1.
The two basic types of cost accounting systems are
Select one:
a. job order and batch systems
b. job order and process cost systems
c. process cost and batch systems
d. job order and job accumulation systems
2.
Which one of the following is NOT an Inventory account?
Select one:
a. Work in Process
b. Raw Materials
c. Cost of Goods Sold
d. Finished Goods
3.
The entry to record the acquisition of raw materials on account is
Select one:
a. Manufacturing Overhead
Raw Materials Inventory
Accounts Payable
b. Raw Materials Inventory
Accounts Payable
c. Work in Process Inventory
Accounts Payable
d. Accounts Payable
Raw Materials Inventory
4.
The labor costs that have been identified as indirect labor should be charged to
Select one:
a. manufacturing overhead
b. salary expense
c. the individual jobs worked on
d. direct labor
5.
The predetermined overhead rate is
Select one:
a. determined at the beginning of the year
b. determined at the end of the year
c. determined on a moving average basis throughout the year
d. not calculated until actual overhead costs are incurred
1.
The two basic types of cost accounting systems are
Select one:
a. job order and batch systems
b. job order and process cost systems
c. process cost and batch systems
d. job order and job accumulation systems
2.
Which one of the following is NOT an Inventory account?
Select one:
a. Work in Process
b. Raw Materials
c. Cost of Goods Sold
d. Finished Goods
3.
The entry to record the acquisition of raw materials on account is
Select one:
a. Manufacturing Overhead
Raw Materials Inventory
Accounts Payable
b. Raw Materials Inventory
Accounts Payable
c. Work in Process Inventory
Accounts Payable
d. Accounts Payable
Raw Materials Inventory
4.
The labor costs that have been identified as indirect labor should be charged to
Select one:
a. manufacturing overhead
b. salary expense
c. the individual jobs worked on
d. direct labor
5.
The predetermined overhead rate is
Select one:
a. determined at the beginning of the year
b. determined at the end of the year
c. determined on a moving average basis throughout the year
d. not calculated until actual overhead costs are incurred
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Related questions
I need to Prepare entries for a job order, cost system, and cost of goods manufactured schedule, but my numbers aren't matching up. Please answer both parts of the question.
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data.
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