostcategories
accordingtothetimingofwhencostsareintroducedintotheprocess.
Answer:TrueDifficulty:2
Objective:1
TermstoLearn:process-costingsystem
:.

unitsisusuallyeasierforconversioncoststhanitisfordirect
materials.
Answer:FalseDifficulty:2
Objective:1
TermstoLearn:equivalentunits
Estimatingthedegreeofcompletioniseasierforthecalculation
ofdirectmaterialssincedirectmaterialscanbemeasuredmore
easilythanconversioncosts.

heterogeneousproducts.
Answer:FalseDifficulty:1
Objective:1
TermstoLearn:processcosting
Processcostingwouldbemostlikelyusedbyafirmthatproduces
homogeneousproducts.
:.
-costingsystemistodeterminethe
equivalentunitsfortheperiod.
Answer:FalseDifficulty:2
Objective:2
TermstoLearn:processcosting
Thelaststepinaprocess-costingsystemistoassignthecosts
incurredtocompletedunitsandtounitsinendingworkinprocess.
.
Answer:TrueDifficulty:2
Objective:3
TermstoLearn:equivalentunits
-costingsystem,thereisalwaysaseparate
Work-in-Processaccountforeachdifferentprocess.
Answer:TrueDifficulty:2
Objective:3
TermstoLearn:processcosting
-costingjournalentriesandjob-costingjournalentriesare
similarwithrespecttodirectmaterialsandconversioncosts.
Answer:TrueDifficulty:2
Objective:4
TermstoLearn:process-costingsystem
:.
(forabakery)entrytorecordthetransferofrolls
fromthemixingdepartmenttothebakingdepartmentis:
WorkinProcess-MixingDepartment
WorkinProcess-BakingDepartment
Answer:FalseDifficulty:2
Objective:4
TermstoLearn:process-costingsystem
Thecorrectaccountingentryistheoppositeoftheentryshownhere.
-averageprocesscostingmethoddoesnotdistinguish
betweenunitsstartedinthepreviousperiodbutcompletedduring
thecurrentperiodandunitsstartedandcompletedduringthecurrent
period.
Answer:TrueDifficulty:2
Objective:5
TermstoLearn:weighted-averageprocess-costingmethod
:.
+equivalentunitsof
workdoneinthecurrentperiodequalsequivalentunitscompleted
andtransferredoutinthecurrentperiodminusequivalentunitsin
endingworkinprocess.
Answer:FalseDifficulty:2
Objective:5
TermstoLearn:equivalentunits
Thesecondpartoftheequationshouldbe:equivalentunitscompleted
andtransferredoutinthecurrentperiodPLUSequivalentunitsin
endingworkinprocess.
-averagecostingmethod,thecostsofdirectmaterials
inbeginninginventoryarenotincludedinthecostperunit
calculationsincedirectmaterialsarealmostalwaysaddedatthe
startoftheproductionprocess.
Answer:FalseDifficulty:2
Objective:5
TermstoLearn:weighted-averageprocess-costingmethod
Thecostsofthedirectmaterialsareincludedinthecostperunit
calculation.
-averagecostisthetotalofallcostsenteringthe
Work-in-Processaccount(whethertheyarefrombeginning
work-in-processorfromworkstartedduringthecurrentperiod)
dividedbytotalequivalentunitsofworkdonetodate.
:.
Answer:TrueDifficulty:2
Objective:5
TermstoLearn:weighted-averageprocess-costingmethod
-averagesystem,
becauseallcostsarejustaveraged.
Answer:FalseDifficulty:2
Objective:5
TermstoLearn:equivalentunits,weighted-average
process-costingmethod
Theequivalentunitsareneededinaweighted-averagesystem,even
thoughallcostsareaveraged.

weightedaverageandtheFIFOmethodsofprocesscosting.
Answer:TrueDifficulty:2
Objective:5,6
TermstoLearn:weighted-averageprocess-costingmethod,
first-in,first-out(FIFO)process-costingmethod
-in,first-out(FIFO)processcostingmethodassignsthe
costofthepreviousaccountingperiod’sequivalentunitsin
beginningwork-in-processinventorytothefirstunitscompletedand
transferredoutoftheprocess.
Answer:TrueDifficulty:2
Objective:6:.
TermstoLearn:first-in,first-out(FIFO)
process-costingmethod

workdoneonbeginninginventorybeforethecurrentperiodis
averagedwithworkdoneinthecurrentperiod.
Answer:FalseDifficulty:2
Objective:6
TermstoLearn:first-in,first-out(FIFO)
process-costingmethod
AdistinctivefeatureoftheFIFOprocesscostingmethodisthatthe
workdoneonbeginninginventorybeforethecurrentperiodiskept
separatefromworkdoneinthecurrentperiod.

