Carlson Manufacturing Company
MID TERQuestion 2 1.
In order to obtain information about benchmarks, a manager might join a trade association for the company's particular industry.
Answer True False
2 points
Question 3 Management accounting and financial accounting are similar in which of the following respects? | | Both use the same unit of measurement. | | | Both rely heavily on the double-entry system. | | | Both produce almost all of their respective informational reports on a routine monthly basis. | | | Both provide relevant and useful information to management. |
2 points
Question 4 Carlson Manufacturing is a producer of plastic bottles for bottled water companies. In July of this year, the plant manager switched to a new supplier of raw materials. The materials have a lower cost, and because of their …show more content…
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4 points
Question 23 In a job order costing system, when the goods are sold, the Cost of Goods Sold account is increased, and the Finished Goods Inventory account is decreased for the selling price of the goods sold.
Answer True False
2 points Question 24 After a job is completed, the product unit cost can be determined from the job order cost card.
Answer True False
1 points Question 25 Which of the following accurately describes a difference between job order and process costing systems?
Answer
| | In job order costing systems, overhead costs are treated as product costs, whereas in process costing systems, overhead costs are treated as period costs. | | | Job order costing systems do not need to assign costs to production, whereas process costing systems do.
In order to obtain information about benchmarks, a manager might join a trade association for the company's particular industry.
Answer True False
2 points
Question 3 Management accounting and financial accounting are similar in which of the following respects? | | Both use the same unit of measurement. | | | Both rely heavily on the double-entry system. | | | Both produce almost all of their respective informational reports on a routine monthly basis. | | | Both provide relevant and useful information to management. |
2 points
Question 4 Carlson Manufacturing is a producer of plastic bottles for bottled water companies. In July of this year, the plant manager switched to a new supplier of raw materials. The materials have a lower cost, and because of their …show more content…
| | | | |
4 points
Question 23 In a job order costing system, when the goods are sold, the Cost of Goods Sold account is increased, and the Finished Goods Inventory account is decreased for the selling price of the goods sold.
Answer True False
2 points Question 24 After a job is completed, the product unit cost can be determined from the job order cost card.
Answer True False
1 points Question 25 Which of the following accurately describes a difference between job order and process costing systems?
Answer
| | In job order costing systems, overhead costs are treated as product costs, whereas in process costing systems, overhead costs are treated as period costs. | | | Job order costing systems do not need to assign costs to production, whereas process costing systems do.