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

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

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

Typically used by companies
whose products are
Indistinguishable from each
Activity-based costing
other
Stock ledger
Overapplied overhead
Applied overhead is less
than actual overhead
Finished goods ledger
incurred
Materials ledger
Process cost system

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When is manufacturing overhead underapplied? When is it overapplied? ( in Managerial Accounting )
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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.
E
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…