Question 1

When developing an estimated overhead allocation rate which of the following could be used for the numerator?

Accepted Answer

A)  actual annual overhead cost 
B)  estimated annual overhead cost 
C)  estimated direct labour hours 
D)  estimated annual revenue 
A)  actual annual overhead cost 
B)  estimated annual overhead cost 
C)  estimated direct labour hours 
D)  estimated annual revenue

Question 2

Upon inspection Joe's Jumpers found that all the jumpers in Batch #987 had had the sleeves sewn in backwards. One of the new machinists had not been properly trained, which is highly unusual. The jumpers had to be thrown away. This is an example of:

Accepted Answer

A)  scrap 
B)  rework 
C)  abnormal spoilage 
D)  both a and c 
A)  scrap 
B)  rework 
C)  abnormal spoilage 
D)  both a and c

Question 3

If estimated production overhead in the printing department is $120,000 and actual overhead is $116,000 and estimated machine hours in the printing department are 30,000 hours and actual machine hours are 32,000 hours, the under or over applied overhead is:

Accepted Answer

A)  $12,000 overapplied 
B)  $4,000 underapplied 
C)  $4,000 overapplied 
D)  $8,000 underapplied 
A)  $12,000 overapplied 
B)  $4,000 underapplied 
C)  $4,000 overapplied 
D)  $8,000 underapplied

Question 4

The statement concerning job costing that is untrue is:

Accepted Answer

A)  Under normal costing overhead is allocated to jobs using the estimated overhead allocation rate 
B)  Under normal costing overhead is allocated to jobs using the estimated volume of usage of the allocation base 
C)  Actual job costs will almost certainly be different from estimated job costs 
D)  Managers monitor operations by comparing actual job costs to the original estimate 
A)  Under normal costing overhead is allocated to jobs using the estimated overhead allocation rate 
B)  Under normal costing overhead is allocated to jobs using the estimated volume of usage of the allocation base 
C)  Actual job costs will almost certainly be different from estimated job costs 
D)  Managers monitor operations by comparing actual job costs to the original estimate

Question 5

Under a job costing system the work-in-process ledger account is what type of account?

Accepted Answer

A)  asset 
B)  liability 
C)  revenue 
D)  expense 
A)  asset 
B)  liability 
C)  revenue 
D)  expense

When developing an estimated overhead allocation rate which of the following could be used for the numerator?

Upon inspection Joe's Jumpers found that all the jumpers in Batch #987 had had the sleeves sewn in backwards. One of the new machinists had not been properly trained, which is highly unusual. The jumpers had to be thrown away. This is an example of:

If estimated production overhead in the printing department is $120,000 and actual overhead is $116,000 and estimated machine hours in the printing department are 30,000 hours and actual machine hours are 32,000 hours, the under or over applied overhead is:

The statement concerning job costing that is untrue is:

Under a job costing system the work-in-process ledger account is what type of account?

The Role of Accounting Information in Management Decision Making

Cost Concepts, Behaviour and Estimation

A Costing Framework and Cost Allocation

Cost-Volume-Profit Cvp Analysis

Process Costing Systems

Absorption, Variable and Throughput Costing

Activity Analysis: Costing and Management

Relevant Costs for Decision Making

Standard Costs, Flexible Budgets and Variance Analysis

Operational Budgets

Strategy and Control

Planning and Budgeting for Strategic Success

Capital Budgeting and Strategic Investment Decisions

The Strategic Management of Costs and Revenues

Strategic Management Control: a Lean Perspective

Responsibility Accounting, Performance Evaluation and Transfer Pricing

The Balanced Scorecard and Strategy Maps

Rewards, Incentives and Risk Management

Sustainability Management Accounting

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Exam 5: Job Costing Systems

When developing an estimated overhead allocation rate which of the following could be used for the numerator?

Upon inspection Joe's Jumpers found that all the jumpers in Batch #987 had had the sleeves sewn in backwards. One of the new machinists had not been properly trained, which is highly unusual. The jumpers had to be thrown away. This is an example of:

If estimated production overhead in the printing department is $120,000 and actual overhead is $116,000 and estimated machine hours in the printing department are 30,000 hours and actual machine hours are 32,000 hours, the under or over applied overhead is:

The statement concerning job costing that is untrue is:

Under a job costing system the work-in-process ledger account is what type of account?

The Role of Accounting Information in Management Decision Making

Cost Concepts, Behaviour and Estimation

A Costing Framework and Cost Allocation

Cost-Volume-Profit Cvp Analysis

Process Costing Systems

Absorption, Variable and Throughput Costing

Activity Analysis: Costing and Management

Relevant Costs for Decision Making

Standard Costs, Flexible Budgets and Variance Analysis

Operational Budgets

Strategy and Control

Planning and Budgeting for Strategic Success

Capital Budgeting and Strategic Investment Decisions

The Strategic Management of Costs and Revenues

Strategic Management Control: a Lean Perspective

Responsibility Accounting, Performance Evaluation and Transfer Pricing

The Balanced Scorecard and Strategy Maps

Rewards, Incentives and Risk Management

Sustainability Management Accounting

Filters