Job-order and process costing are similar in that they both deal with assigning materials, labor and overhead to products as a way to calculate the unit product cost.

A、job-costing systems usually do not distinguish between normal spoilage attributable to all jobs and normal spoilage attributable to a specific job

B、job-costing systems usually distinguish between normal spoilage attributable to a specific job and spoilage common to all jobs

C、process costing normally does not distinguish between normal spoilage attributable to a specific job and spoilage common to all jobs

D、Both B and C are correct.

Marginal costing and absorption costing are different techniques for assessing profit in a period. If there are changes in inventory during a period, marginal costing and absorption costing give different results for profit obtained.Which of the following statements are true?

A．If inventory levels increase,marginal costing will report the higher profit.

B．If inventory levels decrease,marginal costing will report the lower profit.

C．If inventory levels decrease,marginal costing will report the higher profit.

D．If the opening and closing inventory volumes are the same,marginal costing and absorption costing will give the same profit figur

E．

A、The flow of costs through the manufacturing accounts is basically the same for process and job-order costing.

B、Direct materials, direct labor and manufacturing overhead are added to Work in Process.

C、When work in process is completed, the costs are transferred to Finished Goods..

D、When finished goods are sold, the costs are transferred to Ending Inventory

The American baby boom after the war made the U.S. advice unconvincing to poor countries that they restrain their births. However, there has hardly been a year since 1957 in which birth rates have not fallen in the United States and other rich countries, and in 1976 the fall was especially sharp. Both East Germany and West Germany have fewer births than they have deaths, and the United States is only temporarily able to avoid this condition because the children of the baby boom are now an exceptionally large group of married couples.

It is true that Americans do not typically plan their births to set an example for developing countries. We are more affected by women's liberation: once women see interesting and well-paid jobs and careers available, they are less willing to provide free labor for child raising. From costing nothing, children suddenly come to seem impossibly expensive. And to the high cost of children are added the uncertainties introduced by divorce, couples are increasingly unwilling to subject their children to the terrible experience of marital breakdown and themselves to the difficulty of raising a child alone.

These circumstances-women working outside the home and the instability of marriage tend to spread with industrial society and they will affect more and more countries during the remainder of this century. Along with them goes social mobility, ambition to rise in the urban world, a main factor in bringing down the births in the nineteenth century.

Food shortage will happen again when the reserves resulting from the good harvest of 1976 and 1977 have been consumed. Urbanization is likely to continue, with the cities of the developing nations struggling under the weight of twice their present populations by the year 2000. the presently rich countries are approaching a sable population largely because of the changed place women, and they incidentally are setting an example of restraint to the rest of the world. Industrial society will spread to the poor countries, and aspirations will exceed resources. All this will lead to a population in the twenty-first century that is smaller than was feared a few years ago. For those anxious to see world population brought under control, the news is encouraging.

During the years from 1957 to 1976, the birth rate of the United States ______.

A．increased

B．experienced both falls and rises

C．was reduced

D．remained stable

A、In a process costing system, there is a work-in-progress account for each processing department.

B、In a process costing system, equivalent units are separately computed for materials and for conversion costs.

C、In a process costing system, overhead can be under- or overapplied, just as in job-order costing.

D、In a process costing system, materials costs are traced to units of products.

Section D

The American baby boom after the war made unconvincing U.S. advice to poor countries that they restrain their births. However, there has hardly been a year since 1957 in which【72】and other rich countries, and in 1976 the fall was especially sharp. Both East Germany and West Germany have fewer births than they have deaths, and the United States is only temporarily able to avoid this condition because【73】.

It is true that Americans do not typically plan their births to set an example for developing nations.【74】; once women see interesting and well-paid jobs and careers available they are less willing to provide free labor for child rearing. From costing nothing, children suddenly come to seem impossibly expensive.

And to the high cost of children are added the uncertainties introduced by divorce;【75】and themselves to the difficulty of raising a child alone.

These circumstances--women working outside the home and the instability of marriage --tend to spread with industrial society and they will affect more and more countries during the remainder of this country. Along with them goes social mobility, ambition to rise in the urban world,【76】.

Food shortage will happen again when the reserves resulting from the good harvests of 1976 and 1977 have been consumed.【77】struggling under the weight of twice their present populations by the year 2000. the presently rich countries are approaching a stable population largely because of the changed place of women, and they incidentally are setting an example of restraint to the rest of the world.【78】, and aspirations will exceed resources. All this leads to a population in the twenty-first century that is smaller than was feared a few years ago. For those anxious to see world population brought under control the news is encouraging.

