Please help with test review so i may study. 1. Which of the following statements is true
Fantastic news! We've Found the answer you've been seeking!
Question:
Please help with test review so i may study.
Transcribed Image Text:
1. Which of the following statements is true of costing systems? A) A process costing system would be used by manufacturers of custom-made perfumes. B) A job order costing system would be used by manufacturers of baking utensils. C) A construction company would likely use a process costing system. D) An accounting firm would likely use a job order costing system. 2. Which of the following would use a process costing system rather than a job order costing system? A) a health-care service provider B) a music production studio C) a paint manufacturer D) a home remodeling contracting company 3. Which of the following businesses is most likely to use a process costing system? A) a baker producing cakes to order B) a legal service provider C) an audit service provider D) a candy manufacturer 4. Which of the following is the correct order of the four steps of tracking product costs? A) assign → accumulate B) accumulate →→ assign C) adjust →→ allocate allocate adjust allocate adjust accumulate → assign D) allocate → adjust →→ accumulate → assign 5. The journal entry to record $1,600 of direct labor and $200 of indirect labor incurred will include debit(s) to the A) Manufacturing Overhead account for $1,800 B) Work-in-Process Inventory account for $1,600 and Finished Goods Inventory account for $200 C) Finished Goods Inventory account for $1,800 D) Work-in-Process Inventory account for $1,600 and Manufacturing Overhead account for $200 6. Calculating predetermined overhead allocation rate, allocating overhead: Milestone Company estimates the company will incur $96,900 in overhead costs and 5,100 direct labor hours during the year. Actual direct labor hours were 4,400. Calculate the predetermined overhead allocation rate, and prepare the journal entry for the allocation of overhead. 1. Which of the following statements is true of costing systems? A) A process costing system would be used by manufacturers of custom-made perfumes. B) A job order costing system would be used by manufacturers of baking utensils. C) A construction company would likely use a process costing system. D) An accounting firm would likely use a job order costing system. 2. Which of the following would use a process costing system rather than a job order costing system? A) a health-care service provider B) a music production studio C) a paint manufacturer D) a home remodeling contracting company 3. Which of the following businesses is most likely to use a process costing system? A) a baker producing cakes to order B) a legal service provider C) an audit service provider D) a candy manufacturer 4. Which of the following is the correct order of the four steps of tracking product costs? A) assign → accumulate B) accumulate →→ assign C) adjust →→ allocate allocate adjust allocate adjust accumulate → assign D) allocate → adjust →→ accumulate → assign 5. The journal entry to record $1,600 of direct labor and $200 of indirect labor incurred will include debit(s) to the A) Manufacturing Overhead account for $1,800 B) Work-in-Process Inventory account for $1,600 and Finished Goods Inventory account for $200 C) Finished Goods Inventory account for $1,800 D) Work-in-Process Inventory account for $1,600 and Manufacturing Overhead account for $200 6. Calculating predetermined overhead allocation rate, allocating overhead: Milestone Company estimates the company will incur $96,900 in overhead costs and 5,100 direct labor hours during the year. Actual direct labor hours were 4,400. Calculate the predetermined overhead allocation rate, and prepare the journal entry for the allocation of overhead.
Expert Answer:
Answer rating: 100% (QA)
Question Answer to question number 1 D An accounting firm would likely used job order costing system ... View the full answer
Related Book For
Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
Posted Date:
Students also viewed these accounting questions
-
please help explain and answer study question number 2 & 3 page discussion questions 1. refer to the fundamental principles governing an audit (see chapter 2@ ). under the responsibili
-
Please help with the discusin questions ! I give thumbs up Case #1: Hailing a New Era: Haier in Japan As one of the most valuable brands in China, Haier designs,manufactures, and sells various home...
-
Please include formulas and explanations so I can see the steps involved. thank you 1. Eki, Inc., a producer of table lamps, has a total of 1,500,000 shares outstanding. The current value of the firm...
-
Pam has a $25,900 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current...
-
GM Sub Corporation (GM Sub), a subsidiary of Grand Metropolitan Limited, acquired all outstanding shares of Liggett Group, Inc., a Delaware corporation. Rothschild International Corporation...
-
Finning International Inc. is a Canadian company that sells, rents, finances, and provides customer support services (supplies parts and performs maintenance services) for Caterpillar equipment and...
-
On January 1, 2020, Allen Corporation purchased \(30 \%\) of the 30,000 outstanding common shares of Towne Corporation at \(\$ 15\) per share as a long-term investment. On the date of purchase, the...
-
On June 1, 2012, Andre Company and Agassi Company merged to form Lancaster Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On...
-
2 1 point Parent Ltd owns all the share capital of Subsidiary Ltd. On 1 January 2018, Parent Ltd sold an item of plant to Subsidiary Ltd for $50 000. This plant had a carrying amount to Parent Ltd of...
-
1. If Bozena participates and the 401(k) earns 10 percent annually, how much will she have accumulated in 45 years (to age 67) even if her salary does not change? 2. If she does not participate and...
-
Should a bar chart or a pie chart be used to display categorical data and why? a. A bar chartIt has more color aspects. b. A bar chartScience has shown that we are better at assessing differences in...
-
Can you identify any qualitative differences between the three traces? Amplitude (a.u.) -0.05 0.00 0.05 Audio Scope Audio Data Difference 49.960228 ms 0.00040898845 a.u. Slope 0.0000081862809 a.u./ms...
-
(9) Milena has (16)/(6) cups of pancake batter. Her recipe calls for (1)/(3) cup of batter for cach pancake. How many pancakes can she make? Draw a model to represent the situation. Show your work.
-
An anchor A and B attach to a string and link at point C with box weight of 10 kg. A 15 1 1 30 C 10kg a) Sketch the free body diagram of the structure. c) Determine the resultant forces at point C 10...
-
What are an SMS and its attributes? What are the four components of an SMS? Describe one of the SMS components/pillars, and in detail, state why you feel that SMS pillar contributes to managing...
-
4. Write a program to accept two integers as input, calculate and display the results of the following: product of the two integers division of the two integers (use the larger integer as the...
-
need help replying to this discussion starting with I agree and why? responses must be one hundred and fifty words. When I worked on the preschool lesson plan I found the Duplo Patterns with Lego...
-
Explain the differences and similarities between fringe benefits and salary as forms of compensation.
-
What criteria should the auditor examine to help determine whether leases should be capitalized?
-
The Sarbanes-Oxley Act mandates that the audit committee of the board of directors of public companies be directly responsible for the appointment, compensations, and oversight of the external...
-
What should be communicated in an operational audit report?
-
Which of the following is not a way to develop a standard cost? a. By using a fixed rate that is higher every period. b. By performing time and motion studies. c. By analyzing past data. d. By using...
-
The total material variance can be divided into a material _________variance and a material _________variance.
-
Which of the following statements correctly de scribes an unfavorable material price variance? a. Too much material was purchased. b. A higher price was paid for material purchased compared with the...
Study smarter with the SolutionInn App