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This Study Resource Was: E-Tivity 3: On Basics of Process and Job Order Costing and Short Exercise Drill

This document contains questions about process costing, job order costing, and true-false statements about managerial and cost accounting. It asks the reader to identify the appropriate costing method for different manufacturing companies like those that make school bags, aircrafts, candies, beer, and tennis balls. It also contains true-false questions about managerial accounting reporting, cost determination, controlling, cost accounting procedures, and the differences between job order and process costing.

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1K views

This Study Resource Was: E-Tivity 3: On Basics of Process and Job Order Costing and Short Exercise Drill

This document contains questions about process costing, job order costing, and true-false statements about managerial and cost accounting. It asks the reader to identify the appropriate costing method for different manufacturing companies like those that make school bags, aircrafts, candies, beer, and tennis balls. It also contains true-false questions about managerial accounting reporting, cost determination, controlling, cost accounting procedures, and the differences between job order and process costing.

Uploaded by

itsmenatoy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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COST ACCOUNTING AND CONTROL

E-TIVITY 3: ON BASICS OF PROCESS AND JOB


ORDER COSTING AND SHORT EXERCISE DRILL
PASTOR, Jan Michael S. | Bachelor of Science in Accountancy II – D

QUESTIONS
Process Costing 11. What method must be used by a company manufacturing school bags?
Job Order Costing12. What method must be used by a company manufacturing aircrafts?
Process Costing 13. What method must be used by a company manufacturing candies?
Process Costing 14. What method must be used by a beer manufacturing company?
Process Costing 15. What method must be used by a company manufacturing tennis balls?

TRUE-FALSE QUESTION
1. Reports prepared in financial accounting are general-purpose reports, whereas
T

m
reports prepared in managerial accounting are usually special-purpose reports.

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co
2. Managerial accounting internal reports are prepared frequently than are classified

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T
financial statements.

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F - cost rs e
3. Determining the unit cost of manufacturing a product is an output of financial
ou urc
accounting.

T 4. Management accounting applies to all forms of business organizations.


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aC s
vi y re

T 5. Controlling is the process of determining whether planned goal are being met.

F- 6. Managerial accounting information generally pertains to an entity as a whole


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financial and is highly aggregated.


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7. Job order costing system is for allocating costs to group of unique product and is
T applicable to the production of customer specified products such as the
manufacture of special machine.
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F – Job
8. Process costing is used by companies making one-of-a-kind products.
Th

Order
9. Operation costing is a hybrid costing system often used in repetitive
T manufacturing where finished products have common as well as distinguishing
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characteristics.
10. Cost accounting procedures help management in gathering the data needed to
T determine product costs and thus generate meaningful financial statements and
other reports.

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