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2nd stack for chpt 2
Managerial Accounting – UFC1
| Question | Answer |
|---|---|
| A job cost sheet shows information about each of the following items except: | The costs incurred by the marketing department in selling the job. |
| At current year-end Hardly Company found that its overhead was under applied by $2,500, and this amount was not deemed to be a material amount. Based on this information, Hardly should: | Close the $2500 to Cost of Goods Sold |
| When raw materials are used in production and are recorded in job cost system: | Goods in Process and Factory Overhead are debited and Raw Materials Inventory is credit. |
| A source document that an employee uses to record the number of hours at work and that is used to determine the total labor cost for each pay period is a: | Clock Card |
| When time ticket information is entered into the accounting system, the journal entry is a debit to factory payroll and a credit to Goods in Process Inventory. | False |
| If overhead applied is less than actual overhead, it is: | Under applied |
| Materials requisitions and time tickets are cost accounting source documents | true |
| A time ticket is a source document used by an employee to record the number of hours worked on a particular job during the work day. | true |
| There are two basic types of cost accounting systems: job order costing and Periodic costing | false |
| A manufacturing firm that produces a large numbers of standardized units would normally use a job order cost accounting system. | false |
| Dell Builders manufactures each house to customer specifications. It most likely would use: | job order costing. |
| The overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: | Goods in Process Inventory |
| Job order manufacturing systems would be appropriate for companies that produce training films for a specific customer or custom-made furniture to be used in a new five star resort htoel. | true |
| A job cost sheet includes: | Direct material, direct labor, overhead |
| IN a job order accounting system, the total balances of all of the job cost sheets for unfinished jobs equal the balance in the Goods in Process Inventory account. | true |
| The predetermined overhead allocation rate is used to apply overhead cost to products. | true |
| A source document that production managers use to request materials for manufacturing and that is used to assign materials costs to specific jobs or to overhead is a: | materials requisition |
| Cost accounting systems accumulate costs and then assign them to products or services. | true |
Created by:
smcdo11