Expert Answers

Which of the following would probably not be found in the accounting system of a service provider?

a. Cost ledger
b. Finished jobs ledger
c. Cost of services account
d. Job cost sheets

Accumulated depreciation is __________.

a. Cash reserved for asset replacement
b. A liability account since it is credited
c. A suspense equity account with a credit balance
d. None of the above

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

a. factory overhead cost
b. miscellaneous expense
c. product costs
d. other manufacturing costs

Which of the following are the two main types of cost accounting systems for manufacturing operations?

a. Process cost and general accounting systems
b. Job order cost and process cost systems
c. Job order and general accounting systems
d. Process cost and replacement cost systems

In reference to a promissory note, the person who is to receive payment is called the:

a. maker
b. payee
c. seller
d. payor