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Accounting

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1 -Job-order costing is used when prouct specially produced 2-Normal costing is a system which uses estimated direet materials, actual direct labor and a predetermined overhead rate J-A materials requisition form is a document that is used to record the amount of materials that are being used in work in process 4 Prevention costs are costs that are incurred to keep defects from occurring 5-Opportunity costs are costs that are incurred when one alternative is chosen over another. 6 Decision making is the process of establishing goals and specifying how to achieve them. 7-Cognitive biases cannot be eliminated 8- Financial Accounting is based on historical costs 9.Qualty Training is an internal failure cost 10-Factory supervisors salaries is a period cost 11-A product that has a low rate of defects is said to have a low Ouality of conformance 12-In many companies, small groups of employees known as the audit committee meet on a regular basis to discuss ways to improve quality 13-When a product that is defective is delivered to a customer external failure costs are incurred 14-Of the four groups of costs associated with quality of conformance, prevention costs are generally most damaging to a company For a computer assembly company, for each cost, indicate whether it would most likely be classified as direct labor, direct material, manufacturing overhead, selling or administrative cost I-Depreciation on equipment used to test assembled computers before release to customers 2-The cost of advertising in the local paper 3-The wages of the company's accountant -Sales commissions paid to the company salespeople 5-Rent on the facility in the industrial park uestion # 2 Classify each cost as being fixed or variable I-Commissions paid to salespersons 2-Advertising by a dental office 3-Apples processed and canned by Del Monte 4Shipping canned apples from a Del Monte plant to customers 5-Insurance on a Bausch & Lomb factory producing contact lenses 6-Buns at a Mcdonalds fast food chain 7-Yarm used in sweater production

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