1) If the overtime premium is charge to specific job, it should be debited to: A. General expense account B. Selling expense account C. Work in process account D. Manufacturing overhead account
1) If the overtime premium is charge to specific job, it should be debited to: A. General expense account B. Selling expense account C. Work in process account D. Manufacturing overhead account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1) If the overtime premium is charge to specific job, it should be debited to:
A. General expense account
B. Selling expense account
C. Work in process account
D. Manufacturing overhead account
2) Wages in excess of the regular rate paid for work after normal closing time is:
A. Overtime premium
B. Vacation and holiday pay
C. Regular wage
D. Pension pay
3)What is the major advantage of using a perpetual inventory system?
A. It provides efficient internal control over materials.
B. It avoids inventory shortages and overages.
C. It avoids losses due to theft.
D. It minimizes error in posting receipts and issues of materials.
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