Cost Accounting, Accounting

Cost Accounting

Question: Cost accounting involves the measuring, reocrding and reporting of:
A
product costs.

B
future costs.

C
manufacturing processes.

D
managerial accounting decisions.

Note: Not available
1. Report
Question: In accumulating raw material costs. the cost of raw manterials purchased in a perpetual system is debited to:
A
Raw Materials Purchase.

B
Raw Materials Inventory.

C
Purchases.

D
Work in Process.

Note: Not available
1. Report
Question: When incurred, factory labor costs are debited to:
A
Work in Process.

B
Factory Wages Expense.

C
Factory Labor.

D
Factory Wages Payable.

Note: Not available
1. Report
Question: The source document for assigning costs to job cost sheet are:
A
invoices, time tickets and predetermined overhead rate.

B
material requisition slips, time tickets and the actual overhead costs.

C
material requisition slips, payroll register and predetmined overhead rate.

D
materials requisition slips, time tickets and the predetermined overhead rate.

Note: Not available
1. Report
Question: In recording the issuance of raw materials in a job order cost system, it would be incorrect to:
A
debit Work in Process Inventory.

B
debit Finished Goods Inventory.

C
debit Manufacturing Overhead.

D
credit Raw Materials Inventory.

Note: Not available
1. Report
Question: The entry when direct factory labor is assigned to jobs is a debit to:
A
Work in Process Inventory and credit to Factory Labor.

B
Manufacturing Overhead and a credit to Factory Labor.

C
Factory Labor and a credit to Manufacturing Overhead.

D
Factory Labor and a credit to Work in Process Inventory.

Note: Not available
1. Report
Question: The formula for computing the predetermined manufacturing overhead rate is estimated annual overhead cost divided by an expected annual operating activity, expressed as:
A
direct labor cost.

B
direct labor hours.

C
machine hours.

D
any.

Note: Not available
1. Report
Question: In Cleo Company, the predetermined overhead rate is 80% of direct labor cost. During the month $210,000 of factory labor costs are incurred, of which $180,000 is direct labor and $30,000 is indirect labor. Actual overhead incurred was $200,000. The amount of overhead debited to Work in Process Inventory should be:
A
$120,000

B
$144,000

C
$168,000

D
$160,000

Note: Not available
1. Report
Question: In BAC Company, Job No. 26 is completed at a cost of $4,500 and later sold for $7,000 cash. A correct entry is:
A
Debit Finished Goods Inventory $7,000 and credit Work in Process Inventory $7,000.

B
Debit Cost of Goods Sold $7,000 and credit Finished Goods Inventory $7,000.

C
Debit Finished Goods Inventory $4500 and credit Work in Process Inventory $4500.

D
Debit Accounts Receivable $7000 and credit Sales $7000.

Note: Not available
1. Report
Question: In the preparing monthly financial statements, overapplied overhead is reported in the balance sheet as a (an):
A
prepaid expense.

B
unearned revenue.

C
noncurrent asset.

D
noncurrent liability.

Note: Not available
1. Report

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Question: Cost accounting involves the measuring, reocrding and reporting of:

Question: In accumulating raw material costs. the cost of raw manterials purchased in a perpetual system is debited to:

Question: When incurred, factory labor costs are debited to:

Question: The source document for assigning costs to job cost sheet are:

Question: In recording the issuance of raw materials in a job order cost system, it would be incorrect to:

Question: The entry when direct factory labor is assigned to jobs is a debit to:

Question: The formula for computing the predetermined manufacturing overhead rate is estimated annual overhead cost divided by an expected annual operating activity, expressed as:

Question: In BAC Company, Job No. 26 is completed at a cost of $4,500 and later sold for $7,000 cash. A correct entry is:

Question: In the preparing monthly financial statements, overapplied overhead is reported in the balance sheet as a (an):