IIA Exam IIA-CIA-Part3-3P Topic 12 Question 58 Discussion

Actual exam question for IIA's IIA-CIA-Part3-3P exam

Question #: 58
Topic #: 12

Which of me following is applicable to both a job order cost system and a process cost system?

ATotal manufacturing costs are determined at the end of each period.

BCosts are summarized in a production cost repot for each department

CThree manufacturing cost elements are tracked direct materials direct labor and manufacturing overhead.

DThe unit cost can be calculated by dividing the total manufacturing costs for the period by the units produced during the period

Show Suggested Answer

Suggested Answer: B

by Lyla at Oct 20, 2024, 10:17 AM

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Sang

2 months ago

I'm going with C as well. It's the only one that doesn't make me feel like I'm back in high school math class.

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Fausto

1 months ago

C) Three manufacturing cost elements are tracked direct materials direct labor and manufacturing overhead.

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Karima

1 months ago

B) Costs are summarized in a production cost report for each department

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Mila

2 months ago

A) Total manufacturing costs are determined at the end of each period.

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Jacquelyne

2 months ago

C is the way to go. It's the only one that's truly universal across both cost systems. The others are a bit more system-dependent.

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Tu

3 months ago

I agree with Whitney. C is the clear winner here. The other options are a bit too specific to one system or the other.

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Minna

1 months ago

Definitely, C is the most general option that fits both systems.

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Earleen

2 months ago

Yeah, C makes sense. It's a common factor in job order and process cost systems.

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Keva

2 months ago

I think C is the correct answer too. It applies to both systems.

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Shawnta

3 months ago

Hmm, I'm not sure. I think D might also apply, since unit cost is calculated the same way in both systems. Gotta love those cost accounting formulas!

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Melissa

1 months ago

Definitely! Those formulas can be a lifesaver when trying to calculate unit costs.

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Gearldine

1 months ago

I agree, D does apply to both systems. Cost accounting can be tricky!

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Dona

1 months ago

D) The unit cost can be calculated by dividing the total manufacturing costs for the period by the units produced during the period

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Glory

1 months ago

C) Three manufacturing cost elements are tracked direct materials direct labor and manufacturing overhead.

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Mozelle

1 months ago

B) Costs are summarized in a production cost report for each department

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Pamela

2 months ago

A) Total manufacturing costs are determined at the end of each period.

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Whitney

3 months ago

Option C seems to be the most applicable to both a job order cost system and a process cost system. Both systems track the three main manufacturing cost elements.

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Louvenia

2 months ago

Yes, tracking direct materials, direct labor, and manufacturing overhead is crucial in both job order and process cost systems.

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Louvenia

2 months ago

I agree, option C is definitely applicable to both systems.

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Ira

3 months ago

I believe option B is also applicable, summarizing costs in a production cost report.

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Latrice

4 months ago

I agree with Marlon, calculating unit cost is important in both systems.

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Marlon

4 months ago

I think option D is applicable to both systems.

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