Chapter 16 - Process Costing and Analysis - Concepts
Authored by Siqi Fan
Business
Professional Development
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6 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following products is most likely to be produced in a process operation?
Airplanes
Cereal
Bridges
Custom cabinets
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A key idea in process costing that refers to the number of whole units that could have been started and completed given the costs incurred in a period is known as:
Equivalent units of production.
Production cost report.
A job cost sheet.
Manufacturing overhead.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is the best explanation for why it is necessary to calculate equivalent units of production in a process costing environment?
In most process costing systems, conversion costs are added at the beginning of the process while direct materials are added evenly throughout the manufacturing process.
In most cases, there is no difference between physical units and equivalent units of production.
All of the work to make a unit 100% complete and ready to move to the next stage of production or to finished goods inventory may not have been completed in a single time period.
Companies often use a combination of a process costing and job order costing systems.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not one of the four steps in accounting for production activity and assigning costs during a period under a process cost system?
Assign and reconcile costs.
Compute the cost per equivalent unit of production.
Compute the equivalent units of production.
Determine over or underapplied overhead.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following products is least likely to be produced in a process operation?
Slacks for casual wear
Custom cabinets
Smartphones
Calculators
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following characteristics does not usually apply to process operations?
Costs are computed using equivalent units.
Partially completed products are transferred between processes.
Each unit of product is separately identifiable.
A separate Work in Process Inventory is used for each process.
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