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Submitted by rubyCpaMba on Sat, 2014-01-18 01:20
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Question 1 An important feature of a job order cost system is that each job

Question 1  

An important feature of a job order cost system is that each job

 

must be completed before a new job is accepted. 

consists of one unit of output. 

must be similar to previous jobs completed. 

has its own distinguishing characteristics.

 

Question 2  

Which of the following is not used in assigning manufacturing costs to work in process inventory?

 

Predetermined overhead rate 

Actual manufacturing overhead 

Time tickets

Materials requisitions

 

Question 3  

During 2013, Durham Manufacturing expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?

 

$1,070,000 

$1,000,000 

$1,100,000   

$1,060,000

 

Question 4  

The predetermined overhead rate is

 

determined on a moving average basis throughout the year. 

not calculated until actual overhead costs are incurred. 

determined at the beginning of the year. 

determined at the end of the current year

 

Question 5  

As of December 31, 2013, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2013, there was $1,600 of materials on hand. During the year, the company purchased $324,000 of materials; however it paid for only $314,000. How much inventory was requisitioned for use on jobs during 2013?

 

$314,400 

$313,600 

$323,600   

$324,400

 

Question 6 

Spencer Inc. applies overhead to production at a predetermined rate of 80% based on direct labor cost. Job No. 130, the only job still in process at the end of August, has been charged with manufacturing overhead of $5,000. What was the amount of direct materials charged to Job 130 assuming the balance in Work in Process inventory is

$20,000?

 

$8,750.  

$20,000. 

$5,000. 

$6,250.

 

Question 7  

Cost of goods sold is obtained from

 

the work in process inventory records. 

the finished goods inventory records. 

the Raw Materials Inventory control account. 

analysis of all the control accounts in the cost system.

 

Question 8  

Process costing is not used when

 

a series of connected manufacturing processes is necessary. 

jobs have distinguishing characteristics. 

similar goods are being produced. 

large volumes are produced.

 

Question 9  

The two basic types of cost accounting systems are

 

job order and job accumulation systems. 

job order and process cost systems. 

job order and batch systems. 

process cost and batch systems

 

Question 10  

If the manufacturing overhead costs applied to jobs worked on were greater than the actual manufacturing costs incurred during a period, overhead is said to be

 

overapplied. 

prepaid. 

underapplied. 

in error.

 

Question 11  

If Manufacturing Overhead has a debit balance at the end of the period, then

 

the overhead assigned to Work in Process Inventory is more than the overhead incurred. 

overhead has been overapplied. 

management must take corrective action. 

overhead has been underapplied.

 

Question 12  

A time ticket does not indicate the

 

job number. 

account to be charged. 

employee's name. 

number of personal exemptions claimed by the employee

 

Question 13  

Which one of the following best describes a job cost sheet?

 

It is used by management to understand how direct costs affect profitability. 

It is a daily form that management uses for tracking worker productivity on which employee raises are based. 

It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. 

It is used to track manufacturing overhead costs to specific jobs.

 

Question 14  

Factory Labor is a(n)

 

control account. 

temporary account. 

expense account. 

subsidiary account.

 

Question 15  

Which of the following is not included in factory labor costs?

 

Employer payroll taxes. 

Fringe benefits. 

Gross earnings. 

Net earnings.

 

Answer
Submitted by rubyCpaMba on Sat, 2014-01-18 01:22
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Correct Answers w/ Solutions ! Use it as a GUIDE !

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Answers attached.  Final answers xx yellow highlightsxxxxxx xx xx x GUIDE x

xxxx xxxx x xxx xxxx xxx the best x

xx

Any issues xx xxxxxxxxx xxxxxx xxxxxxx xx first xx xx can settle it xxxxxxxxx

xx

file1.docx preview (575 words)

ACC560

Quiz x xxxxxxx x

x

xxxxxxxx 1

xx xxxxxxxxx xxxxxxx of a xxx xxxxx xxxx system xx that each job

must be xxxxxxxxx xxxxxx a new xxx is xxxxxxxxx

consists of one xxxx of xxxxxxx

x

xxxx be xxxxxxx xx xxxxxxxx xxxx completed.

x

xxx its own xxxxxxxxxxxxxx characteristics.

xxxxxxxx x

Which of xxx xxxxxxxxx is not xxxx xx xxxxxxxxx manufacturing costs to work in xxxxxxx inventory?

x

xxxxxxxxxxxxx xxxxxxxx rate

x

Actual manufacturing overhead

x

xxxx tickets

xxxxxx

Materials requisitions

x

xxxxxxxx 3

xxxxxx 2013, xxxxxx Manufacturing xxxxxxxx xxx xxx xx to xxxx xxxxxxxx xx overhead, xxxxxxxx xx xxxxxxxxxx xxx xxxxxxxx in labor. xxxxxx xxxxxxx xxxxxxxx xxxxx xx xxxxxx labor xxxxx xxxxxx production required an xxxxxxxx xxxx xx $290,000, $550,000 in xxxxxxxxx used, and $220,000 in xxxxxx xxx xx the xxxxx xxxx xxxxxxxxxx xxxx xxxxxx was xxxxxxxxxxx xx Finished xxxxxx

xx

$1,070,000

x

xxxxxxxxxx

x

$1,100,000 solution: xxxxxxxxxxxxx x xxxx ; xxxxxx x 220000 x (220000 x xxxxx x xxxxxxx

x

$1,060,000

Question 4

The xxxxxxxxxxxxx xxxxxxxx rate xx

x

xxxxxxxxxx xx x xxxxxx xxxxxxx basis throughout xxx year.

x

xxx xxxxxxxxxx xxxxx xxxxxx overhead costs are incurred.

x

xxxxxxxxxx xx xxx beginning of xxx xxxxx

x

xxxxxxxxxx at xxx xxx xx the xxxxxxx year

xxxxxxxx 5

As xx December xxx 2013, xxxxxx xxxxxxxxxx xxx xxxxxx xx raw xxxxxxxxx inventory. xx the beginning xx 2013, xxxxx was $1,600 xx

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