Indicate whether each of the following is true (T) or false (F) in the space provided.

1.

Cost accounting involves the measuring, recording, and reporting of product costs and period costs.

2.

A cost accounting system consists of manufacturing cost accounts that are fully integrated into the general ledger of a company.

3.

An important feature of a cost accounting system is the use of a periodic inventory system.

4.

A process cost system is best used when each job (or batch) has its own distinguishing characteristics.

5.

A company cannot use both a job order system and a process cost system.

6.

The flow of costs in job order cost accounting parallels the physical flow of the materials as they are converted into finished goods.

7.

The cost of raw materials purchased is credited to Raw Materials Inventory when materials are received.

8.

Raw materials Inventory is a control account.

9.

Factory Labor is a control account.

10.

A job cost sheet is a requisition form signed by an authorized employee for the issuance of materials.

11.

Each entry to Work in Process must be accompanied by a corresponding posting to one or more job cost sheets.

12.

Raw materials costs are assigned to Work in Process Inventory when the materials are purchased.

13.

Requisitions for direct materials are posted daily to the individual job cost sheets.

14.

Factory labor costs are assigned to jobs on the basis of time tickets prepared when work is performed.

15.

The predetermined overhead rate is based on the relationship between estimated annual overhead costs and expected annual operating capacity expressed in terms of a common activity base.

16.

The use of a predetermined overhead rate enables the company to determine the approximate total cost when the job still is in work in process.

17.

Recognition of the cost of goods sold is made when each sale occurs.

18.

Overapplied manufacturing overhead exists when the overhead assigned to work in process is less than the overhead incurred.

19.

At the end of the year, if immaterial, underapplied overhead is usually credited to Cost of Goods Sold.

20.

After the entry for underapplied or overapplied overhead is posted, Manufacturing Overhead will have a zero balance.

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