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Chapter20ProcessCosting
MULTIPLECHOICEQUESTIONS
1)Themanagersofprocessoperationsfocusontheseriesofrepetitiveprocesses,orsteps,resultingin
anoncustomizedproductorservice.
A)True
B)False
Answer:A
Explanation:
Diff:I
Topic:ProcessOperations
LearningObjective:20-CIExplainprocessoperationsandthewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
2)Manufacturersthatutilizeprocessoperationsproducelargequantitiesofidenticalproducts.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:ProcessOperations
LearningObjective:20-C1Explainprocessoperationsandthewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
3)Inaprocesscostingsystemcostsaremeasureduponcompletionofeachjob.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-AlCompareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
A1CPA:BBIndustry;FNMeasurement
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
4)Thecostobjectinaprocesscostingsystemisthespecificjob.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-A1Compareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
5)Equivalentunitsofproductionrefertothenumberofunitsthatcouldhavebeenstartedand
completedgiventhecostsincurredduringtheperiod.
A)True
B)False
Answer:A
Explanation:
Diff:2
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Understand
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
6)Inaprocesscostingsystem,companiestypicallyendeachperiodwithonlyFinishedGoods
Inventory.
A)True
B)False
Answer:B
Explanation:
Diff:1
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry:FNMeasurement
2
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
7)Equivalentunitsofproductionarealwaysthesameasthetotalnumberofphysicalunitsfinished
duringtheperiod.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
8)Equivalentunitsofproductionfordirectmaterialsanddirectlaborarealwaysthesame.
A)True
B)False
Answer:B
Explanation:
Diff:2
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Understand
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
9)Equivalentunitsofproductionisanengineeringtermusedtodescribetheprocessbywhichone
companyattemptstomanufactureunitsofaproductthatareequivalenttotheproduct
manufacturedbyacompetitor.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom*s:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
3
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
10)Conversioncostperequivalentunitisthecombinedcostsofdirectmaterialsandfactoryoverhead.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
11)Conversioncostperequivalentunitisthecombinedcostsofdirectlaborandfactoryoverhead.
A)True
B)False
Answer:A
Explanation:
Diff:1
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
12)Theprocesscostsummaryisanimportantmanagerialaccountingreportproducedbyaprocess
costingsystem.
A)True
B)False
Answe亡A
Explanation:
Diff:I
Topic:ProcessCosting
LearningObjective:20-C3Describeaccountingforproductionactivityandpreparationofaprocesscostsummaryusingweighted
average.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNReporting
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
13)Aprocesscostsummaryisanaccountingreportthatdescribesthecostschargedtoeach
department,theequivalentunitsofproductionbyeachdepartment,anddeterminingthecosts
assignedtoeachdepartment'soutput.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:ProcessCosting
LearningObjective:20-C3Describeaccountingforproductionactivityandpreparationofaprocesscostsummaryusingweighted
average.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNReporting
14)Aprocesscostsummaryusuallydoesnotincludethenumberofequivalentunitsofproductionfor
theperiod.
A)True
B)False
Answer:B
Explanation:
Diff:1
Topic:ProcessCosting
LearningObjective:20-C3Describeaccountingforproductionactivityandpreparationofaprocesscostsummaryusingweighted
average.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNReporting
15)Aprocesscostsummaryshowsthecostofaparticularjobmanufacturedinthereportingperiod.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:ProcessCosting
LearningObjective:20-C3Describeaccountingforproductionactivityandpreparationofaprocesscostsummaryusingweighted
average.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry:FNReporting
5
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
16)TheFIFOmethodofcomputingequivalentunitsfocusesonproductionactivityinthecurrent
periodonly.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:FIFOMethodofProcessCosting
LearningObjective:20-C4Appendix20A-Describeaccountingforproductionactivityandpreparationofaprocesscostsummary
usingFIFO.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
17)Ifadepartmentthatusesprocesscostingstartsthereportingperiodwith100,000physicalunitsthat
were20%completewithrespecttodirectlabor,theequivalentunitsofdirectlaborinbeginning
WorkinProcessare20,000.
