Chapter 20 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

Chapter 20 Accounting 26e Carl Warren James M Reeve Jonathan Duchac

 

Complete Chapter Questions With Answers

 

Sample Questions Are Posted Below

 

1. Process manufacturing usually reflects a manufacturer that produces small quantities of unique items.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.20-01 – 20-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.35 – Process Costing

ACCT.IMA.07 – Cost Management BUSPROG: Analytic

2. Process cost systems use job order cost cards to accumulate cost data.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.20-01 – 20-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.35 – Process Costing

ACCT.IMA.07 – Cost Management BUSPROG: Analytic

3. Both process and job order cost systems maintain perpetual inventory accounts with subsidiary ledgers.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.20-01 – 20-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.35 – Process Costing

ACCT.IMA.07 – Cost Management BUSPROG: Analytic

 

 

 

4. If the principal products of a manufacturing process are identical, a process cost system is more appropriate than a job order cost system.
   1. True
   2. False

 

ANSWER:                                  True

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.20-01 – 20-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.35 – Process Costing

ACCT.IMA.07 – Cost Management BUSPROG: Analytic

5. If the products of a manufacturing process are produced to customer specifications, a process cost system is more appropriate than a job order cost system.
   1. True
   2. False

 

ANSWER:                                  False

DIFFICULTY:                           Easy

Bloom’s: Remembering

LEARNING OBJECTIVES:        ACCT.WARD.16.20-01 – 20-01

ACCREDITING STANDARDS:   ACCT.ACBSP.APC.35 – Process Costing

ACCT.IMA.07 – Cost Management BUSPROG: Analytic