Question 1

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once.
-these make up the work in process subsidiary ledger

Accepted Answer

A)  job cost sheets
B)  materials requisitions
C)  receiving report
D)  time tickets
E)  cost allocation

Question 2

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Accepted Answer

A) True 
 B)False

Question 3

Job order costing and process costing are

Accepted Answer

A)  pricing systems
B)  cost accounting systems
C)  cost flow systems
D)  inventory tracking systems

Question 4

Job cost sheets can provide information to managers for all except

Accepted Answer

A)  the cost impact of materials changes
B)  the cost impact of continuous improvement in the manufacturing process
C)  the cost impact of materials price or direct labor rate changes over time
D)  utilities, managerial salaries, and depreciation of computers in the corporate office

Question 5

Match the costs that follow to the type of product cost a-c or designate as not a product cost d.
-president's salary

Accepted Answer

A)  direct labor
B)  direct materials
C)  factory overhead
D)  not a product cost

Question 6

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

Accepted Answer

A) True 
 B)False

Question 7

Cost accounting systems measure, record, and report product costs.

Accepted Answer

A) True 
 B)False

Question 8

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Accepted Answer

A) True 
 B)False

Question 9

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

Accepted Answer

A)  transferred to Work in Process
B)  transferred to Cost of Goods Sold
C)  transferred to Finished Goods
D)  allocated between Work in Process and Finished Goods

Question 10

All of the following are true regarding product costs except

Accepted Answer

A)  product costs are found on the balance sheet until they are sold
B)  product costs consist of direct labor, direct materials, and factory overhead
C)  product costs can be found in three accounts on the balance sheet
D)  product costs include sales and administrative expenses

Question 11

Activity-based costing is a method of accumulating and allocating costs by department.

Accepted Answer

A) True 
 B)False

Question 12

Match each of the following phrases with the term a-g that it most closely describes.
-typically used by companies whose products are indistinguishable from each other

Accepted Answer

A)  job order cost system
B)  process cost system
C)  activity-based costing
D)  under applied overhead
E)  over applied overheadF) finished goods ledgerG) materials ledger

Question 13

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once.
-serves as the basis for recording materials used

Accepted Answer

A)  job cost sheets
B)  materials requisitions
C)  receiving report
D)  time tickets
E)  cost allocation

Question 14

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

Accepted Answer

A)   
B)   
C)   
D)

Question 15

Match the costs that follow to the type of product cost a-c or designate as not a product cost d.
-assembler's wages

Accepted Answer

A)  direct labor
B)  direct materials
C)  factory overhead
D)  not a product cost

Question 16

Which of the following would record the labor costs to an individual job?

Accepted Answer

A)  clock cards
B)  in-and-out cards
C)  time tickets
D)  a payroll register

Question 17

Match each of the following phrases with the term a-g that it most closely describes.
-a system that uses a different overhead rate for each activity

Accepted Answer

A)  job order cost system
B)  process cost system
C)  activity-based costing
D)  under applied overhead
E)  over applied overheadF) finished goods ledgerG) materials ledger

Question 18

Recording jobs shipped and customers billed would include a credit to

Accepted Answer

A)  Accounts Payable
B)  Cash
C)  Finished Goods
D)  Cost of Goods Sold

Question 19

Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Accepted Answer

A)  period costs
B)  conversion costs
C)  factory overhead costs
D)  product costs

Question 20

Record the journal entries for the following transactions:
1.March 10: 500 units of raw materials were purchased on account at $4.00 per unit.
2.March 15: 250 units of raw materials were requisitioned at $4.50 per unit for production, Job 872.
3.March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879.

Accepted Answer

The answer of Record the journal entries for the following...

Exam 2: Job Order Costing

Match each of the following phrases with the term a-g that it most closely describes. -typically used by companies whose products are indistinguishable from each other

Correct Answer
verified

Correct Answer
verified

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

Correct Answer
verified

Recording jobs shipped and customers billed would include a credit to

Correct Answer
verified

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

Correct Answer
verified

Job cost sheets can provide information to managers for all except

Correct Answer
verified

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -president's salary

Correct Answer
verified

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Correct Answer
verified

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -serves as the basis for recording materials used

Correct Answer
verified

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Correct Answer
verified

Job order costing and process costing are

Correct Answer
verified

Cost accounting systems measure, record, and report product costs.

Correct Answer
verified

Match each of the following phrases with the term a-g that it most closely describes. -a system that uses a different overhead rate for each activity

Correct Answer
verified

Activity-based costing is a method of accumulating and allocating costs by department.

Correct Answer
verified

Which of the following would record the labor costs to an individual job?

Correct Answer
verified

All of the following are true regarding product costs except

Correct Answer
verified

Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Correct Answer
verified

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -assembler's wages

Correct Answer
verified

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -these make up the work in process subsidiary ledger

Correct Answer
verified

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

Correct Answer
verified

Exam 2: Job Order Costing

Match each of the following phrases with the term a-g that it most closely describes. -typically used by companies whose products are indistinguishable from each other

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The journal entry to record the transfer of 1,600 units of part number 1177 with a value of $2.50 each, to work in process is

Correct AnswerverifiedShow Answer

Recording jobs shipped and customers billed would include a credit to

Correct AnswerverifiedShow Answer

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

Correct AnswerverifiedShow Answer

Job cost sheets can provide information to managers for all except

Correct AnswerverifiedShow Answer

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -president's salary

Correct AnswerverifiedShow Answer

Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

Correct AnswerverifiedShow Answer

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -serves as the basis for recording materials used

Correct AnswerverifiedShow Answer

Interim financial statements for a manufacturing business would report over applied factory overhead as a deferred item on the balance sheet.

Correct AnswerverifiedShow Answer

Job order costing and process costing are

Correct AnswerverifiedShow Answer

Cost accounting systems measure, record, and report product costs.

Correct AnswerverifiedShow Answer

Match each of the following phrases with the term a-g that it most closely describes. -a system that uses a different overhead rate for each activity

Correct AnswerverifiedShow Answer

Activity-based costing is a method of accumulating and allocating costs by department.

Correct AnswerverifiedShow Answer

Which of the following would record the labor costs to an individual job?

Correct AnswerverifiedShow Answer

All of the following are true regarding product costs except

Correct AnswerverifiedShow Answer

Costs that are incurred in generating revenues during the period, but are not involved in the manufacturing process are referred to as

Correct AnswerverifiedShow Answer

Match the costs that follow to the type of product cost a-c or designate as not a product cost d. -assembler's wages

Correct AnswerverifiedShow Answer

Match each of the following phrases with the term a-e that it most closely describes it.Each term will be used only once. -these make up the work in process subsidiary ledger

Correct AnswerverifiedShow Answer

At the end of the fiscal year, the balance in Factory Overhead is small.The balance would be

Correct AnswerverifiedShow Answer

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