A)True
B)False
Answer:A
Explanation:
Diff:2
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Understand
AACSB:AnalyticalThinking
AICPA:BBIndustry;FNMeasurement
18)TheFIFOmethodofcomputingequivalentunitsincludesthebeginninginventorycostsin
computingthecostperequivalentunitfbrthecurrentperiod.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:FIFOMethodofProcessCosting
LearningObjective:20-C4Appendix20A-Describeaccountingforproductionactivityandpreparationofaprocesscostsummary
usingFIFO.
Bloom's:Remember
AACSB:AnalyticalThinking
AICPA:BBIndustry;FNMeasurement
6
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
19)TheFIFOmethodofcomputingequivalentunitsexcludesthebeginninginventorycostsin
computingthecostperequivalentunitforthecurrentperiod.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:FIFOMethodofProcessCosting
LearningObjective:20-C4Appendix20A-Describeaccountingfbrproductionactivityandpreparationofaprocesscostsummary
usingFIFO.
Bloom's:Remember
AACSB:AnalyticalThinking
AICPA:BBIndustry;FNMeasurement
20)Processandjobordermanufacturingoperationsbothcombinematerials,labor,andoverheaditems
intheprocessofproducingproducts.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-AICompareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
21)Processcostingsystemsarecommonlyusedbycompaniesthatproducealargevolumeof
standardizedunitsonacontinuousbasis.
A)True
B)False
Answer:A
Explanation:
Diff:1
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-A1Compareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
22)Theterm"processcostingsystem"isusedinreferencetothenumberoftrainedindividualsand
computersrequiredtoprocessthecollectedcostinformation.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-A1Compareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
23)ProcesscostingtypicallyusesonlyoneWorkinProcessInventoryaccount,whilejobordercosting
typicallyusesaseparateWorkinProcessInventoryaccountforeachdepartment.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-AlCompareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
24)Aproductiondepartmentisanorganizationalunitthathastheresponsibilityforthecomplete
processingofoneparticularproduct.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:ProcessOperations
LearningObjective:20-C1Explainprocessoperationsandthewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
A1CPA:BBIndustry;FNDecisionMaking
8
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
25)Inaprocesscostingsystem,withtheexceptionofthefirstdepartment,eachdepartmentreceives
outputfromthepriordepartmentasapartiallyprocessedproduct.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:ProcessOperations
LearningObjective:20-C1Explainprocessoperationsand(hewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
26)Inprocesscosting,thecostobjectistheprocessandinjobcosting,thecostobjectisajob.
A)True
B)False
Answer:A
Explanation:
Diff:I
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-AlCompareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
27)Processcostingisappliedtooperationswithrepetitiveproductionandcustomizedproducts.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:ProcessOperations
LearningObjective:20-CIExplainprocessoperationsandthewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
28)Processcostingisappliedtooperationswithrepetitiveproductionandnoncustomizedproducts.
A)True
B)False
Answer:A
Explanation:
Diff:I
Topic:ProcessOperations
LearningObjective:20-CIExplainprocessoperationsandthewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
29)Inaprocessoperation,alllaborthatisusedexclusivelybyasingleproductiondepartmentis
consideredtobedirectlabor.
A)True
B)False
Answer:A
Explanation:
Diff:2
Topic:AccountingforLaborCosts
LearningObjective:2O-P2Recordtheflowoflaborcostsinprocesscosting.
Bloom's:Understand
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
30)Processcostingsystemsconsideroverheadcoststoincludethosecoststhatcannotbetracedtoa
specificprocess.
A)True
B)False
Answe亡A
Explanation:
Diff:2
Topic:AccountingforFactoryOverhead
LearningObjective:20-P3Recordtheflowoffactoryoverheadcostsinprocesscosting.
Bloom's:Understand
AACSB:Communication
AICPA:BBIndustry:FNMeasurenienl
10
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
31)Companiesthatuseaseriesofrepetitivemanufacturingprocessestoproducestandardizedproducts
shoulduseaprocesscostingsystem.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:ProcessOperations
LearningObjective:20-C1Explainprocessoperationsand(hewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
32)Processcostingsystemsareusedonlybycompaniesthatmanufacturephysicalproducts;
companiesthatprovideservicesdonotuseprocesscosting.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-AlCompareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
33)Processcostingsystemsarecommonlyusedbycompaniesthatmanufacturestandardizedproducts
bypassingthemthroughaseriesofmanufacturingsteps.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:ProcessOperations
LearningObjective:20-C1Explainprocessoperationsandthewaytheydifferfromjoborderoperations.
