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18 Dec 2019

Which of the following is/are true?

a. cost is the economic sacrifice made to acquire goods orservices?

b. when the good or service acquired has reliably measurablefuture benefits to a firm, the cost is an asset.

c. when the firm consumes the good or service, the cost is anexpense.

d. all of the above are true

e. none of the above are true

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Jarrod Robel
Jarrod RobelLv2
31 Dec 2019
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Related questions

True False

Cross-training is one benefit of the just-in-time processingsystem. True or False

When materials are purchased, the materials account is debited.True or False

When materials are requisitioned from the storeroom, work inprocess is debited. True or False

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In the just-in-time system, the product is often placed on amovable carrier that is centrally located in the work center.True

When using the process costing method there is only one work inprocess account for the item that is manufactured. Trueor False

The just-in-time processing method is a type of traditionalproduction method. True or False

The use of the Just in time system reduces the amount of laborcosts for a company. True orFalse

Multiple Choice

_________________ is primarily used for bulk items that areindistinguishable.

Job Order Costing

Process Order Costing

Financial Accounting

None of the above

All of the following are benefits of just in time processingEXCEPT:

Increase in efficiency

Eliminates Poor Quality

Has the potential to overwork employees

All of the above are benefits

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Manufacturing Cell Activities

Work Center Activities

None of the Above

Exercises/Other

Alice Farms purchased materials milk, sugar, cream, andpackaging items on account for $5,550. Using the process costsystem, answer the following questions.

What account should be debited to record the receipt of theseitems?

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What account should be credited to record the receipt of theseitems?

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The Mixing Department requisitioned milk, cream, and sugartotaling $9,658. Using the process cost system, answer thefollowing questions.

What account should be debited to record the receipt of theseitems?

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What account should be credited to record the receipt of theseitems?

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A company purchased raw materials totaling $35,000. Answer thefollowing questions using the process cost method.

Which account would the companydebit? ____________________

Which account would the companycredit? ____________________

A sewing department requisitions $4,000 of buttons and $3,250 ofthread from the storeroom. Record the journal entry for thistransaction.

Which of the following statements concerning the tax advantagesof qualified retirement plans is not true?

A. When the employee-participant retires and withdraws hisbenefts, the benefits will be subjected to taxation in the year ofwithdrawal the sponsor of the plan receives a deduction forcontributions to the plan when the funds are withdrawn

B. Amounts contributed to the plan in any given year from anemployee-participant's earned income are not subjected to incometaxation in the year of the contribution

C. The plan's earnings are not taxed in the year they areearned.

D. All of the above are true

E. None of the above are true

A good cost driver does all of the following except

a. Allocates costs fairly.

b. Helps in controlling costs.

c. Can be traditional or activity based.

d. Provides greater benefits than its cost.

e. All of the above are elements of a good costdriver.

In allocating support services to other support servicedepartments, which method is easiest?

a. Direct method

b. Reciprocal method

c. Step-down method

In allocating support services to other support servicedepartments, which method is most accurate?

a. Direct method

b. Reciprocal method

c. Step-down method

Activity based costing is

a. Generally better than traditional costing, but moreexpensive to implement than traditional costing.

b. Is only suitable for large organizations.

c. Generally not as accurate as traditionalcosting.

d. Is generally less expensive to implement than traditionalcosting.

Which of the following is not true?

a. A price setter usually has a large market share,

b. Price setters must watch costs more closely than pricetakers,

c. A health provider in a competitive market is usually aprice taker,

d. A health care provider can be both a price setter and aprice taker,

e. All of the above are true.

Health care providers are

a. Price takers.

b. Price setters.

c. A price setter or price taker, depending on their costingmethod.

d. Either a price setter or price taker, depending on thecompetition.

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