Flashcards
AF 211 test 2 quiz
Cards in this deck (12)
- 1Job order costing systems are used when the unique nature or each order requires training or allocating costs each job, and maintaining cost record for each job.TRUE
- 2Costs can be classified only as direct or indirect.FALSE
- 3An allocation base, such as direct labor hours or machine hours, is used to assign manufacturing overhead to products.TRUE
- 4The predetermined overhead rate (POHR) used to apply overhead to jobs is determined before the period begins.TRUE
- 5Under absorption costing, all production cost, variable and fixed are included when determining unit production case.TRUE
- 6Under variable costing, only the variable production costs are included in product costs.TRUE
- 7A segment is any part or acting of an organization about which a manager seeks cost, revenue, or profit data.TRUE
- 8Common fixed costs arise because of the existence of a particular segment and world disappear over time if the segment itself disappears.FALSE
- 9ABC does not use more cost pool than the traditional costing system.FALSE
- 10The term costing driver is also used to refer to an activity measure.TRUE
- 11There are two acceptable methods for closing out any balance of under applied of over applied overhead. Methods involves allocation, whereas the other closes any balance directly to:Costs of Goods Sold
- 12When applying manufacturing overhead to jobs, the formula to calculate the amount is as follows:Predetermined overhead rate there the actual units of allocation base charged to the particular job.
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- Flashcards on AF 211 test 2 quiz, created by Kian Phillips on 13/04/2018.
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- Kian Phillips
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