Question 1

In a process costing accounting system, factory wages are debited to ________, when direct labor is used. When indirect labor is used, the ________ account is debited. In both cases the ________ is credited.

Accepted Answer

The answer of In a process costing accounting system, factory...

Question 2

In a process costing system, direct materials used are debited to the ________ account, and indirect materials used are debited to the ________ account.

Accepted Answer

The answer of In a process costing system, direct materials...

Question 3

In a manufacturing operation with two process departments (1 and 2), the flow of costs would proceed from Work in Process, Department #1 to ________.

Accepted Answer

The answer of In a manufacturing operation with two process...

Question 4

The fourth step in accounting for production activity in a period is to prepare a cost reconciliation, which ________ and ________ costs.

Accepted Answer

The answer of The fourth step in accounting for production...

Question 5

When the final production department completes goods, the cost of the completed goods are transferred to ________.

Accepted Answer

The answer of When the final production department completes goods,...

Question 6

A ________ contains features of both process and job order costing systems.

Accepted Answer

The answer of A ________ contains features of both process...

Question 7

On a process cost summary, the total costs to account for (the processing costs for the period plus the Work in Process at the end of the period) should equal ________ (________ plus ________).

Accepted Answer

The answer of On a process cost summary, the total...

Question 8

When the completed goods are sold, the cost of the completed goods are transferred to ________.

Accepted Answer

The answer of When the completed goods are sold, the...

Question 9

In process costing, a ________ is used to apply factory overhead.

Accepted Answer

The answer of In process costing, a ________ is used...

Question 10

A process cost summary involves computations and analysis at four sequential steps. These are (1) ________ (2) ________, (3) ________, and (4) ________.

Accepted Answer

The answer of A process cost summary involves computations and...

Question 11

Match between columns
                        Premises: Hybrid costing system
Job order costing system
Equivalent units of production
Process costing system
Materials consumption report
Process operations
Process cost summary

Accepted Answer

The Answer of Mass production of similar products in a is...

Quiz 3: Process Costing and Analysis

In a process costing accounting system, factory wages are debited to , when direct labor is used. When indirect labor is used, the account is debited. In both cases the is credited.

In a process costing system, direct materials used are debited to the account, and indirect materials used are debited to the account.

In a manufacturing operation with two process departments (1 and 2), the flow of costs would proceed from Work in Process, Department #1 to ________.

The fourth step in accounting for production activity in a period is to prepare a cost reconciliation, which and costs.

When the final production department completes goods, the cost of the completed goods are transferred to ________.

A ________ contains features of both process and job order costing systems.

On a process cost summary, the total costs to account for (the processing costs for the period plus the Work in Process at the end of the period) should equal ( plus ).

When the completed goods are sold, the cost of the completed goods are transferred to ________.

In process costing, a ________ is used to apply factory overhead.

A process cost summary involves computations and analysis at four sequential steps. These are (1) (2) , (3) , and (4) .

Match the following terms with the definitions.