Bloom's:Remember
AACSB:Communication
A1CPA:BBIndustry;FNDecisionMaking
11
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
34)Theuseofprocesscostingisoflittlebenefittoaservicetypeofoperation.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:ComparingProcessandJobOrderCostingSystems
LearningObjective:20-A1Compareprocesscostingandjobordercosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
35)Inprocesscosting,theclassificationofmaterialsasdirectorindirectdependsonwhetherornot
theyareclearlylinkedwithaspecificprocessordepartment.
A)True
B)False
Answer:A
Explanation:
Diff:2
Topic:AccountingforMaterialsCosts
LearningObjective:20-P1Recordtheflowofmaterialscostsinprocesscosting.
Bloom's:Understand
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
36)Conversioncostperequivalentunitisthecombinedcostofdirectlaborandfactoryoverheadper
equivalentunit.
A)True
B)False
Answe亡A
Explanation:
Diff:1
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry:FNMeasurement
12
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
37)Conversioncostperequivalentunitisthecombinedcostofdirectmaterials,directlabor,and
factoryoverheadperequivalentunit.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
38)Whendirectlaborandoverheadentertheproductionprocessatdifferentrates,itisappropriateto
useaconversioncostperequivalentunit.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNMeasurement
39)Whendirectlaborandoverheadentertheproductionprocessatthesamerates,itisappropriateto
useaconversioncostperequivalentunit.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:EquivalentUnitsofProduction
LearningObjective:20-C2Defineandcomputeequivalentunitsandexplaintheiruseinprocesscosting.
Bloom's:Remember
AACSB:Communical沁n
AICPA:BBIndustry;FNMeasurement
13
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
40)Inprocesscosting,indirectmaterialsarealwaysclassifiedasfactoryoverhead,eveniftheyare
linkedwithaspecificproductionprocessordepartment.
A)True
B)False
Answer:B
Explanation:
Diff:2
Topic:AccountingforMaterialsCosts
LearningObjective:20-PIRecordtheflowofmaterialscostsinprocesscosting.
Bloom's:Understand
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
41)Hybridsystemscontainfeaturesofbothprocessandjoborderoperations.
A)True
B)False
Answer:A
Explanation:
Diff:i
Topic:HybridCostingSystem
LearningObjective:20-A2Explainandillustrateahybridcostingsystem.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
42)Hybridcostingsystemscanonlybeappliedtomanufacturing.
A)True
B)False
Answer:B
Explanation:
Diff:I
Topic:HybridCostingSystem
LearningObjective:20-A2Explainandillustrateahybridcostingsystem.
Bloom's:Remember
AACSB:Communication
AICPA:BBIndustry;FNDecisionMaking
14
Copyright?McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.
43)Inaprocesscostingsystem,thepurchaseofrawmaterialsiscreditedtotheRawMaterials
Inventory.
A)True
B)False
Answer:B
Explanation:
Diff:i
Topic:AccountingforMaterialsCosts
LearningObjective:20-PIRecordtheflowofmaterialscostsinprocesscosting.
Bloom's:Remember
AACSB:AnalyticalThinking
AICPA:BBIndustry;FNMeasurement
44)Inaprocesscostingsystem,thepurchaseofrawmaterialsisdebitedtotheRawMaterials
Inventory.
A)True
B)False
Answer:A
Explanation:
Diff:I
Topic:AccountingforMaterialsCosts
LearningObjective:20-P1Recordtheflowofmaterialscostsinprocesscosting.
Bloom's:Remember
AACSB:AnalyticalThinking
AICPA:BBIndustry;FNMeasurement
45)Inaprocesscostingsystem,theentrytorecordcostofmaterialsassignedtoaproduction
departmentrequiresadebittotheRawMaterialsInventoryaccountandacredittotheWorkin
ProcessInventoryaccountforthatdepartment.
A)True
B)False
Answer:B
Explanation
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