Question
Is my answer correct? _1._ 1. In job-order costing, the job-order cost sheet is generally represented by The WIP account The DM account The COGS
Is my answer correct?
_1._1. In job-order costing, the job-order cost sheet is generally represented by
- The WIP account
- The DM account
- The COGS statement
- The balance sheet
- None of the above
_3._2. A materials requisition form is typically used to
- Apply indirect materials overhead to a job
- Purchase materials
- Issue materials to a WIP account
- Clean the windows of the production manager's car
- None of the above
_2._3. A debit entry to the overhead control account represents
- Applied overhead
- Actual overhead costs
- Only cash paid for overhead costs
- All of the above
- None of the above
_3._4. The cost of goods manufactured statement is an analysis of
- Production costs incurred only in the current period
- Depreciation
- The WIP account
- The FG account
- None of the above
_2._5. Equivalent units represent
- The amount of direct materials included in units completed and transferred out
- The number of units that would have been completed if they were worked on one at a time
- The average number of units completed each period
- The total number of units available for completion in a given period
- None of the above
_4._6. A management accountant must "Disclose delays or deficiencies in information, timeliness, processing, or internal controls in conformance with organization policy and/or applicable law." Under the IMA Statement of Ethical Professional Practice, this falls under the category of
- Competence
- Confidentiality
- Integrity
- Credibility
- None of the above
_3._7. If the balance before adjustments in the overhead control account is considered material and significant, it should be
- Closed out to the COGS account
- Closed out proportionally to the FG and COGS accounts
- Closed out proportionally to the WIP, FG and COGS accounts
- Closed out proportionally to the DM, WIP, FG and COGS accounts
- None of the above
_3._8. A management accountant must "Abstain from engaging in or supporting any activity that might discredit the profession."Under the IMA Statement of Ethical Professional Practice, this falls under the category of
- Competence
- Confidentiality
- Integrity
- Credibility
- None of the above
_1._9. Job-order costing is always used
- When each order is unique
- When products are produced in large batches
- If all product costs are added simultaneously
- In large chemical processing facilities
- None of the above
_1._10. In process costing, the primary purpose of a production report is to
- Summarize the manufacturing activity of a process or department
- Present a cost/benefit analysis of a particular product or process
- Report performance evaluations for key personnel
- Clean the tiles in the executive restroom to achieve that sparkly shine
- None of the above
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