Question

true false

1) The predetermined overhead rate may be based on estimated overhead costs and estimated production volume for the coming year.
2) When scrap is identified with a specific job, the proceeds of its sale should be credited to the manufacturing overhead control account.
3) A cost accounting system furnishes the total actual overhead costs immediately upon completion of each job.
4)The finished goods ledger is subsidiary to the general ledger cost of goods manufactured account.

Answer 1

А в C FALSE TRUE Predetermined rate cannot be based upon estimated production voulme. The allocation base must be a factor causing overheads to incur. When scrap is identified with a specific job, the proceeds of its sale should be credited to the manufacturing overhead control account to reduce the overhead cost. A cost accounting system furnishes the applied overhead costs immediately upon completion of each job. The finished goods ledger is subsidiary to the general ledger cost of goods manufactured account. FALSE TRUE For any queries/doubts, please post in comment section. I would take up the same.