Match each of the following phrases with the term that It most closely describes. Clear All Job order cost system Underapplied overhead Typically used by companies whose products are Activity-based costing indistinguishable from each other Stock ledger Overapplied overhead Applied overhead is less Finished goods ledger than actual overhead incurred

Match each of the following phrases with the term that It most closely describes. Clear All Job order cost system Underapplied overhead Typically used by companies whose products are Activity-based costing indistinguishable from each other Stock ledger Overapplied overhead Applied overhead is less Finished goods ledger than actual overhead incurred

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The basis used for allocating manufacturing overhead (such as machine hours or direct labor hours) should closely align with O a. estimation techniques used in other areas of financial reporting. O b. the GAAP rules for allocating overhead. O C. the incurrence of overhead costs. d. the way that competitors allocate overhead.
When is manufacturing overhead underapplied? When is it overapplied? ( in Managerial Accounting )
- Online i Total costs accumulated for a particular job are typically presumed to be less accurate when a company uses multiple overhead rates. True or False True False
In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.
Multiple predetermined overhead rates: calculated for each department by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. O a. O b. makes job-order costing less accurate accounting for costs. O c. none of the given answers is correct. O d. are based on actual total manufacturing overhead costs are calculated at the beginning of the accounting perioc before the actual amount of manufacturing overhead is known. O e.
Hw27
E
Job order costing and process costing: a. differently assign direct materials cost, direct labor costand manufacturing overhead costs to products . b. both allocate applied manufacturing overhead cost to product cost. do not use the same manufacturing accounts, including Manufacturing Overhead Raw Materials, Work in Process, and Finished Goods. the given answers are NOT correct. e. compute product cost per unit differently.
For ABC Company, the most common treatment of under- or overapplied factory overhead is to close it to; a.Work in process. b.Cost of goods sold. c.Finished goods. d.Retained Earnings
:Activity-based costing .uses cost pool that collects costs related to the same activity .a O .provides the same results as the departmental overhead costing .b O .uses departments overhead rate to assign overhead .c O .typically applies overhead costs using direct labor-hours .d O .None of the given answer .e O
Which one of the following is not correct about job-order costing systems and process costing systems? O a Job order costing systems and process costing systems use similar manufacturing accounts. O b. None of the given answers Oc In process costing systems cost accumulation is done on a department basis. Od. Job order costing systems and process costing systems have different flow of costs through manufacturing accounts, O e. Job order costing systems normally used when there are varieties of products to produced. Which one of the following is not correct regarding the predetermined overhead rate? O a The predetermined overhead rate is normally calculated at the beginning of the period. Ob. The predetermined overhead rate is used to assign manufacturing overhead costs to cost objects such as products. OC None of the given answers. O d. The predetermined overhead rate uses actual figures for the manufacturing overhead cost but estimated figures for the cost allocation basis amount. O…
I. In job-order costing, when the predetermined overhead rate is based on direct labor-hours, the amount of overhead applied to a job is proportional to the amount of actual direct labor-hours incurred on the job. II. In job-order costing, the work in process inventory account contains the actual costs of direct labor, direct materials, and manufacturing overhead incurred on partially completed jobs. A. Both statement are false b. Both statement are true c. Only statement I is true d. Only statement II is trye