Question 1

Which of the following is not a control account?

Accepted Answer

A) Manufacturing Overhead 
B) Raw Materials Inventory 
C) Finished Goods Inventory 
D) Factory Labor 
A) Manufacturing Overhead 
B) Raw Materials Inventory 
C) Finished Goods Inventory 
D) Factory Labor

Question 2

Jinnah Company applies overhead on the basis of 200% of direct labor cost.Job No.501 is charged with $240000 of direct materials costs and $320000 of manufacturing overhead.The total manufacturing costs for Job No.501 is

Accepted Answer

A) $560000. 
B) $880000. 
C) $720000. 
D) $800000. 
A) $560000. 
B) $880000. 
C) $720000. 
D) $800000.

Question 3

Materials requisition slips are costed

Accepted Answer

A) by production supervisors. 
B) by factory personnel who work on the production line. 
C) after the goods have been sold. 
D) using any of the inventory costing methods. 
A) by production supervisors. 
B) by factory personnel who work on the production line. 
C) after the goods have been sold. 
D) using any of the inventory costing methods.

Question 4

Increases to Work in Process Inventory are accompanied by a decrease to all but which one of the following accounts?

Accepted Answer

A) Raw Materials Inventory 
B) Factory Labor 
C) Manufacturing Overhead 
D) Cost of Goods Sold 
A) Raw Materials Inventory 
B) Factory Labor 
C) Manufacturing Overhead 
D) Cost of Goods Sold

Question 5

Which of the following would be accounted for using a job order cost system?

Accepted Answer

A) The production of personal computers. 
B) The production of automobiles. 
C) The refining of petroleum. 
D) The construction of a new campus building. 
A) The production of personal computers. 
B) The production of automobiles. 
C) The refining of petroleum. 
D) The construction of a new campus building.

Question 6

At the end of the year any balance in Manufacturing Overhead is generally eliminated by adjusting

Accepted Answer

A) Work In Process Inventory. 
B) Finished Goods Inventory. 
C) Cost of Goods Sold. 
D) Raw Materials Inventory. 
A) Work In Process Inventory. 
B) Finished Goods Inventory. 
C) Cost of Goods Sold. 
D) Raw Materials Inventory.

Question 7

When the company assigns factory labor costs to jobs the direct labor cost is added to

Accepted Answer

A) Direct Labor. 
B) Factory Labor. 
C) Manufacturing Overhead. 
D) Work in Process Inventory. 
A) Direct Labor. 
B) Factory Labor. 
C) Manufacturing Overhead. 
D) Work in Process Inventory.

Question 8

Simpson Company applies overhead on the basis of 200% of direct labor cost.Job No.305 is increased with $180000 of direct materials costs and $200000 of manufacturing overhead.The total manufacturing costs for Job No.305 is:

Accepted Answer

A) $380000 
B) $480000 
C) $560000 
D) $580000 
A) $380000 
B) $480000 
C) $560000 
D) $580000

Question 9

The principal accounting record used in assigning costs to jobs is

Accepted Answer

A) a job cost sheet. 
B) the cost of goods manufactured schedule. 
C) the Manufacturing Overhead account. 
D) the raw materials requisition form. 
A) a job cost sheet. 
B) the cost of goods manufactured schedule. 
C) the Manufacturing Overhead account. 
D) the raw materials requisition form.

Question 10

In calculating a predetermined overhead rate a recent trend in automated manufacturing operations is to choose an activity base related to

Accepted Answer

A) direct labor hours. 
B) indirect labor dollars. 
C) machine hours. 
D) raw materials dollars. 
A) direct labor hours. 
B) indirect labor dollars. 
C) machine hours. 
D) raw materials dollars.

Question 11

Which of the following is not used in assigning manufacturing costs to work in process inventory?

Accepted Answer

A) Actual manufacturing overhead 
B) Time tickets 
C) Materials requisitions 
D) Predetermined overhead rate 
A) Actual manufacturing overhead 
B) Time tickets 
C) Materials requisitions 
D) Predetermined overhead rate

Question 12

Companies apply manufacturing overhead to work in process on an estimated basis through the use of a(n)

Accepted Answer

A) actual overhead rate. 
B) estimated overhead rate. 
C) assigned overhead rate. 
D) predetermined overhead rate. 
A) actual overhead rate. 
B) estimated overhead rate. 
C) assigned overhead rate. 
D) predetermined overhead rate.

Question 13

A time ticket does not indicate the

Accepted Answer

A) employee's name. 
B) account to be charged. 
C) number of personal exemptions claimed by the employee. 
D) job number. 
A) employee's name. 
B) account to be charged. 
C) number of personal exemptions claimed by the employee. 
D) job number.

Question 14

For Jacobs Company the predetermined overhead rate is 70% of direct labor cost.During the month $600000 of Factory Labor was incurred of which $140000 is indirect labor.Actual overhead incurred was $320000.The amount of overhead added to Work in Process Inventory should be:

Accepted Answer

A) $322000 
B) $320000 
C) $420000 
D) $460000 
A) $322000 
B) $320000 
C) $420000 
D) $460000

Question 15

Emley Company incurred direct materials costs of $750000 during the year.Manufacturing overhead applied was $700000 and is applied based on direct labor costs.The predetermined overhead rate is 70%.How much are Emley Company's total manufacturing costs for the year?

