16. Which of the following is true of actual vs. applied factory overhead costs?

Group of answer choices

A. As actual costs are incurred, Factory Overhead is decreased; as estimated costs are applied to jobs, Factory Overhead is increased.

B. As actual costs are incurred, Overhead Expense is increased; as estimated costs are applied to jobs, Factory Overhead is decreased.

C. As actual costs are incurred, Factory Overhead is increased; as estimated costs are applied to jobs, Factory Overhead is decreased.

D. As actual costs are incurred, Administrative Expense is increased; as estimated costs are applied to jobs, Factory Overhead is increased.

17. Which of the following is an example of a payroll withholding, and which is an example of an employer payroll tax expense?

Group of answer choices

A. State unemployment tax; Employers portion of FICA

B. Federal unemployment tax; Employee state income tax

C. Employee state income tax; Employees portion of FICA

D. Employee federal income tax; Employers portion of FICA

4. If the current value of inventory reflected in the accounting records is less than its market value, what accounting entry should the company record to adjust for the difference?

Group of answer choices

A. Increase Inventory; include a Loss on Decline in Inventory Value on the income statement

B. Increase Inventory; Decrease Revenue

C. Decrease Inventory; include a Loss on Decline in Inventory Value on the income statement

D. Decrease Inventory; Decrease Cash