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4.2   Questions

 

1) A product such as Sure-Fine Graham Crackers, and a customer such as an Internet customer, are both examples of ________.

A) cost accounting

B) cost management system

C) cost assignment

D) cost objects

 

2) To determine the cost of a product, which of the following are followed?

A) first step, cost assignment and second step, cost allocation

B) first step, cost accumulation and second step, cost assignment

C) first step, cost allocation and second step, cost apportionment

D) first step, cost absorption and second step, cost attribution

3) To determine the cost of serving a specific type of customer, such as the retail customer, which of the following are followed?

A) first step, cost assignment and second step, cost allocation

B) first step, cost accumulation and second step, cost assignment

C) first step, cost allocation and second step, cost apportionment

D) first step, cost absorption and second step, cost attribution

 

4) If the Machining Department is the cost object, attaching costs to the Machining Department is called ________.

A) cost pooling

B) cost accumulation

C) cost assignment

D) applying a cost driver

 

5) Which of the following types of organizations need cost accounting?

A) manufacturing firms and service organizations only

B) service organizations and nonprofit organizations only

C) manufacturing firms and nonprofit organizations only

D) all types of organizations

 

6) Which of the following statements is FALSE?

A) A cost may be defined as a sacrifice or giving up of resources for a particular purpose.

B) Costs are frequently measured by the monetary units that must be paid for goods and services.

C) Only manufacturing firms need some form of cost accounting.

D) A cost accounting system typically has two processes that include cost accumulation and cost assignment.

7) Which of the following statements about cost accounting systems is FALSE?

A) The cost accounting system provides the cost data that managers use for decision making.

B) The cost accounting system is the most fundamental component of a cost management system.

C) A cost accounting system that provides accurate information is a key success factor for all types of organizations.

D) Some types of organizations do not need cost accounting systems.

 

8) The process of collecting costs by some natural classification is called ________.

A) cost accounting

B) cost allocation

C) cost accumulation

D) cost assignment

 

9) Cost accounting is that part of the cost management system that measures costs for the sole purpose of financial reporting.

 

10) A cost is a sacrifice of resources for a particular purpose.

 

 

 

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