Question 1

Cost accounting systems measure, record, and report product costs.

Accepted Answer

A) True 
 B)False

Question 2

Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Accepted Answer

A) period costs 
B) conversion costs 
C) factory overhead costs 
D) product costs 
A) period costs 
B) conversion costs 
C) factory overhead costs 
D) product costs

Question 3

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once.
-serves as the basis for recording materials used

Accepted Answer

A) job cost sheets 
B) materials requisitions 
C) receiving report 
D) time tickets 
E) cost allocation 
A) job cost sheets 
B) materials requisitions 
C) receiving report 
D) time tickets 
E) cost allocation

Question 4

Record the journal entries for the following transactions:
1.March 10: 500 units of raw materials were purchased on account at $4.00 per unit.
2.March 15: 250 units of raw materials were requisitioned at $4.50 per unit for production, Job 872.
3.March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879.

Accepted Answer

The answer of Record the journal entries for the following...

Question 5

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once.
-these make up the work in process subsidiary ledger

Accepted Answer

A) job cost sheets 
B) materials requisitions 
C) receiving report 
D) time tickets 
E) cost allocation 
A) job cost sheets 
B) materials requisitions 
C) receiving report 
D) time tickets 
E) cost allocation

Question 6

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

Accepted Answer

A) transferred to Work in Process 
B) transferred to Cost of Goods Sold 
C) transferred to Finished Goods 
D) allocated between Work in Process and Finished Goods 
A) transferred to Work in Process 
B) transferred to Cost of Goods Sold 
C) transferred to Finished Goods 
D) allocated between Work in Process and Finished Goods

Question 7

Which of the following would record the labor costs to an individual job?

Accepted Answer

A) clock cards 
B) in-and-out cards 
C) time tickets 
D) a payroll register 
A) clock cards 
B) in-and-out cards 
C) time tickets 
D) a payroll register

Question 8

Activity-based costing is a method of accumulating and allocating costs by department.

Accepted Answer

A) True 
 B)False

Question 9

Job cost sheets can provide information to managers for all except

Accepted Answer

A) the cost impact of materials changes 
B) the cost impact of continuous improvement in the manufacturing process 
C) the cost impact of materials price or direct labor rate changes over time 
D) utilities, managerial salaries, and depreciation of computers in the corporate office 
A) the cost impact of materials changes 
B) the cost impact of continuous improvement in the manufacturing process 
C) the cost impact of materials price or direct labor rate changes over time 
D) utilities, managerial salaries, and depreciation of computers in the corporate office

Question 10

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

Accepted Answer

A) True 
 B)False

Question 11

Match each of the following phrases with the term a-g that it most closely describes.
-typically used by companies whose products are indistinguishable from each other

Accepted Answer

A) job order cost system 
B) process cost system 
C) activity-based costing 
D) under applied overhead 
E) over applied overhead
F)finished goods ledger
G)materials ledger 
A) job order cost system 
B) process cost system 
C) activity-based costing 
D) under applied overhead 
E) over applied overhead
F)finished goods ledger
G)materials ledger

Question 12

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Accepted Answer

A) True 
 B)False

Question 13

Match the costs that follow to the type of product cost a-c or designate as not a product cost d.
-assembler's wages

Accepted Answer

A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost 
A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost

Question 14

All of the following are true regarding product costs except

Accepted Answer

A) product costs are found on the balance sheet until they are sold 
B) product costs consist of direct labor, direct materials, and factory overhead 
C) product costs can be found in three accounts on the balance sheet 
D) product costs include sales and administrative expenses 
A) product costs are found on the balance sheet until they are sold 
B) product costs consist of direct labor, direct materials, and factory overhead 
C) product costs can be found in three accounts on the balance sheet 
D) product costs include sales and administrative expenses

Question 15

Match each of the following phrases with the term a-g that it most closely describes.
-a system that uses a different overhead rate for each activity

Accepted Answer

A) job order cost system 
B) process cost system 
C) activity-based costing 
D) under applied overhead 
E) over applied overhead
F)finished goods ledger
G)materials ledger 
A) job order cost system 
B) process cost system 
C) activity-based costing 
D) under applied overhead 
E) over applied overhead
F)finished goods ledger
G)materials ledger

Question 16

Recording jobs shipped and customers billed would include a credit to

Accepted Answer

A) Accounts Payable 
B) Cash 
C) Finished Goods 
D) Cost of Goods Sold 
A) Accounts Payable 
B) Cash 
C) Finished Goods 
D) Cost of Goods Sold

Question 17

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

Accepted Answer

A)   
B)   
C)   
D)   
A)   
B)   
C)   
D)

Question 18

Job order costing and process costing are

Accepted Answer

A) pricing systems 
B) cost accounting systems 
C) cost flow systems 
D) inventory tracking systems 
A) pricing systems 
B) cost accounting systems 
C) cost flow systems 
D) inventory tracking systems

Question 19

Match the costs that follow to the type of product cost a-c or designate as not a product cost d.
-president's salary

Accepted Answer

A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost 
A) direct labor 
B) direct materials 
C) factory overhead 
D) not a product cost

Question 20

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Accepted Answer

A) True 
 B)False

Cost accounting systems measure, record, and report product costs.

Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -serves as the basis for recording materials used

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -these make up the work in process subsidiary ledger

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

Which of the following would record the labor costs to an individual job?

Activity-based costing is a method of accumulating and allocating costs by department.

Job cost sheets can provide information to managers for all except

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

Match each of the following phrases with the term a-g that it most closely describes. -typically used by companies whose products are indistinguishable from each other

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -assembler's wages

All of the following are true regarding product costs except

Match each of the following phrases with the term a-g that it most closely describes. -a system that uses a different overhead rate for each activity

Recording jobs shipped and customers billed would include a credit to

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

Job order costing and process costing are

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -president's salary

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Managerial Accounting Concepts and Principles

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

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Exam 2: Job Order Costing

Cost accounting systems measure, record, and report product costs.

Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -serves as the basis for recording materials used

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -these make up the work in process subsidiary ledger

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

Which of the following would record the labor costs to an individual job?

Activity-based costing is a method of accumulating and allocating costs by department.

Job cost sheets can provide information to managers for all except

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

Match each of the following phrases with the term a-g that it most closely describes. -typically used by companies whose products are indistinguishable from each other

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -assembler's wages

All of the following are true regarding product costs except

Match each of the following phrases with the term a-g that it most closely describes. -a system that uses a different overhead rate for each activity

Recording jobs shipped and customers billed would include a credit to

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

Job order costing and process costing are

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -president's salary

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Managerial Accounting Concepts and Principles

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters