Accounting Supply Chain Management Terms and Ans

Chapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. ANS: T 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: T 4. A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: F†¦show more content†¦a. | Job order cost system | b. | General cost system | c. | Replacement cost system | d. | Process cost system | ANS: A 5. 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 | ANS: D 6. 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 | ANS: C 7. 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. | ANS: A 8. 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. | ANS: C 9. Job order costing and process costing are a. | pricing systems. | b. | cost accounting systems. | c. | cost flow systems. | d. |Show MoreRelatedAccounting: Supply Chain Management Terms and Ans1345 Words   |  6 PagesChapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. ANS: T 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes throughRead MoreAn Analytical Environment On My Accounting And Supply Chain Management1015 Words   |  5 Pagesenvironment utilizing my Accounting and Supply Chain Management degrees. Over 18 years of experience in Financial Auditing, Manufacturing and Supply Chain Management. PROFESSIONAL EXPERIENCE: Rutgers, University Procurement Service, Piscataway, NJ Supply Chain Project Data Analyst and Accounts Payables May 2016 – current Supply Chain Project Data Analysis of the day to day accounting activities. Reporting trends, costs and deliverables to the Director of Procurement and Accounting Manager AP. ManagedRead MoreKudler Fine Foods/ Supply Chain Management1241 Words   |  5 PagesRunning head: KUDLER FINE FOODS / SUPPLY CHAIN MANAGEMENT Kudler Fine Foods / Supply Chain Management Larry Don Franklin University of Phoenix Kudler Fine Foods / Supply Chain Management Kudler fine food’s supply chain forms the center of its business processes beginning with its purchasing department followed by advertising, accounting, inventory management, forecasting, and merchandising selection and pricing. Its business processes could be enhanced by taking advantage of IT systemsRead MoreWhy I Should Be A Supply Chain Manager953 Words   |  4 PagesI like to be a supply chain manager It is engaged in every aspect of the processing business, such as planning, purchasing of goods, producing, inventory, customer service and more. I want to work as a supply chain manager at Hewlett Packard in three to five years. It will be extremely hard to get a job in there. I should study harder and effort more. This is five steps that I should be done before submitting a resume at Hewlett Packard. To getting this career job, first of all, I need study muchRead MoreThe Scotts Company: Transforming The European Supply Chain Essay847 Words   |  4 Pages The main problem is fundamentally related to supply chain problems, including duplication and inefficiency of sourcing, manufacturing and distribution. Therefore, task #1 is to optimize supply chain and squeeze costs. We would like to elaborate more on sub problems and causes: 1. Each office has their own supply management function that increases Group’s purchasing, manufacturing, packagingRead MoreThe Scotts Company: Transforming the European Supply Chain906 Words   |  4 Pageslevels that might cause a domino effect to other large customers. The main problem is fundamentally related to supply chain problems, including duplication and inefficiency of sourcing, manufacturing and distribution. Therefore, task #1 is to optimize supply chain and squeeze costs. We would like to elaborate more on sub problems and causes: 1. Each office has their own supply management function that increases Group’s purchasing, manufacturing, packaging and delivering costs. Scotts Europe hasRead MoreThe Defense Contractors1347 Words   |  6 Pagesindustry. For instance, â€Å"Raytheon charges the government $90 per hour for administrative support/clerical work for individuals with a minimum of a high school diploma and two years of experience, and slightly more than $100 per hour for first-tier management consulting† (Porter, 2015). One major factor that is contributing to the higher wages among the defense contractors is the Federal Acquisition Regulations (FAR) which may require a company performing work under a federal contract to have a unionizedRead MoreProject Proposal Of Cargill Cocoa And Chocolate North America904 Words   |  4 Pages Distribution, Materials Management, Production Planning, Logistics Execution, Quality Management, Financial Accounting, and Supply Chain Management. †¢ Triple Point Commodity SL Triple Point Technology is an American software company dealing in multi-market commodity and enterprise risk management. Founded in 1993, Triple Point is privately held and headquartered in Westport, Connecticut, United States. The company provides cloud and on-premises commodity management software that addresses theRead MoreThe Impact Of Information Technology On Accounting Activities1051 Words   |  5 Pagessociety, Accounting has experienced approximately several stages. In theses stages, the development of advance technology for accounting is so important that its influence could not be overlooked. In today highly competitive, dramatically changed global economy, rapidly fluctuated business market, organizations have been forced to consider how to use information technologies to hold advanced competitiveness. As introducing of these information technologies into organizations, accounting activitiesRead MoreExecutive Summary The Company Boca Electronics1633 Words   |  7 Pa gesforecasts sales and production it is often changed by the time orders have been placed with the suppliers. Issues also emerge because of lack of sync between the suppliers and the firm due to which product prices cannot be determined. Also, the accounting department which is responsible for processing invoices usually has to email managers in other departments due to needed alterations causing a lot of time wasting. Also, the system used by sales department and other departments within the company Accounting Supply Chain Management Terms and Ans Chapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. ANS: T 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: T 4. A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. ANS: F 5. A process cost†¦show more