Liberty University ACCT 212 Chapter 2 Reading Assignment Answers Complete Solutions
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The journal entry to record direct labor in production is to:
If the factory overhead is underapplied, then: (Check all that apply.)
The journal entry to record direct labor in production is a(n):
A company uses direct labor costs as it allocation base. Management estimates the company will incur $150,000 of direct labor cost during the year and total overhead costs of $200,000. What is their predetermined overhead rate?
Overhead may be applied based on:
Manufacturing costs include direct materials, direct labor, and
A cost accounting system includes which of the following?
All of the following are inventory accounts for a manufacturer except:
All of the following are manufacturing costs except:
Manufacturing of products in a repetitive manner is referred to as (process/job order) operations while manufacturing of custom products is referred to as (process/job order) operations.
True or false: A job order costing system requires the company to keep separate records for each job.
A cost accounting system: (Check all that apply.)
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The Factory Overhead account is (debited/credited) for applied overhead costs.
Match the following overhead activities to the correct time period.
Factory overhead is a account.
If the factory overhead is overappplied, then:
The journal entry to record direct labor will result in a(n):
Managers use a predetermined overhead rate for which of the following reasons? (Check all that apply.)
At the end of the accounting period, a company’s overhead was overapplied by $400. The factory overhead account was properly adjusted. What effect did the adjustment have on net income?
The characteristics of cost accounting systems include which of the following
Companies use job cost sheets to track the costs of:
A company incurs factory overhead costs of $1,200 and applied $1,500. If the difference is considered immaterial, then
During production, job cost sheets are used to
The Journal entry to record direct labor in production is
The Journal entry to record the purchase of materials on account is
The Journal entry to record the use of indirect materials in production is to
Managers use a predetermined overhead rate for?
Order direct materials costs in job order
The Payment of production labor will result in a
Place the following events in the order in which they occur in job order costing, with the first event at the top of the list
The predetermined overhead rate is based on total_________overhead cost and activity base
What are characteristics of clock cards?
Which do the following are characteristics of materials ledger cards? Select all that apply
After jobs are completed and delivered to customers, the job cost sheet is used to provide a permanent record for:
After jobs are complete, the job cost sheet is used to provide a subsidiary ledger for which account?
A company has a predetermined overhead rate of 50% of direct labor costs. Job 62 incurs $560 in labor costs. Overhead allocated to Job 62 will be
A company incurs factory overhead costs of $1200 and applied $1500. If the difference is considered immaterial, then the:
The correct cost flow in a job order costing system is
The cost accounting system which is used when producing customized products is called _____ order production.