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ACC 561 Week 3 Assignment Practice Quiz.pdf


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A process cost system would most likely be used by a company that makes
breakfast cereal.
motion pictures.
college graduation announcements.
repairs to automobiles.

Multiple Choice Question 40
Which of the following would be accounted for using a job order cost system?
The refining of petroleum.
The production of automobiles.
The production of personal computers.
The construction of a new campus building.

Multiple Choice Question 45

The flow of costs in a job order cost system
measures product costs for a set time period.
generally follows a LIFO cost flow assumption.
involves accumulating manufacturing costs incurred and assigning the accumulated
costs to work done.
cannot be measured until all jobs are complete.

Multiple Choice Question 60
The entry to record the acquisition of raw materials on account is