Principles of Cost Accounting Vanderbeck 16th Edition Test Bank
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Principles of Cost Accounting Vanderbeck 16th Edition Test Bank
Principles of Cost Accounting Vanderbeck 16th Edition Test Bank
***THIS IS NOT THE ACTUAL TEXTBOOK. YOU ARE PURCHASING the Test Bank in e-version of the following textbook***
Name: Principles of Cost Accounting
Author: Vanderbeck
Edition: 16th
ISBN-10: 1133187862
Type: Test Bank
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There was no beginning or ending work in process. 5,000 units were completed and transferred out. The cost per unit is:
A. $8.60
B. $5.20
C. $18.40
D. $4.60
10. Which of the following is not included in departmental product costs?
A. Costs identifiable with the department.
B. Costs added by prior production departments carried to the department.
C. Cost of sales and administrative departments that have been allocated to the production department.
D. Costs of factory service departments that have been allocated to the production department.
Principles of Cost Accounting Vanderbeck 16th Edition Test Bank
Principles of Cost Accounting Vanderbeck 16th Edition Test Bank
11. The primary task of process costing is to allocate total cost between:
A. units finished during the period and units still in process at the end of the period.
B. materials and conversion costs.
C. units in process at the beginning of the period and units started during the period.
D. units started during the period and units finished during the period.
12. Using the average cost method of process costing, the computation of manufacturing cost per equivalent unit considers:
A. Current costs only.
B. Current costs plus cost of beginning work in process inventory.
C. Current costs plus cost of ending work in process inventory.
D. Current costs less cost of beginning work in process inventory.
The number of whole units that
The third pair of columns on a 10-column work sheet prepared at the end of the period would be the
1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units?
One of the major benefits of expansion is the reduction of fixed cost (fixed and selling). The cost is absorbed by 85,000 units instead of 80,000 units resulting in saving of $0.42 per unit.
3. Should the February 1, 2012, agreement and the May 1, 2012, agreement be accounted for separately or as a single arrangement?
3. On the basis of the responses to Question 1 and 2, what are the units of accounting in this arrangement?
c. The amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed.
A. I cannot locate the time exactly. It was within two weeks. That is, I don’t know the date or the day of the month.
“Companies can choose to use the accounting job order costing method when they have a single product line or numerous products to manufacture. However, it is less costly and less time-consuming if they elect to use process costing when calculating the manufacturing of a single product line. With similarities
ished goods) during the period plus the equivalent units in the department’s ending work in
3. Should the February 1, 2012, agreement and the May 1, 2012, agreement be accounted for separately or as a single arrangement?
Cost accounting is a type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment. Cost accounting will first measure and record these costs individually, then compare input results to output or actual results to aid company management in measuring financial performance (Cost Accounting, n.d.).
hours, as well as accounting for the set up labor costs for every run. The material
b) What is the firm’s forecasted average daily sales for the first three months of operations? For the entire half-year?
The current method of apportioning production overheads based on direct labour hours can be described as a traditional approach to product costing. In a manufacturing company’s financial statements, each item produced must be allocated some of the production overheads to make the statements compliant. Sometimes the individual costs of these items can be calculated incorrectly based on overall production overhead and the system of allocating in place, however the overall financial statement can still be accurate. This traditional method of allocating the production
Erin should notify Smart Worx of the postponement as it is consistent with ethical principles of integrity and professional competence. As Erin is complying with these codes of ethics, she has nothing to lose or suffer as she followed the guidelines of the code and therefore cannot be