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Your answer 43) In ABC Costing, there is no difference between Actual and Applied overheads True...
b. Managerial accounting is an activity that helps managers determ and services plan fut activity that...
b. Managerial accounting is an activity that helps managers determ and services plan fut activity that helps managers determine costs of products and services, plan future activities, and compare actual to planned results True False wa 7. Costs are importa Costs are important to managers because they impact both the financial position and profitability of a business True False 8. Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines...
Answer the following True or False Questions 1 i)Applied overhead is calculated by dividing the actual...
Answer the following True or False Questions 1 i)Applied overhead is calculated by dividing the actual activity level of application base by the predetermined overhead rate. True/False? ii)Overapplied overhead means that not enough overhead cost was charged to products as they were made. True/False? iii)As manufacturing overhead is incurred, it is added to the individual job. True/False?
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all...
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all costs that are not product costs, such as office supplies. True False A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned. True False The valve chain is the set of activities that increase the value of an organization's product and services. True False Direct costs can be economically and easily traced...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost is lower than the applied overhead costs. o Overhead variance is closed to FG inventory only if the amount is immaterial O Companies producing customized products in small quantities use job order costing system O Job order costing system is always superior to process costing system
FORUM DESCRIPTION Product costing involves charging the cost of Direct Materials, Direct Labor and Overhead to...
FORUM DESCRIPTION Product costing involves charging the cost of Direct Materials, Direct Labor and Overhead to products. Any product that you have ever seen or service that you have ever paid for, must have incorporated at least one these three elements of cost le. DM, DL, and OH. In both Job Order costing and Process Costing, the cost of Direct Materials and the cost of Direct Labor are both easily traceable to the products. Cost of Direct Materials are traced...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
True or False 6. An architect is a business which is likely to use job costing....
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
1& 2 For hapter 3: Job-Order Costing: Cost Flows and Financial Reporting nt Company had actual...
1& 2
For hapter 3: Job-Order Costing: Cost Flows and Financial Reporting nt Company had actual total manufacturing overhead cost for the month of June of $237,000. ring June the company applied overhead of S240,000. The total underapplied or over applied [10 points) for June was: (be sure to indicate in you Answer: 2. Assuming that Lindy Manufacturing Co, underanplied overhead for the month of June in the amount of $47,000. What would be the Journal Entry required to zero...
M2-4 (Static) Matching Terms in Job Order Costing [LO 2-4, 2-6) Match each term on the...
M2-4 (Static) Matching Terms in Job Order Costing [LO 2-4, 2-6) Match each term on the left with the best definition on the right. Note: Not all definitions will be used. a. Materials that cannot be directly or conveniently traced to a specific unit or job. b. Total production cost assigned to goods that were produced during the period. c. Cost of materials purchased from suppliers that have not yet been used in production. d. Actual amount of indirect manufacturing...
b. Managerial accounting is an activity that helps managers determ and services plan fut activity that helps managers determine costs of products and services, plan future activities, and compare actual to planned results True False wa 7. Costs are importa Costs are important to managers because they impact both the financial position and profitability of a business True False 8. Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
Which of the following statement is true? O Under-applied overhead variance results when actual overhead cost is lower than the applied overhead costs. o Overhead variance is closed to FG inventory only if the amount is immaterial O Companies producing customized products in small quantities use job order costing system O Job order costing system is always superior to process costing system
FORUM DESCRIPTION Product costing involves charging the cost of Direct Materials, Direct Labor and Overhead to products. Any product that you have ever seen or service that you have ever paid for, must have incorporated at least one these three elements of cost le. DM, DL, and OH. In both Job Order costing and Process Costing, the cost of Direct Materials and the cost of Direct Labor are both easily traceable to the products. Cost of Direct Materials are traced...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
1& 2
For hapter 3: Job-Order Costing: Cost Flows and Financial Reporting nt Company had actual total manufacturing overhead cost for the month of June of $237,000. ring June the company applied overhead of S240,000. The total underapplied or over applied [10 points) for June was: (be sure to indicate in you Answer: 2. Assuming that Lindy Manufacturing Co, underanplied overhead for the month of June in the amount of $47,000. What would be the Journal Entry required to zero...
M2-4 (Static) Matching Terms in Job Order Costing [LO 2-4, 2-6) Match each term on the left with the best definition on the right. Note: Not all definitions will be used. a. Materials that cannot be directly or conveniently traced to a specific unit or job. b. Total production cost assigned to goods that were produced during the period. c. Cost of materials purchased from suppliers that have not yet been used in production. d. Actual amount of indirect manufacturing...
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