Question 1

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Accepted Answer

A) True 
 B)False

Question 2

Large aircraft producers such as McDonnell Douglas normally use:

Accepted Answer

A)  Job order costing. 
B)  Process costing. 
C)  Mixed costing. 
D)  Full costing. 
E)  Simple costing. 
A)  Job order costing. 
B)  Process costing. 
C)  Mixed costing. 
D)  Full costing. 
E)  Simple costing.

Question 3

A job cost sheet shows information about each of the following items except:

Accepted Answer

A)  The direct labor costs assigned to the job. 
B)  The name of the customer. 
C)  The costs incurred by the marketing department in selling the job. 
D)  The overhead costs assigned to the job. 
E)  The direct materials costs assigned to the job. 
A)  The direct labor costs assigned to the job. 
B)  The name of the customer. 
C)  The costs incurred by the marketing department in selling the job. 
D)  The overhead costs assigned to the job. 
E)  The direct materials costs assigned to the job.

Question 4

Samer Corp. uses a job order cost accounting system. The following is selected information pertaining to costs applied to jobs during the year:
Samer Corp.'s predetermined overhead allocation rate is 60% of direct labor cost. At the end of the year, the company's records show that $189,000 of factory overhead has been incurred.
(a) Determine the amount of overapplied or underapplied overhead.
(b) Prepare the necessary journal entry to close the Factory Overhead account assuming that any remaining balance is not material.

Accepted Answer

*$65,000 +

Question 5

Materials requisitions and time tickets are cost accounting source documents.

Accepted Answer

A) True 
 B)False

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Large aircraft producers such as McDonnell Douglas normally use:

A job cost sheet shows information about each of the following items except:

Materials requisitions and time tickets are cost accounting source documents.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Long-Term Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Process Cost Accounting

Cost Allocation and Performance Measurement

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Capital Budgeting and Managerial Decisions

Filters

Exam 19: Job Order Cost Accounting

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Large aircraft producers such as McDonnell Douglas normally use:

A job cost sheet shows information about each of the following items except:

Materials requisitions and time tickets are cost accounting source documents.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Long-Term Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Statement of Cash Flows

Analysis of Financial Statements

Managerial Accounting Concepts and Principles

Process Cost Accounting

Cost Allocation and Performance Measurement

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Capital Budgeting and Managerial Decisions

Filters