Balance Sheet Accounts in Job Order Costing

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

How does job order costing assign costs?

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1. What is a financial statement?

2. What does the balance sheet compare?

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About This Quiz & Worksheet

There are different types of balance sheet accounts, and this quiz and worksheet help you check what you know about each one in an efficient manner. Some topics you'll need to answer questions about include how job order costing works and what financial statements are.

Quiz & Worksheet Goals

These assessment tools are effective at helping you gauge your knowledge of:

  • What a balance sheet compares
  • How a balance sheet is affected when raw materials are purchased
  • Order of recording costs

Skills Practiced

  • Problem solving - use acquired knowledge to solve balance sheet practice problems
  • Information recall - access the knowledge you have acquired regarding what a financial statement is
  • Interpreting information - verify that you can read information regarding the order of recording costs and interpret it correctly

Additional Learning

In order to expand on your knowledge of balance sheets, be sure to look through the lesson called Balance Sheet Accounts in Job Order Costing. You'll have the opportunity to review the following topics in depth:

  • Definition of job order costing
  • Purpose of balance sheets
  • Types of balance sheet accounts
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