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Test Bank For Managerial Accounting 7th Edition By John Wild Ken Shaw

Test Bank For Managerial Accounting 7th Edition By John Wild Ken Shaw

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7th Edition
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Test Bank For Managerial Accounting 7th Edition By John Wild Ken Shaw

Managerial Accounting, 7e (Wild)

Chapter 2  Job Order Costing and Analysis

1) Cost accounting systems accumulate production costs and then assign them to products and services.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

2) A company that uses a cost accounting system normally has only two inventory accounts: Finished Goods Inventory and Work in Process Inventory.

Answer:  FALSE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

3) Cost accounting information is helpful to management for pricing decisions but has no effect on controlling costs.

Answer:  FALSE

Difficulty: 2 Medium

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Understand

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

4) There are two basic types of cost accounting systems: job order costing and periodic costing.

Answer:  FALSE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

5) There are two basic types of cost accounting systems: job order costing and process costing.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

6) A company that produces a large number of standardized units would normally use a job order costing system.

Answer:  FALSE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

7) A company that produces products individually designed to meet the needs of a specific customer, would normally use a job order costing system.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

8) Job order costing would be appropriate for companies that produce custom homes and specialized equipment.

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Job Order Costing

Learning Objective:  02-C1 Describe important features of job order production.

Bloom’s:  Remember

AACSB/Accessibility:  Communication / Keyboard Navigation

AICPA:  BB Industry; FN Measurement

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