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    Chapter 4 Accounting Flashcards - Quizlet

    Uploaded by

    Edi wow Wow
    This document discusses process cost accounting systems and how they are used to allocate manufacturing costs. It provides examples of journal entries and calculations for process costing, including equivalent units, weighted average costs, and accounting for transfers between departments. Key aspects covered are accumulating costs by department and period, and allocating overhead to inventory and cost of goods sold.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Chapter 4 Accounting Flashcards - Quizlet

    Uploaded by

    Edi wow Wow
    91 views11 pages
    This document discusses process cost accounting systems and how they are used to allocate manufacturing costs. It provides examples of journal entries and calculations for process costing, including equivalent units, weighted average costs, and accounting for transfers between departments. Key aspects covered are accumulating costs by department and period, and allocating overhead to inventory and cost of goods sold.

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    Chapter 4 Accounting Flashcards | Quizlet

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    This document discusses process cost accounting systems and how they are used to allocate manufacturing costs. It provides examples of journal entries and calculations for process costing, including equivalent units, weighted average costs, and accounting for transfers between departments. Key aspects covered are accumulating costs by department and period, and allocating overhead to inventory and cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    91 views11 pages

    Chapter 4 Accounting Flashcards - Quizlet

    Uploaded by

    Edi wow Wow
    This document discusses process cost accounting systems and how they are used to allocate manufacturing costs. It provides examples of journal entries and calculations for process costing, including equivalent units, weighted average costs, and accounting for transfers between departments. Key aspects covered are accumulating costs by department and period, and allocating overhead to inventory and cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 11

    Social Science Economics Finance

    chapter 4 accounting
    33 studiers today 4.5 (2 reviews)

    Terms in this set (28)

    A. large numbers of identical products that are


    process costing is used to
    produced in a continuous manufacturing
    account for
    environment.

    which of the following a builder of customized yachts


    manufactures would most
    likely not use a process-
    cost accounting system?

    Process costing would be automobile repair


    used in all the following
    industries expect

    which of the following custom furniture NO


    companies would likely use chemical producer YES
    a process costing system? Soft drink bottler YES

    See Checkpoint in action!


    :
    Watch this 1-minute video to see how easy it is assign production costs to units of
    1 both
    two
    to similarities
    start a gamebetween
    of Checkpoint with your
    output
    students.
    process costing and job
    2 the flow of costs thru the manufacturing
    order?
    accounts is the same
    Dismiss Watch video

    companies that use a establish a separate work in process inventory


    process cost accounting account for each manu department
    system would

    t or f in process costing the false


    total cost of each unit is
    found by dividing the total
    factory cost by number of
    units completed

    in a process costing system department or process and time period


    manufacturing costs are
    accumulated by

    how are costs accumulated by time period and by process or department


    in a process costing
    system/
    :
    Morrison, Inc., which uses a a debit to work in process inventory
    process-cost accounting department B
    system, passes completed a credit to work in process in department A
    production from
    Department A to
    Department B for further
    manufacturing. The journal
    entry to record completed
    production in Department
    A requires:
    :
    E
    Greene, Inc., which uses a
    process-costing system,
    transfers completed
    production from
    Department no. 1 to
    Department no. 2 for
    further work. Which of the
    following best describes
    the account that would be
    debited to record this
    transfer?
    A. Cost of Goods
    Transferred.
    B. Finished-Goods
    Inventory: Department no.
    1.
    C. Finished-Goods
    Inventory: Department no.
    2.
    D. Work-in-Process
    Inventory: Department no.
    1.
    E. Work-in-Process
    Inventory: Department no.
    2.
    :
    Barnes, Inc., which uses a D
    process-costing system,
    transfers completed
    production from
    Department no. 1 to
    Department no. 2 for
    further work. Which of the
    following best describes
    the account that would be
    credited to record this
    transfer?
    A. Cost of Goods
    Transferred.
    B. Finished-Goods
    Inventory: Department no.
    1.
    C. Finished-Goods
    Inventory: Department no.
    2.
    D. Work-in-Process
    Inventory: Department no.
    1.
    E. Work-in-Process
    Inventory: Department no.
    2.

    Unit costs in a process- equivalent units


    costing system are derived
    by using:
    :
    which of the following data units completed during the period and work
    are needed to calculate to date on ending work in process
    total equivalent units under
    the weighted average
    method

    how to find materials? add the units in process and units completed

    add the units completed and multiply the units


    how to find conversion?
    in process by the % of units complete

    Corruption, Inc. overstated overstated on equivalent units


    the percentage of work none of physical units
    completed with respect to
    the conversion cost on the
    ending tip inventory What is
    the effect of this
    overstatement on
    conversion-cost equivalent
    units physical units
    manufactured,
    respectively?
    :
    Michael, Inc., uses a 2, 1, 4, 3
    process-costing system. A
    newly hired accountant has
    identified the following
    procedures that must be
    performed by the close of
    business on Friday:

    1—Calculation of equivalent
    units
    2—Analysis of physical
    flows of units
    3—Assignment of costs to
    completed units and units
    still in process
    4—Calculation of unit costs

    Which of the following


    choices correctly expresses
    the proper order of the
    preceding tasks?
    A. 1, 2, 3, 4.
    B. 1, 2, 4, 3.
    C. 1, 4, 3, 2.
    D. 2, 1, 4, 3.
    E. 2, 1, 3, 4.

    When calculating costs a summation of the costs in the beginning


    under the weight-average inventory plus costs incurred in the current
    process-costing method, period
    the unit cost is based on
    :
    what do you not need to the conversion work performed during the
    compute conversion cost current period on the BEGINNING wip
    per equivalent unit? inventory

    equivalent unit calculations units completed and ending work process


    are necessary to allocate
    manufacturing costs
    between

    which is a key document in departmental production report


    a typical process costing
    system

    tends to parallel process costing with respect


    operation costing
    to the treatment of conversion cost

    which of the following best DM: similar to job costing


    describes the procedures CC: similar to process costing
    used in operation costing
    for Direct material ?
    for Conversion Costs?

    When determining the cost trace direct material cost to each product
    of manufactured good produced and use a predetermined
    under an operation-costing application rate for CC
    system, a company would
    :
    The first processing d. direct material and conversion cost
    department in a sequence
    of three production
    departments must account
    for which of the following
    costs?
    A. Direct material and
    transferred-in costs.
    B. Direct material costs
    only.
    C. Conversion and
    transferred-in costs.
    D. Direct material and
    conversion costs.
    E. Direct material,
    conversion, and
    transferred-in costs.

    chapter 4 accounting Study


    :
    E. direct material, conversion, and transferred-
    The second processing
    in costs
    department in a sequence
    of three production
    departments would
    typically account for which
    of the following costs?
    A. Direct material and
    transferred-in costs.
    B. Direct material costs
    only.
    C. Transferred-in costs only.
    D. Direct material and
    conversion costs.
    E. Direct material,
    conversion, and
    transferred-in costs.
    :
    Department no. 2 receives e. transferred-in costs, direct materials, and
    goods from Department conversion cost.
    no. 1, adds material,
    completes the units, and
    transfers the units to
    Department no. 3 for final
    processing. The cost of
    goods completed by
    Department no. 2 would
    include charges for:
    A. direct materials.
    B. conversion cost.
    C. direct materials and
    conversion cost.
    D. transferred-in costs.
    E. transferred-in costs,
    direct materials, and
    conversion cost.
    :

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