Cost Accounting
 
  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 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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