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23 Nov 2019

A system of accounting in which costs are accumulated and thenmeasured per unit at the end of a period by combining costs perequivalent unit from various departments is a:

General cost accounting system.

Process costing system.

Job order cost accounting system.

Manufacturing cost accounting system.

Work in Process accounting system.

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Reid Wolff
Reid WolffLv2
30 Jan 2019
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Related questions

Listed below are seven technical accounting terms introduced oremphasized in this chapter.


Job Order costing

Overhead application rate

Overapplied overhead

Activity-based costing

Cost driver

Cost of finished goods manufactured

Job cost sheet


Each of the following statements may (or may not) describe thsestechinial terms. For each statment, indicate the term described, oramswer "None" if the statement does not correctly describe any ofthe terms.


a. An activity base that can b etraced directly to unitsproduced and can be used as a denominator in computing an overheadapplication rate.

b. The total of all direct lavor, direct materials andmanufacturing overhead transferred from work in process to finishedgoods.

c. A means of assigning indirect product costs to work inprocess during the period.

d. A debit balance remaining in the Manufacturing Overheadaccount at teh end of the period.

e. The type of cost accounting system likely to be used by aconstruction company.

f. The type of cost accounting method likely to be used foroverhead costs.

Which of the following best describesthe difference between financial and managerial accounting?

Managerial accounting provides information to support decisions,while financial accounting does not.

Managerial accounting is not restricted to generally acceptedaccounting principles (GAAP), while financial accounting isrestricted to GAAP.

Managerial accounting does not result in financial reports whilefinancial accounting does result in financial reports.

Managerial accounting is concerned solely with the future anddoes not record events from the past, while financial accountingrecords only events from past transactions.

2. For which of the following wouldthe job order cost system be appropriate?

Manufacturer of individualized golf equipment

Rubber manufacturer

Crude oil refinery

Coal mining

3. For which of the followingbusinesses would the process cost system be most appropriate?

Custom jewelry manufacturer

Car rental agency

Crude oil refinery

Small engine repair shop

Process costing differs from job order costing in the way costsare accounted for. Share your thoughts about the accountingdifferences in process costing versus job order costing, andexplain how manufacturing costs are accounted for in processcosting. Further explain why the cost per equivalent unit aredetermined separately for direct materials and for conversion costsunder different methods of determining the cost of completed andtransferred out units and the cost of ending work in processinventory. Additionally, discuss the type of production mostsuitable to employ a process costing system by providing anexample.

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