Question 1

Materials requisitions and time tickets are cost accounting source documents.

Accepted Answer

A) True 
 B)False

Question 2

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Accepted Answer

A) True 
 B)False

Question 3

Large aircraft producers such as McDonnell Douglas normally use:

Accepted Answer

A)   Job order costing.
B)   Process costing.
C)   Mixed costing.
D)   Full costing.
E)   Simple costing.F) C) and D)
G) B) and E)

Question 4

Samer Corp. uses a job order cost accounting system. The following is selected information pertaining to costs applied to jobs during the year:
Samer Corp.'s predetermined overhead allocation rate is 60% of direct labor cost. At the end of the year, the company's records show that $189,000 of factory overhead has been incurred.
(a) Determine the amount of overapplied or underapplied overhead.
(b) Prepare the necessary journal entry to close the Factory Overhead account assuming that any remaining balance is not material.

Accepted Answer

*$65,000 +...

Question 5

A job cost sheet shows information about each of the following items except:

Accepted Answer

A)   The direct labor costs assigned to the job.
B)   The name of the customer.
C)   The costs incurred by the marketing department in selling the job.
D)   The overhead costs assigned to the job.
E)   The direct materials costs assigned to the job.F) B) and D)
G) C) and D)

Exam 19: Job Order Cost Accounting

A job cost sheet shows information about each of the following items except:

Correct Answer
verified

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Correct Answer
verified

Correct Answer
verified
*$65,000 +...
View Answer

Materials requisitions and time tickets are cost accounting source documents.

Correct Answer
verified

Large aircraft producers such as McDonnell Douglas normally use:

Correct Answer
verified

Exam 19: Job Order Cost Accounting

A job cost sheet shows information about each of the following items except:

Correct AnswerverifiedShow Answer

The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.

Correct AnswerverifiedShow Answer

Correct Answerverified*$65,000 +...View AnswerShow Answer

Materials requisitions and time tickets are cost accounting source documents.

Correct AnswerverifiedShow Answer

Large aircraft producers such as McDonnell Douglas normally use:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
*$65,000 +...
View Answer

Correct Answer
verified

Correct Answer
verified