Question 1

Determining the dollar amounts of direct materials, direct labor, and overhead used in production involves
__________ .

Accepted Answer

The answer of Determining the dollar amounts of direct materials,...

Question 2

Which of the following products would NOT use job-order costing?

Accepted Answer

A)  houses 
B)  chemicals 
C)  ships 
D)  custom-built furniture 
A)  houses 
B)  chemicals 
C)  ships 
D)  custom-built furniture

Question 3

The principal difficulty with normal costing is that

Accepted Answer

A)  the unit cost information is not received on a timely basis. 
B)  it can result in fluctuating per-unit overhead costs. 
C)  estimated overhead and estimated activity are likely to differ from actual overhead and actual costs, resulting in underapplied or overapplied overhead. 
D)  there is no difficulty associated with using normal costing. 
A)  the unit cost information is not received on a timely basis. 
B)  it can result in fluctuating per-unit overhead costs. 
C)  estimated overhead and estimated activity are likely to differ from actual overhead and actual costs, resulting in underapplied or overapplied overhead. 
D)  there is no difficulty associated with using normal costing.

Question 4

The defective units expected due to the nature of the typical production process are called __________ .

Accepted Answer

The answer of The defective units expected due to the...

Question 5

A work-in-process inventory file is

Accepted Answer

A)  a file of electronic job-order cost sheets. 
B)  a file cabinet where work tickets are stored. 
C)  a file of electronic materials requisitions. 
D)  none of these. 
A)  a file of electronic job-order cost sheets. 
B)  a file cabinet where work tickets are stored. 
C)  a file of electronic materials requisitions. 
D)  none of these.

Question 6

Figure 5 - 4
Lanyard Company uses a job-order costing system to account for product costs. The following information pertains to 2016:
   Factory overhead rate is $18 per direct labor hour.
-Refer to Figure 5-4. What is the total amount credited to Materials Inventory for Lanyard in 2016?

Accepted Answer

A)  $480,000 
B)  $170,000 
C)  $140,000 
D)  $110,000 
A)  $480,000 
B)  $170,000 
C)  $140,000 
D)  $110,000

Question 7

Figure 5-5
Tonneau Corporation had the following information available for October 2016:
Work in Process, October 1 $20,000
Materials placed into production, October 27,500
Direct labor, October 37,500
Factory overhead rate is 150 percent of direct labor costs. Job cost sheets had the following balances:
   Jobs Z3 and Z4 were not completed at the end of December.
-Refer to Figure 5-5. What is the balance in Work-in-Process for Tonneau at the end of October?

Accepted Answer

A)  $85,000 
B)  $87,500 
C)  $56,250 
D)  $53,750 
A)  $85,000 
B)  $87,500 
C)  $56,250 
D)  $53,750

Question 8

Heterogeneity refers to the

Accepted Answer

A)  nonphysical nature of services as opposed to products. 
B)  fact that production and consumption are inseparable for services. 
C)  greater chances for variation in the performance of services than in the production of products. 
D)  fact that services cannot be inventoried but must be consumed when performed. 
A)  nonphysical nature of services as opposed to products. 
B)  fact that production and consumption are inseparable for services. 
C)  greater chances for variation in the performance of services than in the production of products. 
D)  fact that services cannot be inventoried but must be consumed when performed.

Question 9

Which of the following costs is NOT included on a job-order cost sheet?

Accepted Answer

A)  direct material costs 
B)  applied factory overhead costs 
C)  direct labor costs 
D)  actual factory overhead costs 
A)  direct material costs 
B)  applied factory overhead costs 
C)  direct labor costs 
D)  actual factory overhead costs

Determining the dollar amounts of direct materials, direct labor, and overhead used in production involves __________ .

Which of the following products would NOT use job-order costing?

The principal difficulty with normal costing is that

The defective units expected due to the nature of the typical production process are called __________ .

A work-in-process inventory file is

Figure 5 - 4 Lanyard Company uses a job-order costing system to account for product costs. The following information pertains to 2016: Factory overhead rate is $18 per direct labor hour. -Refer to Figure 5-4. What is the total amount credited to Materials Inventory for Lanyard in 2016?

Heterogeneity refers to the

Which of the following costs is NOT included on a job-order cost sheet?

Introduction to Cost Management

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility, Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters

Exam 5: Product and Service Costing: Job-Order System

Determining the dollar amounts of direct materials, direct labor, and overhead used in production involves __________ .

Which of the following products would NOT use job-order costing?

The principal difficulty with normal costing is that

The defective units expected due to the nature of the typical production process are called __________ .

A work-in-process inventory file is

Figure 5 - 4 Lanyard Company uses a job-order costing system to account for product costs. The following information pertains to 2016: Factory overhead rate is $18 per direct labor hour. -Refer to Figure 5-4. What is the total amount credited to Materials Inventory for Lanyard in 2016?

Heterogeneity refers to the

Which of the following costs is NOT included on a job-order cost sheet?

Introduction to Cost Management

Basic Cost Management Concepts

Cost Behavior

Activity-Based Costing

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility, Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters