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acc349 final exams

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1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?;A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.;B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs.;C. The company should account for only the direct production costs.;D. The company should apply overhead using an estimated rate throughout the year.;2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation?;A. The company incurred more manufacturing overhead costs than the manufacturing overhead assigned to jobs.;B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs.;C. The company incurred more total job costs than the amount budgeted for the job.;D. Estimated manufacturing overhead was less than actual manufacturing overhead costs.;3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?;A. A decrease to work in process inventory;B. A decrease to applied overhead;C. An increase to finished goods;D. An increase to cost of goods sold;4) Which of the following would be accounted for using a job order cost system?;A. The production of textbooks;B. The production of town homes;C. The pasteurization of milk;D. The production of cans of spinach;5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?;A. Debit Manufacturing Overhead;B. Debit Finished Goods Inventory;C. Debit Work in Process Inventory;D. Credit Raw Materials Inventory;6) What is unique about the flow of costs in a job order cost system?;A. It involves accumulating material, labor, and manufacturing overhead costs as they are incurred in order to determine the job cost.;B. Each job is costed separately in a Work in Process subsidiary ledger.;C. Job costs cannot be measured until all overhead costs are determined.;D. There are no costs remaining in Work in Process at year end.;7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?;A. The cost of the fuel lines that run from the motor to the gas tank;B. The cost of the wheels;C. Depreciation on the testing equipment;D. The wages earned by motor assemblers;8) What broad functions do the management of an organization perform?;A. Planning, directing, and controlling;B. Directing, manufacturing, and controlling;C. Planning, directing, and selling;D. Planning, manufacturing, and controlling;9) Which of the following represents the correct order in which inventories are reported on a manufacturer?s balance sheet?;A. Work in process, finished goods raw materials;B. Raw materials, work in process, finished goods;C. Finished goods, work in process, raw materials;D. Work in process, raw materials, finished goods;Copyright ? 2010 University of Phoenix ONLPPASWEB04;10) In traditional costing systems, overhead is generally applied based on;A. machine hours;B. direct labor;C. direct material dollars;D. units of production;11) An activity that has a direct cause-effect relationship with the resources consumed is a(n);A. overhead rate;B. product activity;C. cost driver;D. cost pool;12) A well-designed activity-based costing system starts with;A. computing the activity-based overhead rate;B. analyzing the activities performed to manufacture a product;C. identifying the activity-cost pools;D. assigning manufacturing overhead costs

 

Paper#79281 | Written in 18-Jul-2015

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