1.Which of the following characteristics do not belong to process costing?
A. High volume.
B. Different amounts of direct materials used to each product.
C. Identical amounts of direct materials used to produce each product.
D. Repetitive operations.
2. Which of the following represents the accumulated manufacturing costs of jobs started but not yet complete?
A. Raw Materials Inventory
B. Work in Process Inventory
C. Finished Goods Inventory
D. Cost of Goods Sold
3. A source document that production managers use to request materials for manufacturing and that is used to assign materials costs to specific jobs or to overhead is a:
A. Job cost sheet.
B. Production order.
C. Materials requisition.
D. Materials purchase order.
4. Which of the following is not one of the three types of inventories of a manufacturer?
A. Materials inventory.
B. Work in process inventory.
C. Product inventory.
D. Finished goods inventory.
5. A job order cost system would be appropriate in the manufacture of:
A. Paints.
B. Custom-made furniture.
C. Breakfast cereal.
D. Standard-grade plywood.
6. The principal difference between managerial accounting and financial accounting is that managerial accounting information is:
A. Prepared by managers.
B. Intended primarily for use by decision makers inside the business organization.
C. Prepared in accordance with a set of accounting principles developed by the Institute of Certified Managerial Accountants.
D. Oriented toward measuring solvency rather than profitability.