Question 1

A manufacturing company will have a new set of columns on the worksheet for the:

Accepted Answer

A) statement of finished goods. 
B) statement of work-in-process inventories. 
C) statement of cost of goods sold. 
D) statement of cost of goods manufactured. 
A) statement of finished goods. 
B) statement of work-in-process inventories. 
C) statement of cost of goods sold. 
D) statement of cost of goods manufactured. D

Question 2

Issued supplies to production.
Debit ________ Credit ________

Accepted Answer

Debit 14,Credit 6

Question 3

A document that is prepared to show how items have been shipped to customers is a:

Accepted Answer

A) receiving report. 
B) bill of lading. 
C) lot tickets. 
D) clock card. 
A) receiving report. 
B) bill of lading. 
C) lot tickets. 
D) clock card. B

Question 4

Under a perpetual inventory system,freight costs to bring the raw materials in should be charged to:

Accepted Answer

A) Work-in-Process Inventory. 
B) Cost of Goods Sold. 
C) Raw Materials Inventory. 
D) Manufacturing overhead. 
A) Work-in-Process Inventory. 
B) Cost of Goods Sold. 
C) Raw Materials Inventory. 
D) Manufacturing overhead.

Question 5

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \
\hline \text { Accumulated } & & & & \
\text { depreciation- } & & & & \
 \text { factory } & & & & \
 \text { equipment } & & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following, identify in...

Question 6

Paint used in painting the final product would be considered raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 7

The entry to record the requisition of supplies from the storeroom would include a:

Accepted Answer

A) debit to Raw Materials Inventory. 
B) debit to Overhead-Control. 
C) debit to Supplies Inventory. 
D) debit to Work in Process Inventory. 
A) debit to Raw Materials Inventory. 
B) debit to Overhead-Control. 
C) debit to Supplies Inventory. 
D) debit to Work in Process Inventory.

Question 8

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
-$$\begin{array} { | l | l | l | l | l | } 
\hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \
\hline \text { Finished goods } & & & & \
\text { inventory } & & & \
\hline
\end{array}$$

Accepted Answer

The answer of For each of the following, identify in...

Question 9

Factory Supplies Expense,Depreciation Expense-Factory,and Heat,Light,and Power-Factory appear on which section of the worksheet?

Accepted Answer

A) Statement of cost of goods manufactured 
B) Balance sheet 
C) Income statement 
D) Statement of cost of goods sold 
A) Statement of cost of goods manufactured 
B) Balance sheet 
C) Income statement 
D) Statement of cost of goods sold

Question 10

The adjustment for factory depreciation expense was ignored.This error will cause:

Accepted Answer

A) the cost of goods manufactured to be overstated. 
B) the cost of goods sold to be understated. 
C) the net income to be understated. 
D) Answers A and C are correct. 
A) the cost of goods manufactured to be overstated. 
B) the cost of goods sold to be understated. 
C) the net income to be understated. 
D) Answers A and C are correct.

Question 11

The steps of the accounting cycle for a manufacturing company are different from those used for a merchandise company.

Accepted Answer

A) True 
 B)False

Question 12

The journal entry to record issuing raw materials from the storeroom would include a:

Accepted Answer

A) Credit Raw Materials Inventory 
B) Credit Work-in-Process Inventory 
C) Debit Work-in-Process Inventory 
D) Both A and C 
A) Credit Raw Materials Inventory 
B) Credit Work-in-Process Inventory 
C) Debit Work-in-Process Inventory 
D) Both A and C

Question 13

The second step in the preparation of the statement of cost of goods manufactured is to add in and subtract out the two raw material inventory balances.

Accepted Answer

A) True 
 B)False

Question 14

The ending inventory for raw materials was overstated.This error will cause:

Accepted Answer

A) the cost of goods manufactured to be understated. 
B) the cost of goods sold to be overstated. 
C) the net income to be understated. 
D) Answers A and B are correct. 
A) the cost of goods manufactured to be understated. 
B) the cost of goods sold to be overstated. 
C) the net income to be understated. 
D) Answers A and B are correct.

Question 15

Sold products on account.
Debit ________ & ________ Credit ________ & ________

Accepted Answer

Debit 2 &

Question 16

Overhead includes labor costs of assembly line supervisors but not the assembly workers.

Accepted Answer

A) True 
 B)False

Question 17

Which inventory account consists of products currently being processed?

Accepted Answer

A) Finished Goods Inventory 
B) Raw Material Inventory 
C) Manufacturing Overhead Inventory 
D) Work-in-Process Inventory 
A) Finished Goods Inventory 
B) Raw Material Inventory 
C) Manufacturing Overhead Inventory 
D) Work-in-Process Inventory

Question 18

Calculate the (a)cost of raw materials used and (b)total manufacturing costs from the following information.
 $$\begin{array} { l r } 
\text { Beginuning Raw Materials Inventory: } & \$ 65,000 \
\text { Ending Raw Materials Inventory: } & 59,000 \
\text { Overhead: } & 38,000 \
\text { Beginning Finished Goods Inventory: } & 28,000 \
\text { Ending Finished Goods Inventory: } & 23,000 \
\text { Direct Labor: } & 40,000 \
\text { Raw Materials Purchased: } & 83,000 \
\text { Beginning Work-in-Process Inventory: } & 16,000 \
\text { Ending Work-in-Process Inventory: } & 19,000
\end{array}$$ 
a.________
b.________

Accepted Answer

a.$89,000 (65,000 +

Question 19

If a company had a beginning balance of $5,000 in Work-in-Process Inventory,an ending balance of $7,000 in Work-in-Process Inventory and incurred direct labor costs of $8,000 and overhead costs of $4,000,then the cost of goods manufactured during the month was $24,000.Raw Materials used were $10,000.

Accepted Answer

A) True 
 B)False

Question 20

Manufacturing costs do NOT include:

Accepted Answer

A) raw material. 
B) selling expenses. 
C) manufacturing overhead. 
D) All of these answers are correct. 
A) raw material. 
B) selling expenses. 
C) manufacturing overhead. 
D) All of these answers are correct.

Exam 25: Manufacturing Accounting

A manufacturing company will have a new set of columns on the worksheet for the:

Issued supplies to production. Debit ________ Credit ________

A document that is prepared to show how items have been shipped to customers is a:

Under a perpetual inventory system,freight costs to bring the raw materials in should be charged to:

Paint used in painting the final product would be considered raw materials inventory.

The entry to record the requisition of supplies from the storeroom would include a:

Factory Supplies Expense,Depreciation Expense-Factory,and Heat,Light,and Power-Factory appear on which section of the worksheet?

The adjustment for factory depreciation expense was ignored.This error will cause:

The steps of the accounting cycle for a manufacturing company are different from those used for a merchandise company.

The journal entry to record issuing raw materials from the storeroom would include a:

The second step in the preparation of the statement of cost of goods manufactured is to add in and subtract out the two raw material inventory balances.

The ending inventory for raw materials was overstated.This error will cause:

Sold products on account. Debit ________ & ________ Credit ________ & ________

Overhead includes labor costs of assembly line supervisors but not the assembly workers.

Which inventory account consists of products currently being processed?

Manufacturing costs do NOT include:

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Filters

Issued supplies to production. Debit Credit

Sold products on account. Debit & Credit &