Reference no: EM132738761

Problem 1: Which of the following statements is false?

Group of answer choices

Option 1: The act of converting production inputs into finished products or services necessitates cost accounting.

Option 2: Two primary hallmarks of cost and management accounting are standardization of procedures and use of generally accepted accounting principles.

Option 3: A primary purpose of cost accounting is to determine valuations needed for external financial statements.

Option 4: A primary purpose of management accounting is to provide information to managers for use in planning, controlling, and decision making

Problem 2: Which of the following statements is correct concerning job-order costing?

Group of answer choices

Option 1: All the costs appearing on a job cost sheet are actual costs.

Option 2: Indirect materials are charged to a specific job.

Option 3: Job-order costing is mainly used in firms with homogeneous products such as oil refineries.

Option 4: Job-order costing would be appropriate for a textbook publisher.