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Exam 17: Job Order Costing

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Question 41

Multiple Choice

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The recording of the jobs shipped and customers billed would include a credit to:

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

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Question 42

Multiple Choice

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The finished goods account is the controlling account for the:

A) cost ledger
B) materials ledger
C) work in process ledger
D) stock ledger

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Question 43

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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.

If factory overhead applied exceeds the actual costs, overhead is said to be underapplied.

Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department.

Which of the following is not true about why a service firm will use the job order costing system?

The recording of the factory labor incurred for general factory use would include a debit to:

In a job order cost accounting system for a service business, materials costs are normally included as part of overhead.

Information about costs developed through a job order cost system can not be used to evaluate an organization's cost performance.

Which of the following would be most likely to use process costing?

A widely used activity base for developing factory overhead rates in highly automated settings is:

Job order cost accounting systems can be used only for companies that manufacture a product.

The proper journal entry to record the purchase of $30,000 of raw materials on account would be:

In a job order cost accounting system used by a service business, which of the following items would normally not be included as part of overhead?

The entry to record the flow of direct labor costs into production in a job order cost accounting system is:

List the accounts used in the cost flow for (a) a manufacturer and (b) a service provider.

Present entries to record the following summarized operations related to production for a company using a job order cost system:

The following are true regarding product costs except

The amount of time spent by an employee in the factory is usually recorded on:

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?