Quiz Detail

Q1 . What are the two basic types of costing systems?

A Job costing and process costing

B Periodic costing and perpetual costing

C Product costing and materials inventory costing

D Periodic costing and process costing

Q2 . A source document for tracking employee hours is called a

A Job cost record

B Process costing

C Labor time record

D Job costing

Q3 . A document that accumulates job costs is called a

A Job cost record

B Bill of materials

C Labor time record

D Production schedule

Q4 . Which of these documents substantiates the balance of the raw materials inventory account shown on the company's balance sheet?

A Raw materials records

B Bill of materials

C Materials requisition

D Labor time record

Q5 . Which of these documents are used to accumulate the costs of a job?

A Labor time record

B Materials inventory requisition form

C Job cost record

D Bill of materials

Q6 . What type of product costing system would a manufacturer of plywood use?

A Job costing

B Process costing

C Either job or process

D Both job and process

Q7 . What type of product costing system would a manufacturer of luxury yachts use?

A Job costing

B Process costing

C Either job or process

D Both job and process

Q8 . Which comes first in the flow of costs?

A Cost of goods sold

B Finished goods inventory

C Raw materials inventory

D Work in process inventory

Q9 . Which comes second in the flow of costs?

A Cost of goods sold

B Finished goods inventory

C Raw materials inventory

D Work in process inventory

Q10 . When direct materials are requisitioned, they flow directly into:

A Cost of goods sold

B Finished goods inventory

C Manufacturing overhead

D Work in process inventory.

Q11 . Which of these documents informs the storeroom to send specific materials to the factory floor?

A Receiving report

B Bill of materials

C Materials requisition

D Purchase order

Accounting 202 - Chapter 3.1 Review Test Quiz

Q1 . What are the two basic types of costing systems?

Q2 . A source document for tracking employee hours is called a

Q3 . A document that accumulates job costs is called a

Q4 . Which of these documents substantiates the balance of the raw materials inventory account shown on the company's balance sheet?

Q5 . Which of these documents are used to accumulate the costs of a job?

Q6 . What type of product costing system would a manufacturer of plywood use?

Q7 . What type of product costing system would a manufacturer of luxury yachts use?

Q8 . Which comes first in the flow of costs?

Q9 . Which comes second in the flow of costs?

Q10 . When direct materials are requisitioned, they flow directly into:

Q11 . Which of these documents informs the storeroom to send specific materials to the factory floor?