1. A production process may yield a tangible product or a s

1. A production process may yield a tangible product or a service… 1. A production process may yield a tangible product or a service and their unique characteristics determine the best approach for developing a cost management system. True False 2. Manufacturing firms produce intangible products that cannot be inventoried. True False 3. Service firms produce intangible products that are not separable from the customer. True False 4.  Heterogeneity means that services cannot be inventoried and must be consumed when performed. True False 5.  Inseparability means that production and consumption are inseparable for services. True False 6. The uniqueness of the products or units for cost accounting purposes relates to their common costs. True False 7. Cost accumulation is the determination of the dollar amounts of direct materials, direct labor and overhead costs, and cost measurement is the recognition and recording of costs. True False8. Cost assignment is the assignment of costs to products or services once the costs have been accumulated and measured.                                          True False 9. Unit cost is a critical piece of information for a manufacturing business as well as a service company.                                          True False 10.  Activity level is the average activity usage over the long term and normal activity level is the production level for one year.                                                             True False 11. Companies operating in job-order industries produce a wide variety of products or jobs that are quite different from each other.                                           True False 12.  The job-order cost sheet accumulates the cost of all the jobs produced. True False 13. The collection of all job-order cost sheets defines a work-in-process inventory file. True False 14.  The source document known as a time ticket assigns the direct overhead to each particular job. True False 15. A job-order costing process would be applicable for an airplane manufacturer.True False 16.  Which of the following is a manufactured product? a. beauty salon b. automobile c. bungee jumping d. restaurant 17. Manufacturers producing unique or customized products would employ a(n) a. process costing system. b. homogeneous costing system. c. job-costing system. d. All of these choices are correct. 18.  Which of the following is a pure service? a. bungee jumping b. restaurant c. software d. beauty salon 19. A pure service organization has a. no raw materials, no inventories, and a definite separation between the plant and the customer. b. raw materials, tangible items, and no separation between the plant and the customer. c. no raw materials, no tangible items, and no separation between the plant and the customer. d. None of these choices are correct. 20. Inseparability refers to the a. fact that production and consumption are inseparable for services. b. greater chances for variation in the performance of services than in the production of products.c. nonphysical nature of services as opposed to products. d. fact that services cannot be inventoried but must be consumed when performed. 21.  Which of the following is true of heterogeneity? a. It refers to the fact that production and consumption are inseparable for services. b. Heterogeneity makes it difficult for services to be patented. c. Heterogeneity makes it difficult to ensure quality control of services. d. It refers to the nonphysical nature of services as opposed to products. 22.  Intangibility refers to the a. fact that production and consumption are inseparable for services. b. nonphysical nature of services as opposed to products. c. fact that services cannot be inventoried but must be consumed when performed. d. greater chances for variation in the performance of services than in the production of products. 23.  The _____ nature of services leads to a requirement of standardized system to handle repeat customers.                                           a. Intangible b. Heterogeneous c. Perishable d. Inseparable 24.  Which of the following firms would make extensive use of service costing? a. Law firm b. Auto dealer c. Auto manufacturer d. Furniture manufacturer 25.  Which of the following products would NOT use job-order costing? a. houses b. ships                                           c. chemicals                                           d. custom-built furniture  26.Which of the following firms would make extensive use of a job-order costing? a. discount brokers b. petroleum c. dental and medical services d. canned foods 27.  Process costing would be most applicable for a. high rise building construction. b. an electronics producer. c. custom machining. d. CPA audits. 28. Which of the following would NOT use a process costing system? a. electrical wire b. cotton yarn c. satellites d. newsprint 29. Homogeneous products refer to a. the nonphysical nature of services and opposed to products. b. products that can be inventoried. c. products similar in nature. d. great variation in the nature products. 30. Which cost accounting processes would be most appropriate for firms that mass-produce large quantities of similar or homogeneous products?                                           a. Process costing b. DuPont costingc. Job-order costing d. Common-size costing Accounting Business Cost Accounting COM MISC

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