Quiz 3 Costing Systems

Quiz 3

Costing Systems

ACCT  1162    5483

INTRO TO MANAGERIAL ACCOUNTING

1) The financial statements are crucial for financing, investing, and normal operation for all companies

Tue

2) Available for sale equals to ending inventories plus purchases during the period.

False

3) Assume that ending balance of inventory is $100 for the first year of operation and the beginning balance inventory is $40, the average inventory for the first year operation is ($100+$40) / 2

True

4) Weighted average costing method and first in first out costing method give the same results (assigning costs to finished goods and transferred out)

If there are no beginning inventories

5) Merchandise ending inventories are part of cost of goods sold schedule and balance sheet statement.

True

6) Assume that ending balance of inventory is $100 for the first year of operation, the average inventory for the first year of operation is $100

False

7) For calculating equivalent unit, weighted average costing method

Considers costs added during period

8) Total costs less prime costs equals to overhead costs.

True

9) An example of Job order costing producing

Huge planes

10) Available for sale equals to begriming inventories plus purchases during the period.

True

11) Job order costing is adequate when the units produced are

Different

12) An example of process costing is producing

Similar small pens

13) Available for sale equals to ending inventories plus cost of goods sold.

True

14) For calculating equivalent units, the weighted average costing method is the same as the first in first out (FIFO) method.

False

15) Production costs include material, labor and overhead costs.

True

16) Merchandise ending inventories are only part of cost of goods sold schedule

False

17) Working capital = current liabilities - current assets

False

18) For calculating equivalent units, weighted average costing method

Considers cost added during actual period

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