51. Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.
1. Subsidiary ledger for Work in Process.Cost of Services
2. Serves as the basis for recording materials used.Job cost sheets
3. Service providers use this account similarly to the cost of merchandise sold account used by merchandisers. Time tickets
4. Prepared when materials that have been ordered are received and inspected.Receiving report
5. Serves as the basis for recording direct labor on a job cost sheet.Material requisition
52. Which of the following are the two main types of cost accounting systems for manufacturing operations?
A. Process cost and general accounting systems
B. Job order cost and process cost systems
C. Job order and general accounting systems
D. Process cost and replacement cost systems
53. Which of the following would most likely use a job order costing system?
A. A paper mill
B. A swimming pool installer
C. A company that manufactures chlorine for swimming pools
D. An oil refinery
54. Which of the following would be most likely to use process costing?
A. A custom furniture manufacturer.
B. An auto body repair shop.
C. A law firm
D. A lawn fertilizer manufacturer.
55. Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?
A. Job order cost system
B. General cost system
C. Replacement cost system
D. Process cost system
56. For which of the following businesses would the job order cost system be appropriate?
A. Meat processor
B. Automobile manufacturer
C. Oil refinery
D. Construction contractor
57. For which of the following businesses would the process cost system be appropriate?
A. Book retailer
B. Dress designer
C. Lumber mill
D. Printing firm
58. Which of the following is
not
a characteristic of a job order costing system?
A. It accumulates cost for each department within the factory.
B. It provides a separate record for the cost of each quantity of product that passes through the factory.
C. It is best suited for industries that manufactures custom goods.
D. Uses only one work in process account.
59. Which of the following products probably would be manufactured using a job order costing system?
A. Number 2 pencils
B. Computer monitors.
C. Wedding invitations.
D. Paper.
60. Job order costing and process costing are
A. pricing systems.
B. cost accounting systems.
C. cost flow systems.
D. inventory tracking systems.