Question 1

Postings to control accounts in a costing system are made

Accepted Answer

A) monthly. 
B) daily. 
C) annually. 
D) semi-annually. 
A) monthly. 
B) daily. 
C) annually. 
D) semi-annually.

Question 2

Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

Accepted Answer

A) Cost of goods sold is recognized 
B) Raw materials are purchased 
C) Factory labor is incurred 
D) Manufacturing overhead is incurred 
A) Cost of goods sold is recognized 
B) Raw materials are purchased 
C) Factory labor is incurred 
D) Manufacturing overhead is incurred

Question 3

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

Accepted Answer

A) Actual manufacturing overhead 
B) Time tickets 
C) Materials requisitions 
D) Predetermined overhead rate 
A) Actual manufacturing overhead 
B) Time tickets 
C) Materials requisitions 
D) Predetermined overhead rate

Question 4

As of December 31, 2017, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2017, there was $2,000 of materials on hand. During the year, the company purchased $375,000 of materials; however, it paid for only $312,500. How much inventory was requisitioned for use on jobs during 2017?

Accepted Answer

A) $362,000 
B) $374,500 
C) $375,500 
D) $363,000 
A) $362,000 
B) $374,500 
C) $375,500 
D) $363,000

Question 5

When the company assigns factory labor costs to jobs, the direct labor cost is debited to

Accepted Answer

A) Direct Labor. 
B) Factory Labor. 
C) Manufacturing Overhead. 
D) Work in Process Inventory. 
A) Direct Labor. 
B) Factory Labor. 
C) Manufacturing Overhead. 
D) Work in Process Inventory.

Question 6

Factory labor costs

Accepted Answer

A) are accumulated in a control account. 
B) do not include pension costs. 
C) include vacation pay. 
D) are based on workers' net pay. 
A) are accumulated in a control account. 
B) do not include pension costs. 
C) include vacation pay. 
D) are based on workers' net pay.

Question 7

Job cost sheets constitute the subsidiary ledger for the

Accepted Answer

A) Finished Goods Inventory account. 
B) Cost of Goods Sold account. 
C) Work In Process Inventory account. 
D) Cost of Goods Manufactured account. 
A) Finished Goods Inventory account. 
B) Cost of Goods Sold account. 
C) Work In Process Inventory account. 
D) Cost of Goods Manufactured account.

Question 8

Direct materials requisitioned from the storeroom should be charged to the Work In Process Inventory account and the job cost sheets for the individual jobs on which the materials were used.

Accepted Answer

A) True 
 B)False

Question 9

A major purpose of cost accounting is to

Accepted Answer

A) classify all costs as operating or nonoperating. 
B) measure, record, and report period costs. 
C) provide information to stockholders for investment decisions. 
D) measure, record, and report product costs. 
A) classify all costs as operating or nonoperating. 
B) measure, record, and report period costs. 
C) provide information to stockholders for investment decisions. 
D) measure, record, and report product costs.

Question 10

Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of the period?

Accepted Answer

A) The total of the amounts transferred from raw materials for the current period 
B) The sum of the costs shown on the job cost sheets of unfinished jobs 
C) The total of manufacturing overhead applied to work in process for the period 
D) The total manufacturing costs for the period 
A) The total of the amounts transferred from raw materials for the current period 
B) The sum of the costs shown on the job cost sheets of unfinished jobs 
C) The total of manufacturing overhead applied to work in process for the period 
D) The total manufacturing costs for the period

Postings to control accounts in a costing system are made

Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

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

When the company assigns factory labor costs to jobs, the direct labor cost is debited to

Factory labor costs

Job cost sheets constitute the subsidiary ledger for the

Direct materials requisitioned from the storeroom should be charged to the Work In Process Inventory account and the job cost sheets for the individual jobs on which the materials were used.

A major purpose of cost accounting is to

Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of the period?

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: The Big Picture

Managerial Accounting

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

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Exam 14: Job Order Costing

Postings to control accounts in a costing system are made

Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

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

When the company assigns factory labor costs to jobs, the direct labor cost is debited to

Factory labor costs

Job cost sheets constitute the subsidiary ledger for the

Direct materials requisitioned from the storeroom should be charged to the Work In Process Inventory account and the job cost sheets for the individual jobs on which the materials were used.

A major purpose of cost accounting is to

Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of the period?

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: The Big Picture

Managerial Accounting

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Filters