Accepted Answer

A) $1940000 
B) $1750000 
C) $1450000 
D) $2450000 
A) $1940000 
B) $1750000 
C) $1450000 
D) $2450000

Question 16

Which one of the following best describes a job cost sheet?

Accepted Answer

A) It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. 
B) It is used to track manufacturing overhead costs to specific jobs. 
C) It is used by management to understand how direct costs affect profitability. 
D) It is a daily form that management uses for tracking worker productivity on which employee raises are based. 
A) It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. 
B) It is used to track manufacturing overhead costs to specific jobs. 
C) It is used by management to understand how direct costs affect profitability. 
D) It is a daily form that management uses for tracking worker productivity on which employee raises are based.

Question 17

Cost accounting is primarily concerned with accumulating information about product costs.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

Accepted Answer

A) Cost of goods sold is recognized 
B) Raw materials are purchased 
C) Factory labor is incurred 
D) Manufacturing overhead is incurred 
A) Cost of goods sold is recognized 
B) Raw materials are purchased 
C) Factory labor is incurred 
D) Manufacturing overhead is incurred

Question 19

A job order cost system identifies costs with a particular job rather than with a set time period.

Accepted Answer

A) True 
 B)False

Question 20

A process cost system would be used for all of the following except the

Accepted Answer

A) manufacture of cereal. 
B) refining of petroleum. 
C) printing of wedding invitations. 
D) production of automobiles. 
A) manufacture of cereal. 
B) refining of petroleum. 
C) printing of wedding invitations. 
D) production of automobiles.

Which of the following is not a control account?

Jinnah Company applies overhead on the basis of 200% of direct labor cost.Job No.501 is charged with $240000 of direct materials costs and $320000 of manufacturing overhead.The total manufacturing costs for Job No.501 is

Materials requisition slips are costed

Increases to Work in Process Inventory are accompanied by a decrease to all but which one of the following accounts?

Which of the following would be accounted for using a job order cost system?

At the end of the year any balance in Manufacturing Overhead is generally eliminated by adjusting

When the company assigns factory labor costs to jobs the direct labor cost is added to

Simpson Company applies overhead on the basis of 200% of direct labor cost.Job No.305 is increased with $180000 of direct materials costs and $200000 of manufacturing overhead.The total manufacturing costs for Job No.305 is:

The principal accounting record used in assigning costs to jobs is

In calculating a predetermined overhead rate a recent trend in automated manufacturing operations is to choose an activity base related to

Which of the following is not used in assigning manufacturing costs to work in process inventory?

Companies apply manufacturing overhead to work in process on an estimated basis through the use of a(n)

A time ticket does not indicate the

For Jacobs Company the predetermined overhead rate is 70% of direct labor cost.During the month $600000 of Factory Labor was incurred of which $140000 is indirect labor.Actual overhead incurred was $320000.The amount of overhead added to Work in Process Inventory should be:

Emley Company incurred direct materials costs of $750000 during the year.Manufacturing overhead applied was $700000 and is applied based on direct labor costs.The predetermined overhead rate is 70%.How much are Emley Company's total manufacturing costs for the year?

Which one of the following best describes a job cost sheet?

Cost accounting is primarily concerned with accumulating information about product costs.

Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

A job order cost system identifies costs with a particular job rather than with a set time period.

A process cost system would be used for all of the following except the

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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Exam 11: Incremental Analysis

Which of the following is not a control account?

Jinnah Company applies overhead on the basis of 200% of direct labor cost.Job No.501 is charged with $240000 of direct materials costs and $320000 of manufacturing overhead.The total manufacturing costs for Job No.501 is

Materials requisition slips are costed

Increases to Work in Process Inventory are accompanied by a decrease to all but which one of the following accounts?

Which of the following would be accounted for using a job order cost system?

At the end of the year any balance in Manufacturing Overhead is generally eliminated by adjusting

When the company assigns factory labor costs to jobs the direct labor cost is added to

Simpson Company applies overhead on the basis of 200% of direct labor cost.Job No.305 is increased with $180000 of direct materials costs and $200000 of manufacturing overhead.The total manufacturing costs for Job No.305 is:

The principal accounting record used in assigning costs to jobs is

In calculating a predetermined overhead rate a recent trend in automated manufacturing operations is to choose an activity base related to

Which of the following is not used in assigning manufacturing costs to work in process inventory?

Companies apply manufacturing overhead to work in process on an estimated basis through the use of a(n)

A time ticket does not indicate the

For Jacobs Company the predetermined overhead rate is 70% of direct labor cost.During the month $600000 of Factory Labor was incurred of which $140000 is indirect labor.Actual overhead incurred was $320000.The amount of overhead added to Work in Process Inventory should be:

Emley Company incurred direct materials costs of $750000 during the year.Manufacturing overhead applied was $700000 and is applied based on direct labor costs.The predetermined overhead rate is 70%.How much are Emley Company's total manufacturing costs for the year?

Which one of the following best describes a job cost sheet?

Cost accounting is primarily concerned with accumulating information about product costs.

Which of the following is not viewed as part of accumulating manufacturing costs in a job order cost system?

A job order cost system identifies costs with a particular job rather than with a set time period.

A process cost system would be used for all of the following except the

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

Filters