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TRUE or FALSE The document that serves as the basis for recording direct labor on a job cost sheet is the time card. 1. 2. The document that serves as the basis for recording direct labor on a job cost sheet is the time ticket. 3. Labor costs are the worker's payroll needed to convert raw materials into finished products. 4. Wages paid to factory supervisors are considered as direct labor. 5. Direct labor costs are charged to Factory Overhead control account. 6. Direct labor costs are wages paid to workers who are directly engaged in the conversion of raw materials to finished goods. 7. Labor cost control requires correct time keeping and improvement in the method of production. 8. Labor costs significantly influence the prime cost per unit. 9. Labor costs significantly influence the conversion cost per unit. 10. Preparation of payroll is an example of timekeeping. 11. The Engineering department is responsible for maintaining control over working conditions and production technique/plan and specification for each job, process, and operations. 12. In Token or Disc Method, a log book or time register book is maintained by the timekeeper. 13. In Key Recorder System, each worker is given a key which represents worker's identification number. 14. The time-booking involves recording the total number hours each worker spent in carrying out the job. 15. Indirect labor costs are charged to work in process inventory account. 16. In Piece Based Wage plan, wages are determined on the basis of output produced by the workers without considering the time spent in performing the job.

TRUE or FALSE The document that serves as the basis for recording direct labor on a job cost sheet is the time card. 1. 2. The document that serves as the basis for recording direct labor on a job cost sheet is the time ticket. 3. Labor costs are the worker's payroll needed to convert raw materials into finished products. 4. Wages paid to factory supervisors are considered as direct labor. 5. Direct labor costs are charged to Factory Overhead control account. 6. Direct labor costs are wages paid to workers who are directly engaged in the conversion of raw materials to finished goods. 7. Labor cost control requires correct time keeping and improvement in the method of production. 8. Labor costs significantly influence the prime cost per unit. 9. Labor costs significantly influence the conversion cost per unit. 10. Preparation of payroll is an example of timekeeping. 11. The Engineering department is responsible for maintaining control over working conditions and production technique/plan and specification for each job, process, and operations. 12. In Token or Disc Method, a log book or time register book is maintained by the timekeeper. 13. In Key Recorder System, each worker is given a key which represents worker's identification number. 14. The time-booking involves recording the total number hours each worker spent in carrying out the job. 15. Indirect labor costs are charged to work in process inventory account. 16. In Piece Based Wage plan, wages are determined on the basis of output produced by the workers without considering the time spent in performing the job.

FINANCIAL ACCOUNTING
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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TRUE or FALSE 1. The document that serves as the basis for recording direct labor on a job cost sheet is the time card. 2. The document that serves as the basis for recording direct labor on a job cost sheet is the time ticket. 3. Labor costs are the worker's payroll needed to convert raw materials into finished products. Wages paid to factory supervisors are considered as direct labor. 5. Direct labor costs are charged to Factory Overhead control account. 6. Direct labor costs are wages paid to workers who are directly engaged in the conversion of raw materials to finished goods. 4. 7. Labor cost control requires correct time keeping and improvement in the method of production. 8. Labor costs significantly influence the prime cost per unit. 9. Labor costs significantly influence the conversion cost per unit. 10. Preparation of payroll is an example of timekeeping. 11. The Engineering department is responsible for maintaining control over working conditions and production technique/plan and specification for each job, process, and operations. 12. In Token or Disc Method, a log book or time register book is maintained by the timekeeper. 13. In Key Recorder System, each worker is given a key which represents worker's identification number. 14. The time-booking involves recording the total number hours each worker spent in carrying out the job. 15. Indirect labor costs are charged to work in process inventory account. 16. In Piece Based Wage plan, wages are determined on the basis of output produced by the workers without considering the time spent in performing the job.
Transcribed Image Text:TRUE or FALSE 1. The document that serves as the basis for recording direct labor on a job cost sheet is the time card. 2. The document that serves as the basis for recording direct labor on a job cost sheet is the time ticket. 3. Labor costs are the worker's payroll needed to convert raw materials into finished products. Wages paid to factory supervisors are considered as direct labor. 5. Direct labor costs are charged to Factory Overhead control account. 6. Direct labor costs are wages paid to workers who are directly engaged in the conversion of raw materials to finished goods. 4. 7. Labor cost control requires correct time keeping and improvement in the method of production. 8. Labor costs significantly influence the prime cost per unit. 9. Labor costs significantly influence the conversion cost per unit. 10. Preparation of payroll is an example of timekeeping. 11. The Engineering department is responsible for maintaining control over working conditions and production technique/plan and specification for each job, process, and operations. 12. In Token or Disc Method, a log book or time register book is maintained by the timekeeper. 13. In Key Recorder System, each worker is given a key which represents worker's identification number. 14. The time-booking involves recording the total number hours each worker spent in carrying out the job. 15. Indirect labor costs are charged to work in process inventory account. 16. In Piece Based Wage plan, wages are determined on the basis of output produced by the workers without considering the time spent in performing the job.
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