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Multiple Choice Quiz
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1
The manufacturer of which of the following products would most likely use a process costing system?
A)Airplanes
B)Bicycles
C)Boats
D)Chemicals
2
The manufacturer of which of the following products would most likely use a job order cost system?
A)Cereal
B)Custom made shirts
C)Paints
D)Paper
3
Which of the following terms would be used in a process costing system and not in a job order cost system?
A)Materials requisition
B)Job order cost sheet
C)Equivalent units
D)Cost of goods available
4
Which of the following would not be used in developing a job order cost sheet?
A)Work ticket
B)Transferred-in cost
C)Time card
D)Materials requisition
5
A characteristic that job-order systems, process cost systems, and hybrid systems have in common is:
A)the type of product manufactured by a company does not influence the type of accounting system used.
B)the manufacturing process does not influence the type of accounting system used by a company.
C)that cost systems require the use of some form of cost averaging.
D)that managers rely upon the cost system to provide information based only upon actual costs.
6
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What is the amount of Work-In-Process Ending Inventory?
A)$2,000,000
B)$2,132,000
C)$2,682,000
D)$4,430,000
7
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What is the amount of Cost of Goods Manufactured?
A)$6,416,000
B)$4,430,000
C)$2,682,000
D)$7,102,000
8
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What is Cash Outflow for Operating Activities for the period?
A)$7,102,000
B)$7,217,000
C)$8,712,000
D)$8,812,000
9
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What is the amount of over/under applied Overhead for the period?
A)$100,000 overapplied
B)$100,000 underapplied
C)$200,000 overapplied
D)$200,000 underapplied
10
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For the period what is the Income Statement Impact of Underapplied Overhead?
A)Increase Inventory
B)Increase Net Income
C)Decrease Cost of Good Sold
D)Decrease Gross Margin
11
If under/over applied overhead is considered to be material, which account(s) should it be allocated to?
A)Cost of Goods Sold
B)Work-In-Process, Cost of Goods Sold
C)Work-In-Process, Finished Goods, Cost of Goods Sold
D)Work-In-Process, Finished Goods
12
Ajax started 400,000 units and completed 300,000. The uncompleted units are 60% complete. What is the total number of Equivalent Units completed during the period?
A)300,000
B)340,000
C)360,000
D)400,000
13

Mixing Department began 50,000 units at a cost of $96,000, and transferred 45,000 units to the Finishing Department. The Mixing Department ending inventory is 60% complete.

The Finishing Department added $168,000 of material and transferred 40,000 units to Finished Goods. The Finishing Department ending inventory is 60% complete.
There was no beginning inventory in either department.

What is the number of equivalent units in the Mixing Department?
A)42,000
B)45,000
C)47,000
D)48,000
14

Mixing Department began 50,000 units at a cost of $96,000, and transferred 45,000 units to the Finishing Department. The Mixing Department ending inventory is 60% complete.

The Finishing Department added $168,000 of material and transferred 40,000 units to Finished Goods. The Finishing Department ending inventory is 60% complete.
There was no beginning inventory in either department.

What is the material cost per equivalent unit in the Finishing Department?
A)$2.00
B)$5.73
C)$6.00
D)$6.45
15
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What is the value of Ending Inventory?
A)$ 50,000
B)$ 30,000
C)$ 20,000
D)$ 5,000
16
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What is the Cash Outflow for Operating Activities?
A)$180,450
B)$180,200
C)$182,650
D)$186,650
17
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If the over/under applied overhead is immaterial, what is the impact on Cost of Good Sold?
A)Decrease Cost of Goods Sold $200
B)Increase Cost of Goods Sold $200
C)Decrease Cost of Goods Sold $250
D)Increase Cost of Goods Sold $250
18
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If none of the units are sold how much of the underapplied overhead would be allocated between Work-In-Process and Finished Goods?
A)$200
B)$167
C)$158
D)$150
19
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What would be part of the journal entry expected to be found in the Manufacturing Overhead Account?
A)Credit $600,000
B)Debit $600,000
C)Debit $610,000
D)Credit $610,000
20
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What part of the over/under applied overhead journal entry is associated with Cost of Goods Sold?
A)Credit $ 50,000
B)Debit $ 50,000
C)Debit $660,000
D)Credit $660,000
21
A difference in the accounting systems, between a Job Order Costing System and a Process Costing System, is expected to be found in which account?
A)Raw Materials
B)Work-In-Process
C)Finished Goods
D)Inventory
22
In a Process Cost System. Which is the best description of cost flows?
A)The output of one department gets transferred in and accounted for as Finished Goods.
B)The output of one department gets accounted for as the Transferred in Cost that is similar to the Raw Materials in the next department.
C)The output of one department gets accounted for as the Transferred in Cost that is accounted for in the Raw Materials account in the next department.
D)The output of one department gets accounted for as the Transferred in Cost that is accounted for in the Finished Goods account in the next department.
23
Materials Requisition forms:
A)Can only be completed manually
B)Authorize the release of labor to the job.
C)Authorize the release of raw materials from storage.
D)Authorize the release of indirect materials to the job.
24
In a Process Cost System, Overhead from one Department becomes:
A)Overhead in the next department.
B)Part of the Transferred in costs in the next department.
C)Part of the Raw material in the next department.
D)Part of the Finished Goods in the next department.





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