ACG 3351 ACG3351 Week 8 Quiz (Everest)

ACG 3351 Week 8 Quiz (Everest)

1. Physical measures, such as weight or volume, are the best indicator of the benefits received for allocating joint costs. (Points : 5)

2. The principal difference between process-costing and job-costing is that in job costing, an averaging process is used to compute the unit costs of products or services. (Points : 5)

3. Standard-costing is extremely useful when unique, high-cost products are produced, as compared to the production of multiple products. (Points : 5)

4. The sales value at split-off method is an example of allocating costs based upon the benefits-received criterion. (Points : 5)

5. The focus of joint costing is assigning costs to individual products as assembly occurs. (Points : 5)

6. Process costing FIFO is usually applied to both the units entering a department and the units leaving a department. (Points : 5)

7. Transferred-out costs are incurred in previous departments that are carried forward as the product's cost as the product moves to a subsequent process in the production cycle. (Points : 5)

8. A major advantage of the weighted-average process costing is that it provides managers with information about changes in the costs per unit from one period to the next. (Points : 5)

9. Process-costing systems separate costs into cost categories according to the timing of costs' introduction into the process. (Points : 5)

10. A byproduct has a minimal sales value. (Points : 5)