Cost Accounting Quiz

What are the two basic types of cost accounting systems?

• Process cost and job order cost

• Variable cost and fixed cost

• Direct cost and indirect cost

• Operating cost and administrative cost

What are the three accounts in which manufacturing costs are first accumulated in job order costing?

• Work in Process Inventory, Finished Goods Inventory, Cost of Goods Sold

• Raw Materials Inventory, Factory Labor, Manufacturing Overhead

• Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory

• Factory Labor, Manufacturing Overhead, Cost of Goods Sold

What is a job cost sheet used for?

• To calculate the total manufacturing costs of a company

• To record the costs chargeable to a specific job and to determine the total and unit costs of the completed job

• To determine the total and unit costs of the raw materials used in production

• To record the costs of all jobs in a company

What does the job cost sheet constitute for the Work in Process Inventory control account?

• The subsidiary ledger

• The main ledger

• The financial statement

• The general ledger

What does cost accounting involve?

• Measuring, recording, and reporting cash flow

• Measuring, recording, and reporting product costs

• Measuring, recording, and reporting sales revenue

• Measuring, recording, and reporting operating expenses