COST ACCOUNTING AND CONTROL

E-TIVITY 3: ON BASICS OF PROCESS AND JOB

ORDER COSTING AND SHORT EXERCISE DRILL
PASTOR, Jan Michael S. | Bachelor of Science in Accountancy II – D

QUESTIONS
Process Costing 11. What method must be used by a company manufacturing school bags?
Job Order Costing12. What method must be used by a company manufacturing aircrafts?
Process Costing 13. What method must be used by a company manufacturing candies?
Process Costing 14. What method must be used by a beer manufacturing company?
Process Costing 15. What method must be used by a company manufacturing tennis balls?

TRUE-FALSE QUESTION
1. Reports prepared in financial accounting are general-purpose reports, whereas
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reports prepared in managerial accounting are usually special-purpose reports.

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2. Managerial accounting internal reports are prepared frequently than are classified

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financial statements.

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3. Determining the unit cost of manufacturing a product is an output of financial
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accounting.

T 4. Management accounting applies to all forms of business organizations.

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T 5. Controlling is the process of determining whether planned goal are being met.

F- 6. Managerial accounting information generally pertains to an entity as a whole

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financial and is highly aggregated.

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7. Job order costing system is for allocating costs to group of unique product and is
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manufacture of special machine.
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8. Process costing is used by companies making one-of-a-kind products.
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9. Operation costing is a hybrid costing system often used in repetitive
T manufacturing where finished products have common as well as distinguishing
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characteristics.
10. Cost accounting procedures help management in gathering the data needed to
T determine product costs and thus generate meaningful financial statements and
other reports.

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