content†¦If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by? a. | $1,000,000 over | b. | $1,000,000 under | c. | $500,000 over | d. | $500,000 under | ANS: A 16. At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by? a. | Increase by $800,000 | b. | Decrease by $800,000 | c. | Not effect net income. | d. | Decrease net income by $200,000 | ANS: A 17. Which of the following would most likely be a period cost? a. | Depreciation on factory lunchroom furniture. | b. | Salary of telephone receptionist in the sales office. | c. | Salary of a security guard for the factory parking lot. | d. | Computer chips used by a computer manufacturer. | ANS: B 18. Which of the following would most likely be a product cost? a. | Salary of VP of sales. | b. | Advertising for a particular product. | c. | Drill bits for a drill press used in the plant assembly area. | d. | Salary of the company receptionist. | ANS: C 19. The document authorizing the issuance of materials from the storeroom is the: a. | materials requisition | b. | purchase requisition | c. | receiving report | d. | purchaseShow MoreRelatedAccounting: Supply Chain Management Terms and Ans1332 Words   |  6 PagesChapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. ANS: T 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product thatRead MoreAn Analytical Environment On My Accounting And Supply Chain Management1015 Words   |  5 Pagesenvironment utilizing my Accounting and Supply Chain Management degrees. Over 18 years of experience in Financial Auditing, Manufacturing and Supply Chain Management. PROFESSIONAL EXPERIENCE: Rutgers, University Procurement Service, Piscataway, NJ Supply Chain Project Data Analyst and Accounts Payables May 2016 – current Supply Chain Project Data Analysis of the day to day accounting activities. Reporting trends, costs and deliverables to the Director of Procurement and Accounting Manager AP. ManagedRead MoreKudler Fine Foods/ Supply Chain Management1241 Words   |  5 PagesRunning head: KUDLER FINE FOODS / SUPPLY CHAIN MANAGEMENT Kudler Fine Foods / Supply Chain Management Larry Don Franklin University of Phoenix Kudler Fine Foods / Supply Chain Management Kudler fine food’s supply chain forms the center of its business processes beginning with its purchasing department followed by advertising, accounting, inventory management, forecasting, and merchandising selection and pricing. Its business processes could be enhanced by taking advantage of IT systemsRead MoreWhy I Should Be A Supply Chain Manager953 Words   |  4 PagesI like to be a supply chain manager It is engaged in every aspect of the processing business, such as planning, purchasing of goods, producing, inventory, customer service and more. I want to work as a supply chain manager at Hewlett Packard in three to five years. It will be extremely hard to get a job in there. I should study harder and effort more. This is five steps that I should be done before submitting a resume at Hewlett Packard. To getting this career job, first of all, I need study muchRead MoreThe Scotts Company: Transforming The European Supply Chain Essay847 Words   |  4 Pages The main problem is fundamentally related to supply chain problems, including duplication and inefficiency of sourcing, manufacturing and distribution. Therefore, task #1 is to optimize supply chain and squeeze costs. We would like to elaborate more on sub problems and causes: 1. Each office has their own supply management function that increases Group’s purchasing, manufacturing, packagingRead MoreThe Scotts Company: Transforming the European Supply Chain906 Words   |  4 Pageslevels that might cause a domino effect to other large customers. The main problem is fundamentally related to supply chain problems, including duplication and inefficiency of sourcing, manufacturing and distribution. Therefore, task #1 is to optimize supply chain and squeeze costs. We would like to elaborate more on sub problems and causes: 1. Each office has their own supply management function that increases Group’s purchasing, manufacturing, packaging and delivering costs. Scotts Europe hasRead MoreThe Defense Contractors1347 Words   |  6 Pagesindustry. For instance, â€Å"Raytheon charges the government $90 per hour for administrative support/clerical work for individuals with a minimum of a high school diploma and two years of experience, and slightly more than $100 per hour for first-tier management consulting† (Porter, 2015). One major factor that is contributing to the higher wages among the defense contractors is the Federal Acquisition Regulations (FAR) which may require a company performing work under a federal contract to have a unionizedRead MoreProject Proposal Of Cargill Cocoa And Chocolate North America904 Words   |  4 Pages Distribution, Materials Management, Production Planning, Logistics Execution, Quality Management, Financial Accounting, and Supply Chain Management. †¢ Triple Point Commodity SL Triple Point Technology is an American software company dealing in multi-market commodity and enterprise risk management. Founded in 1993, Triple Point is privately held and headquartered in Westport, Connecticut, United States. The company provides cloud and on-premises commodity management software that addresses theRead MoreThe Impact Of Information Technology On Accounting Activities1051 Words   |  5 Pagessociety, Accounting has experienced approximately several stages. In theses stages, the development of advance technology for accounting is so important that its influence could not be overlooked. In today highly competitive, dramatically changed global economy, rapidly fluctuated business market, organizations have been forced to consider how to use information technologies to hold advanced competitiveness. As introducing of these information technologies into organizations, accounting activitiesRead MoreExecutive Summary The Company Boca Electronics1633 Words   |  7 Pa gesforecasts sales and production it is often changed by the time orders have been placed with the suppliers. Issues also emerge because of lack of sync between the suppliers and the firm due to which product prices cannot be determined. Also, the accounting department which is responsible for processing invoices usually has to email managers in other departments due to needed alterations causing a lot of time wasting. Also, the system used by sales department and other departments within the company