Select all that applyA cost accounting system: (Check all that apply.)Multiple select question.is used to control costs of manufacturing activities.is used only with a perpetual inventory system.helps managers' determine selling prices.provides general information used by investors.

Select all that applyWhich of the following are the inventory accounts involved in a manufacturing cost accounting system?Multiple select question.Cost of goods soldWork-in-processDirect laborRaw materialsFinished goodsManufacturing overhead

Multiple Select QuestionSelect all that applyStandard costs have which of the following characteristics? (Check all that apply.)Multiple select question.they are preset costs for delivering a product or service under normal conditionsthey are developed by the SCAB (Standard Cost Accounting Board)they are used to help management understand reasons for variancesthey are useful for manufacturing companies, but not service companiesproduction managers help determine production requirements for a unit of product

Multiple Select QuestionSelect all that applyA responsibility accounting performance report contains which of the following items? (Check all that apply.)Multiple select question.Actual amountsThe difference between actual and budgeted amountsA list of all indirect costsBudgeted amountsA list of all controllable direct costsA list of all controllable costs

Select all that applyWhich statement are true? (Select all that apply.)Multiple select question.Specific identification, weighted average cost, LIFO and FIFO are generally accepted costing methods.The inventory costing methods determine the amount of the debit to Cost of Goods Sold and credit to Inventory.The inventory method used must correspond with the actual physical flow of goods.The inventory methods apply to both perpetual and periodic inventory systems.

Select all that applyFor intangible assets used in the manufacturing of a product, amortization is (select all that apply):Multiple select question.expensed when the inventory is soldexpensed in the period incurredincluded in the cost of inventory