Question 1

When the goods are completed,their costs are transferred from Work in Process to Finished Goods.

Accepted Answer

A) True 
 B)False

Question 2

The recording of the jobs completed would increase

Accepted Answer

A) Factory Overhead. 
B) Finished Goods. 
C) Work in Process. 
D) Cost of Goods Sold. 
A) Factory Overhead. 
B) Finished Goods. 
C) Work in Process. 
D) Cost of Goods Sold.

Question 3

The following information is available for the first month of operations for Crawford,Inc.:
  
-Calculate cost of goods sold for Crawford,Inc.

Accepted Answer

A) $420,000 
B) $370,000 
C) $360,000 
D) $276,500 
A) $420,000 
B) $370,000 
C) $360,000 
D) $276,500

Question 4

Period costs are costs that are incurred for the production requirements of a certain period.

Accepted Answer

A) True 
 B)False

Question 5

A manufacturing business reports three types of inventory on its balance sheet: direct materials inventory,work in process inventory and finished goods inventory.

Accepted Answer

A) True 
 B)False

Question 6

The following information is available for the first month of operations of Deer Inc. ,a manufacturer of sports apparel:
   
Using the given information,determine the following:
(a)Cost of goods sold
(b)Direct materials cost
(c)Direct labor cost

Accepted Answer

(a)$1,090,000 ($1,500,000 - $4

Question 7

Which of the following are the two main types of cost accounting systems for manufacturing operations?

Accepted Answer

A) Process cost and general accounting systems 
B) Job order cost and process cost systems 
C) Job order cost and general accounting systems 
D) Process cost and replacement cost systems 
A) Process cost and general accounting systems 
B) Job order cost and process cost systems 
C) Job order cost and general accounting systems 
D) Process cost and replacement cost systems

Question 8

Which of the following products probably would be manufactured using a job order costing system?

Accepted Answer

A) Number 2 pencils 
B) Computer monitors 
C) Wedding invitations 
D) Paper 
A) Number 2 pencils 
B) Computer monitors 
C) Wedding invitations 
D) Paper

Question 9

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

Accepted Answer

A) True 
 B)False

Question 10

For a construction contractor,the wages of carpenters would be classified as direct labor cost.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is an example of direct labor cost for an airplane manufacturer?

Accepted Answer

A) Cost of oil lubricants for factory machinery 
B) Cost of wages of assembly worker 
C) Salary of plant supervisor 
D) Cost of jet engines 
A) Cost of oil lubricants for factory machinery 
B) Cost of wages of assembly worker 
C) Salary of plant supervisor 
D) Cost of jet engines

Question 12

For an automotive repair shop,the wages of mechanics would be classified as direct labor cost.

Accepted Answer

A) True 
 B)False

Question 13

Using the job order cost system,service organizations are able to bill customers on a weekly or monthly basis,even when the job has not been completed.

Accepted Answer

A) True 
 B)False

Question 14

A job order cost system accumulates costs for each of the departments or processes within the factory.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following items would NOT be classified as part of factory overhead?

Accepted Answer

A) Direct labor used 
B) Amortization of manufacturing patents 
C) Production supervisors' salaries 
D) Factory supplies used 
A) Direct labor used 
B) Amortization of manufacturing patents 
C) Production supervisors' salaries 
D) Factory supplies used

Question 16

The following information is available for the first month of operations for Crawford,Inc.:
  
-Calculate direct materials cost used in production for Crawford,Inc.

Accepted Answer

A) $231,000 
B) $240,000 
C) $250,000 
D) $249,000 
A) $231,000 
B) $240,000 
C) $250,000 
D) $249,000

Question 17

The Crawford Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours.Year to date,the actual overhead is $4,000,000 and the actual machine hours are 100,000 hours.If the Crawford Company uses a predetermined overhead rate based on machine hours for applying overhead,as of this point in time (year to date)the overhead is over/under applied by

Accepted Answer

A) $2,000,000 over. 
B) $2,000,000 under. 
C) $4,000,000 over. 
D) $4,000,000 under. 
A) $2,000,000 over. 
B) $2,000,000 under. 
C) $4,000,000 over. 
D) $4,000,000 under.

Question 18

KCT Printing Company uses a job order cost system.

Accepted Answer

The answer of KCT Printing Company uses a job order...