beginninginventorywiththeworkandthecostsdoneduringthe
currentperiod.
Answer:FalseDifficulty:2
Objective:6
TermstoLearn:first-in,first-out(FIFO)
process-costingmethod
FIFOonlyincludestheworkdoneduringthecurrentperiod.
-in,first-outprocess-costingmethodassumesthatunits
inbeginninginventoryarecompletedduringthecurrentaccounting
period.
:.
Answer:TrueDifficulty:2
Objective:6
TermstoLearn:first-in,first-out(FIFO)
process-costingmethod
MULTIPLECHOICE

ofproductsinmassproductionarecalled:
-costingsystems
-costingsystems
-costingsystems
-averagecostingsystems
Answer:cDifficulty:1
Objective:1
TermstoLearn:process-costingsystem

costing

-inchtelevisionsets

.
Answer:dDifficulty:2
Objective:1
TermstoLearn:process-costingsystem
:.
:



overallunitsproduced
.
Answer:dDifficulty:2
Objective:1
TermstoLearn:process-costingsystem

-costingsystem,individualjobsusedifferent
quantitiesofproductionresources.
-costingsystemeachunitusesapproximatelythe
sameamountofresources.

job-costingsystem.
.
Answer:dDifficulty:2
Objective:1
TermstoLearn:process-costingsystem
:.
:



throughouttheproductionprocess
.
Answer:cDifficulty:2
Objective:1
TermstoLearn:process-costingsystem

inventorybutwhichcoulduseprocesscostingtocomputeunitcosts
wouldbea:


customerdepositsofseveralbanks


Answer:bDifficulty:2
Objective:1
TermstoLearn:process-costingsystem
(s)concerningconversioncostsis
correct:.

partiallycompletedunitisusuallyeasiertocalculatethan
estimatingthedegreeofcompletionforconversioncosts.

textileindustry.
.
(b)and(c)arecorrect.
Answer:aDifficulty:2
Objective:1
TermstoLearn:process-costingsystem,equivalentunits
-unitcomputationisto:

outputunitsthatcouldbemadewiththatquantityofinput.
.

outputunitsthatcouldbemadewiththatquantityofinput.
.
Answer:cDifficulty:2
Objective:3
TermstoLearn:equivalentunits
-costingsystem,thecalculationofequivalentunitsis
usedforcalculating:
:.

period

.
Answer:dDifficulty:1
Objective:3
TermstoLearn:equivalentunits

DecoratingDepartment,theaccountingentryis
—BakingDepartment
WorkinProcess—DecoratingDepartment
—DecoratingDepartment
AccountsPayable
—DecoratingDepartment
WorkinProcess—BakingDepartment
—BakingDepartment
AccountsPayable
Answer:cDifficulty:2
Objective:4
TermstoLearn:process-costingsystem
EXERCISESANDPROBLEMS

costs.
:.
Required:
Compareandcontrastthetwomethods.
Answer:
Injobcostingthejoborproductisadistinctlyidentifiableproduct
(orcanrequire)vastlydifferent

,eachjobrequiresdifferent
amountsofinput,andtheycanrequirevastlydifferentamountof
-costedproductstendtobehighcostperunit.
Thusthecostsofeach(unique)jobareimportantforplanning,
pricing,andprofitability.
Inprocesscosting,thejobsorproductsaresimilar(orhomogeneous).
Eachjobusuallyrequiresthesameinputs,andresultsin

serviceisobtainedbyassigningtotalcoststomanyidenticalor

materialcosts,directmanufacturinglaborcosts,andindirect

costsbythenumberofunits.
Theprincipaldifferencebetweenprocesscostingandjobcostingis

injobcosting,individualjobsusedifferentquantitiesof
productionresources;whereasinprocesscosting,weassumethateach
jobusesapproximatelythesameamountofresources.
:.
Difficulty:2Objective:1
TermstoLearn:process-costingsystem:.

costing(andalsojobcosting)
Answer:
Weneedtoaccumulateunitcoststo:
(planning)


—Tooperateasuccessfulbusiness,weshouldprepare
budgets,reviewtheresults,andmakedecisionsastohowwell

(materials,
conversioncosts,facilities,etc.)willdependonourestimate

partoftheseestimatesistheunitcostsoftheproductsweplan

mustacquiretoaccomplishourplans.
—Inordertobeaprofitablebusiness,wemustsellour
productatapriceinexcessofwhatitcostsustoproducethe
.
Wewillalsolearnwhetherwecansellaprodu