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Two Set—Scroll down to see all included Questions
Under a job order cost system, costs are assigned to each job or to each
batch of goods.
A process cost system is used when a company manufactures a large
volume of unique products.
The two major steps in the job order cost flow are 1) accumulating the
manufacturing costs incurred and 2) assigning the accumulated costs to
the work done.
Process cost systems are used to apply costs to unique products
produced individually.
Which of the following items is not a characteristic of a process cost
system?
Fewer materials requisitions are generally required in a process cost
system than in a job order cost system.
Traditional costing systems group costs according to activity cost pools.
When is it appropriate to use direct labor as a basis for assigning
overhead costs to products?
How many steps are involved in activity-based costing?