Question 19

If the cost of direct materials is a small portion of total production cost,it may be classified as part of

Accepted Answer

A) direct labor cost. 
B) selling and administrative costs. 
C) miscellaneous costs. 
D) factory overhead cost. 
A) direct labor cost. 
B) selling and administrative costs. 
C) miscellaneous costs. 
D) factory overhead cost.

Question 20

Which of the following is an example of a factory overhead cost?

Accepted Answer

A) Repair and maintenance cost on the administrative building 
B) Factory heating and lighting cost 
C) Insurance premiums on salespersons' automobiles 
D) President's salary 
A) Repair and maintenance cost on the administrative building 
B) Factory heating and lighting cost 
C) Insurance premiums on salespersons' automobiles 
D) President's salary

When the goods are completed,their costs are transferred from Work in Process to Finished Goods.

The recording of the jobs completed would increase

The following information is available for the first month of operations for Crawford,Inc.: -Calculate cost of goods sold for Crawford,Inc.

Period costs are costs that are incurred for the production requirements of a certain period.

A manufacturing business reports three types of inventory on its balance sheet: direct materials inventory,work in process inventory and finished goods inventory.

The following information is available for the first month of operations of Deer Inc. ,a manufacturer of sports apparel: Using the given information,determine the following: (a)Cost of goods sold (b)Direct materials cost (c)Direct labor cost

Which of the following are the two main types of cost accounting systems for manufacturing operations?

Which of the following products probably would be manufactured using a job order costing system?

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

For a construction contractor,the wages of carpenters would be classified as direct labor cost.

Which of the following is an example of direct labor cost for an airplane manufacturer?

For an automotive repair shop,the wages of mechanics would be classified as direct labor cost.

Using the job order cost system,service organizations are able to bill customers on a weekly or monthly basis,even when the job has not been completed.

A job order cost system accumulates costs for each of the departments or processes within the factory.

Which of the following items would NOT be classified as part of factory overhead?

The following information is available for the first month of operations for Crawford,Inc.: -Calculate direct materials cost used in production for Crawford,Inc.

KCT Printing Company uses a job order cost system.

If the cost of direct materials is a small portion of total production cost,it may be classified as part of

Which of the following is an example of a factory overhead cost?

The Role of Accounting in Business

Basic Accounting Concepts

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Sarbanes-Oxley,internal Control,and Cash

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

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Exam 10: Accounting Systems for Manufacturing Businesses

When the goods are completed,their costs are transferred from Work in Process to Finished Goods.

The recording of the jobs completed would increase

The following information is available for the first month of operations for Crawford,Inc.: -Calculate cost of goods sold for Crawford,Inc.

Period costs are costs that are incurred for the production requirements of a certain period.

A manufacturing business reports three types of inventory on its balance sheet: direct materials inventory,work in process inventory and finished goods inventory.

The following information is available for the first month of operations of Deer Inc. ,a manufacturer of sports apparel: Using the given information,determine the following: (a)Cost of goods sold (b)Direct materials cost (c)Direct labor cost

Which of the following are the two main types of cost accounting systems for manufacturing operations?

Which of the following products probably would be manufactured using a job order costing system?

Nonmanufacturing costs are generally classified into two categories: selling and administrative.

For a construction contractor,the wages of carpenters would be classified as direct labor cost.

Which of the following is an example of direct labor cost for an airplane manufacturer?

For an automotive repair shop,the wages of mechanics would be classified as direct labor cost.

Using the job order cost system,service organizations are able to bill customers on a weekly or monthly basis,even when the job has not been completed.

A job order cost system accumulates costs for each of the departments or processes within the factory.

Which of the following items would NOT be classified as part of factory overhead?

The following information is available for the first month of operations for Crawford,Inc.: -Calculate direct materials cost used in production for Crawford,Inc.

KCT Printing Company uses a job order cost system.

If the cost of direct materials is a small portion of total production cost,it may be classified as part of

Which of the following is an example of a factory overhead cost?

The Role of Accounting in Business

Basic Accounting Concepts

Accrual Accounting Concepts

Accounting for Merchandising Businesses

Sarbanes-Oxley,internal Control,and Cash

Receivables and Inventories

Fixed Assets and Intangible Assets

Liabilities and Stockholders Equity

Financial Statement Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Differential Analysis and Product Pricing

Budgeting and Standard Cost Systems

Performance Evaluation for Decentralized Operations

Capital Investment Analysis

Filters