Sentences:

A. Industrial society will spread to the poor countries.

B. The children of the baby boom are now an exceptionally large group of married couples.

C. Social development has made child-rearing inexpensive.

D. Couples are increasingly unwilling to subject children to the terrible experience of marital breakdown.

E. Birth rates have not fallen in the United States.

F. Urbanization is likely to continue with the cities of the developing nations.

G. We are more affected by women's liberation.

H. A main factor in bringing down the births in Europe in the 19th century.

(67)

Where to Find Money for College

Paying for college has become a national nightmare. With four years' education at many good private schools costing over $100,000, parents are ready to break out. No way can they cover such an amount out of current incomes—even if grandparents chip in. Yet many families manage to get their kids through school—without being taken to the cleaners. How do they do it? Here are some strategies for raising the money or cutting the expense—some of them little known but very effective.

Keep their noses in the books. Many excellent schools offer scholarships to kids at the top of their high-school class, regardless of financial need. Says counselor Jim Alexander of Highland Park High School near Chicago, "Other than proving need, the best way to get money is high grades."

Even though some top schools, such as those in the Ivy League, award no merit scholarships, most other colleges do. At Marquette University in Wisconsin, for instance, these with SAT scores of at least 1,300 can try for five full-tuition scholarships, each worth $13,010.Nearly half of Marquette's 1,600 freshmen get some merit aid.

In 1994 Ohio's Case Western Reserve awarded 1,200 merit scholarship—the best of them covering full tuition. At Boston University, merit money is doled out (少量地发放)to some 550 of the 4350

member freshman class. The biggest award is full tuition plus fees-worth more than $ 19,000—for SAT scores of at least 1450. Says B.U. financial-aid director Barbara Torrnow, "The best students will receive whatever aid they need to come to our school."

Check the earmarks. Some colleges have scholarship money earmarked (指定用途)for particular majors. George Washington University, for example, awards $ 7,500 scholarships to the best of its chemistry and physics students who score 650 or above on the math SATs and are in the top 15 percent of their class. Undergraduate schools of engineering—at Texas and Michigan, among others—often have money to hand out.

Encourage sports. If your kids are into water sports, they could get a grant from Stanford or Berkeley. At Northwestern University, where some 265 students received athletic scholarships last year, softball can provide a ticket for half the total $ 24,921 cost of attendance. (Football covers the full tab. ) Lake Erie College in Ohio awards $ 2,000 equestrian scholarships, though the college does not regard them as sports awards. Indiana University and some other schools have a scholarship for needy students in the top 25 percent of their class who have been golf caddies for at least two summers.

Especially encourage your daughters. As University of Texas at Austin financial-services director lawrence Burt says, "Sports scholarships are much more prevalent for women than a decade ago." Notre Dame, for example, awards women volleyball players scholarships that cover tuition fees, and room and board, valued at $ 22,600. Scholarships go not only to young women who excel in basketball, softball and lacrosse but also to those who excel at golf and — at Marquette — even riflery.

Push those music lessons. Many colleges seek students talented in music, art and theater. Boston University might pay thousands of dollars for your bassoonist child to play in its orchestra. Your trombonist could pick up a scholarship by joining the University of Texas band.

Cash in on competition. Apply to schools that are feeling competitive heart. Lehigh University, for instance, with an annual cost of almost $ 27,000, grew tired of losing students to Penn State, which charges Pennsylvania residents about $ 9,500. Last year Lehigh began awarding 25 to 30 of its best applicants scholarships ranging from $ 5,000 to $ 7,000 a year. Not to be outdone, nearby Lafayette College (cost: $ 27,221) provides $10,000 scholarships to selected students, as well

A．Y

B．N

C．NG

Lock Co makes a single product – a lock – and uses marginal costing. The standard cost card for one unit is as follows:

A junior member of the accounts team produced the following variance statement for the month of May.

Lock Co used 3,648 kg of materials in the period and the labour force worked – and was paid for – 1,824 hours. Until now, Lock Co has had a market share of 25%. In the month of May, however, the market faced an unexpected 10% decline in the demand for locks.

Required:

(a) Prepare a statement which reconciles budgeted contribution to actual contribution in as much detail as possible. Do not calculate the sales price and the labour rate variances, since both of these have a value of nil. Clearly show all other workings. (12 marks)

(b) The production director at Lock Co believes that the way to persistently increase market share in the long term is to focus on quality, and is hoping to introduce a ‘Total Quality Management’ (TQM) approach. The finance director also shares this view and has said that ‘standard costing will no longer have a place within the organisation if TQM is introduced.’

Discuss the view that there is no longer a place for standard costing if TQM is introduced at Lock Co. (8 marks)