1.) Which of the following is a financial characteristic of a service corporation? A.) Three new inventory accounts are found on the balance sheet: Raw Materials, Work-in-process, and Finished Goods Inventory. B.) The Cost of Goods Sold account will be calculated based on different measurement bases: FIFO, LIFO, Weighted Average. C.) There is no cost of Goods Sold account on the income statement. D.) There is a constant tendency of having an overstated/understated GOGS due to the application of Manufacturing overhead. 2.) Which of the following is a financial characteristic of a merchandising corporation? A.) Three new inventory accounts are found on the balance sheet: Raw Materials, Work-in-process, and Finished Goods Inventory. B.) The Cost of Goods Sold account will be calculated based on different measurement bases: FIFO, LIFO, Weighted Average. C.) There is no inventory account on the balance sheet. D.) There is a constant tendency of having an overstated/understated GOGS due to the application of Manufacturing overhead. wall art to 3.) Which of the following is a financial characteristic of a manufacturing corporation? A.) Three new inventory accounts are found on the balance sheet: Raw Materials, Work-in-process, and Finished Goods Inventory. B.) The Cost of Goods Sold account will be calculated based on different measurement bases: FIFO, LIFO, Weighted Average. C.) There is no inventory account on the balance sheet. D.) There is no COGS account. 4.) Which of the following is an example of an indirect cost? A.) Raw materials applied to a house during construction (B.Labor for the contractor and land appraiser. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 15.) Ross Company finished a job 1, 15, and 17. Which of the following is the required journal entry for the completed jobs? A.) Debit to Work-in-process, Credit to Manufacturing overhead, Direct Labor, and Raw Materials. B.) Debit to Finished Goods Inventory, Credit Cost of Goods Sold. C.) Debit to Finished Goods Inventory, Credit Work-in-process. ) D.) No Entry is required 16.) Which of the following will not be found in on the balance sheet? A.) Depreciation of Manufacturing Equipment. B.) Utilities of Manufacturing Equipment. C.) Rent on Plant D.) Salaries for Janitorial Services in office space. 17.) Which of the following will be expensed in the period of occurrence? A.) Utilities of office building. B.) Property Taxes for Manufacturing. C.) Depreciation of manufacturing equipment. D.) Purchase of Raw Materials On account. 18.) Which of the following will be expensed when a good is sold? A.) Depreciation of office computers. B.) Utilities of Manufacturing Equipment C.) Rent on Office Space. Wobbahula Mb D.) Salaries for Janitorial Services in office space. d e 19.) Which of the following is characteristic of a job order costing system? A.) The product will be homogeneous in nature, functionality, or appearance B.) There are multiple Work-in-process inventories. C.) There is an abnormally high probably of overstatement of Manufacturing overhead. D.) The product will be unique and heterogeneous. 20.) Which of the following is characteristic of a process costing system? A.) The process is more difficult to accomplish; thus more costs are involved B.) There are multiple Work-in-process inventories. C.) The process is not capital intensive, which concludes depreciation will be low. D.) The product will be unique and heterogeneous
