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topic 2 job costing
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Questions in this quiz (17)
1In a job-order costing system, the journal entry to record the application of overhead cost to jobs would include:
- ACredit to MOH account
- BCredit to Work in Process inventory account
- CDebit to Cost of Goods Sold
- Da debit to the Manufacturing Overhead account
2In a job-order costing system, the use of indirect materials would usually be recorded as a debit to:
- ARaw Materials
- BWork in Process
- CManufacturing Overhead
- DFinished goods
3In a job-order costing system, the entry to record depreciation on manufacturing equipment would include:
- Aa debit to the Work in Process inventory account
- Ba debit to the Depreciation Expense account
- Ca credit to the Work in Process inventory account
- Da debit to the Manufacturing Overhead account
4When applying manufacturing overhead to jobs, the formula to calculate the amount is as follows:
- APredetermined overhead rate divided by the actual manufacturing overhead incurred on the particular job.
- BPredetermined overhead rate times the actual manufacturing overhead incurred on the particular job.
- CPredetermined overhead rate divided by the actual units of allocation base charged to the particular job.
- DPredetermined overhead rate times the actual units of allocation base charged to the particular job.
5Which of the following companies would be most likely to use a job-order costing system rather than a process costing system?
- AFast food restaurant
- BShipbuilding
- CCrude oil refining
- DCandy making
6Choice of allocation base should be made based on
- AThe relative size of the base
- Bthe base's relation to direct labor
- Cthe base's activity
- Dwhether the base actually drives the cost being allocated
7In a job-order costing system, the journal entry to record the application of overhead cost to jobs would include:
- Aa credit to the Manufacturing Overhead account.
- Ba credit to the Work in Process inventory account.
- Ca debit to Cost of Goods Sold.
- Da debit to the Manufacturing Overhead account.
8In a job-order costing system, the use of indirect materials would usually be recorded as a debit to:
- Araw materials
- Bwork in process
- Cmanufacturing overhead
- Dfinished goods
9Which of the following is not a characteristic of Job-Order costing?
- AMany different products are produced each year
- BProducts are manufactured to order
- Ccosts are traced or allocated to jobs
- Dcost records must be maintained for each distinct product or job
- Emanufacturing costs are assigned to products
10MOH is applied to each job using a predetermined rate
- ATrue
- BFalse
11Using a predetermined rate makes it possible to __________ total job costs sooner
- AEstimate
- Bcalculate
- Cdiscard
12When is actual overhead for the period known
- Athe beginning of the period
- Bthe middle of the period
- Cthe end of the period
13MOH is under-applied when
- AApplied OH is less than actual OH
- BApplied OH is greater than actual OH
14MOH is over-applied when
- AApplied OH is less than actual OH
- BApplied OH is greater than actual OH
15If you under-applied overhead you should ______ COGS, WIP, Finished goods
- Aincrease
- Bdecrease
16If you over-applied overhead you should ______ COGS, WIP, Finished goods
- Aincrease
- Bdecrease
17Assume that Tiger Co.'s overhead was $60,000 under-applied. This amount would result in an adjustment that would decrease COGS by $60,000.
- ATrue
- BFalse
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- Description
- 202 accounting Quiz on topic 2 job costing, created by stevensae on 04/05/2015.
- Author
- stevensae
- Language
- English
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- 119
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