11.A hybrid cost system contains:
A. Features of a job-order cost system.
B. Features of a process cost system.
C. Features of both variable and absorption cost systems.
D. Features of both job-order and process cost systems.
12.In a job-order cost system, the subsidiary accounts for the work in process account are the:
A. Standard cost cards.
B. Job cost sheets.
C. Individual accounts payable accounts.
D. Cost of production report.
13.A materials requisition in a job-order cost system is used as a:
A. A source document for assigning costs to individual departments.
B. A subsidiary account for recording the materials used on each job.
C. Request form for getting the necessary materials from the materials store room.
D. A means of ordering materials from outside suppliers.
14.The source document used to record the amount of time worked by an employee on a job is called the:
A. Requisition sheet.
B. Pay stub.
C. Job cost sheet.
D. Work ticket.
15.All of the following transactions lead to an entry on the job cost sheet
except:
A. Indirect material used on the job.
B. A materials requisition for material used on a job.
C. Work ticket for direct labor incurred on the job.
D. Application of estimated overhead to the job.
16.All of the following are source documents used in job order cost systems
except:
A. Time card.
B. Standard cost card.
C. Work ticket.
D. Materials requisition.
17.At the time indirect materials are issued to production:
A. The balance in the manufacturing overhead account will decrease.
B. The balance in the work in process inventory account will increase.
C. The balance in the raw materials inventory account will increase.
D. The balance in the manufacturing overhead account will increase.
18.All of the following are asset exchange events
except:
A. Purchase of raw materials with cash.
B. Use of raw materials in production.
C. Cost of shipping goods to customers.
D. Payment of production wages.
19.The application of estimated manufacturing overhead to jobs is:
A. An asset exchange transaction.
B. An asset source transaction.
C. An asset use transaction.
D. A claims exchange transaction.
20.The use of raw materials in production is:
A. An asset source transaction.
B. An asset use transaction.
C. An asset exchange transaction.
D. A claims exchange transaction.