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Select the Response from the List Provided That Best Matches

Question 148

Matching

Select the response from the list provided that best matches each of the following descriptions:

Premises:

Responses:

System used to determine cost of distinct, one of a kind products

Cost per equivalent whole unit

Method used in process cost systems to determine equivalent whole units, where state of completion of beginning units is ignored

Equivalent whole units

System used to determine costs of products such as chemicals or paints

FIFO method

Calculated by dividing total production costs by number of equivalent whole units

Hybrid accounting system

The result of expressing partially completed goods in equivalent number of fully completed goods

Job-order cost sheet

Cost system that blends features of job-order and process costing

Job-order cost system

Document used in job-order costing system to accumulate material, labor, and overhead costs of a job through the various stages of production.

Materials requisition

Costs that are transferred from one department to the next

Process cost system

Mechanism or document used to request materials needed to begin a job

Transferred-in costs

Mechanism or document used to accumulate the time spent on a job by each employee

Weighted-average method

More complicated method of determining equivalent whole units when accuracy is of paramount importance

Work ticket

Premises:

System used to determine cost of distinct, one of a kind products

Method used in process cost systems to determine equivalent whole units, where state of completion of beginning units is ignored

System used to determine costs of products such as chemicals or paints

Calculated by dividing total production costs by number of equivalent whole units

The result of expressing partially completed goods in equivalent number of fully completed goods

Cost system that blends features of job-order and process costing

Document used in job-order costing system to accumulate material, labor, and overhead costs of a job through the various stages of production.

Costs that are transferred from one department to the next

Mechanism or document used to request materials needed to begin a job

Mechanism or document used to accumulate the time spent on a job by each employee

More complicated method of determining equivalent whole units when accuracy is of paramount importance

Responses:

Cost per equivalent whole unit

Equivalent whole units

FIFO method

Hybrid accounting system

Job-order cost sheet

Job-order cost system

Materials requisition

Process cost system

Transferred-in costs

Weighted-average method

Work ticket

Correct Answer:

Premises:

Responses:

System used to determine cost of distinct, one of a kind products

Method used in process cost systems to determine equivalent whole units, where state of completion of beginning units is ignored

System used to determine costs of products such as chemicals or paints

Calculated by dividing total production costs by number of equivalent whole units

The result of expressing partially completed goods in equivalent number of fully completed goods

Cost system that blends features of job-order and process costing

Document used in job-order costing system to accumulate material, labor, and overhead costs of a job through the various stages of production.

Costs that are transferred from one department to the next

Mechanism or document used to request materials needed to begin a job

Mechanism or document used to accumulate the time spent on a job by each employee

More complicated method of determining equivalent whole units when accuracy is of paramount importance