Accounting for Managers

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Question 1 of 20 5.0 Points
Which of the following products probably would be manufactured using a job order costing system?



A. Paper


B. Baseball cards


C. Computer monitors


D. Company business cards
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Question 2 of 20 5.0 Points
Applied overhead exceeds actual overhead when the:



A. Overhead account has a credit balance.


B. journal entry to account for the difference involves a debit to Cost of Goods Sold.


C. Overhead account has a debit balance.


D. company has overspent in the overhead cost area.
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Question 3 of 20 5.0 Points
The total of the dollar amounts on the job order cost cards that have not been completed would be equal to the:



A. cost of goods completed.


B. balance in the Finished Goods Inventory account.


C. Cost of Goods Sold account.


D. balance in the Work in Process Inventory account.
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Question 4 of 20 5.0 Points
The basic document for keeping track of costs in a job order costing system is a:



A. job order cost card.


B. labor time card.


C. process cost report.


D. materials requisition form.
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Question 5 of 20 5.0 Points
When direct materials are issued from inventory to production under a job order costing system, an increase is recorded in:



A. Overhead.


B. Work in Process Inventory.


C. Materials Inventory.


D. Finished Goods Inventory.
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Question 6 of 20 5.0 Points
Unit costs for each job are computed by dividing:



A. estimated total costs by planned units to be produced.


B. actual costs by actual units sold.


C. cost of materials, direct labor, and overhead by number of units produced.


D. estimated total costs by actual units produced.
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Question 7 of 20 5.0 Points
In cost-plus contracts, the "plus" represents:



A. sales price.


B. profit, based on the amount of costs incurred.


C. overapplied overhead costs.


D. the amount of any cost overruns.
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Question 8 of 20 5.0 Points
The balance in the Work in Process Inventory account equals the:



A. balance in the Finished Goods inventory account.


B. balance in the Cost of Goods Sold account.


C. total of the balances on the job order cost sheets of uncompleted jobs.


D. balance in the Overhead account.
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Question 9 of 20 5.0 Points
Which of the following entities probably would use a process costing system?



A. An oil refinery


B. A yacht builder


C. A custom furniture company


D. A custom screw manufacturer
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Question 10 of 20 5.0 Points
Process costing is applicable to production operations that:



A. utilize several processes, departments, or work cells in a series.


B. do not assign overhead costs to operations.


C. produce large and unique machines.


D. are found in only a few industries.
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My Answers -
1 C
2 A
3 D
4 A
5 B
6 C
7 B
8 C
9 A
10 A

Please help review my answers

  • Accounting for Managers -

    1 C
    2 A
    3 D
    4 A
    5 B
    6 C
    7 B
    8 C
    9 A
    10 A

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