1 costing is used by a business to price homogeneous products a actual b job c proce 4309527

1) ________ costing is used by a business to price homogeneous products.

A) Actual

B) Job

C) Process

D) Traditional

2) Process costing:

A) allocates all product costs, including materials and labor

B) results in different costs for different units produced

C) is commonly used by general contractors who construct custom-built homes

D) is used exclusively in manufacturing

3) ________ costing is used by a business to price unique products for different jobs.

A) Actual

B) Job

C) Process

D) Traditional

4) Job costing:

A) can only be used in manufacturing

B) records the flow of costs for each customer

C) allocates an equal amount of cost to each unit made during a time period

D) is commonly used when each unit of output is identical

5) Job-costing may only be used by:

A) service companies

B) merchandising companies

C) manufacturing companies

D) All of these may use job-costing.

6) Many large companies which have multiple production methods and processes have hybrid costing systems that are:

A) job-costing

B) actual costing

C) process costing

D) a mix of job-costing and process costing

7) Which of the following companies is most likely to use a process costing system.

A) a manufacturer of breakfast cereal

B) a manufacturer of large commercial aircraft

C) a custom jewelry manufacturer

D) a law firm

8) A company may use job costing to assign costs to different product lines and then use process costing to calculate unit costs within each product line.

9) In each period, job costing divides the total cost of producing an identical or similar product by the total number of units produced to obtain a per-unit cost.

10) Job costing is commonly used to estimate costs in beverage production.