Skip to content

principlesofaccounting.com

About the Author
Mission Statement
Contact Us
Terms of Use
Privacy Policy
Log In

Menu

About the Author
Mission Statement
Contact Us
Terms of Use
Privacy Policy
Log In

Menu

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapters 1-4The Accounting Cycle
Chapters 5-8Current Assets
Chapters 9-11Long-Term Assets
Chapters 12-14Liabilities/Equities
Chapters 15-16Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20Managerial/Cost
Chapters 21-24Budgeting/Decisions

Chapter 19 – Multiple Choice

By admin / March 3, 2016

Text
Problems
Goals Achievement
Fill in the Blanks
Multiple Choice
Glossary

Time limit: 0

Quiz Summary

0 of 8 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 8 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Categories

Not categorized 0%

1
2
3
4
5
6
7
8

Current
Review
Answered
Correct
Incorrect

Question 1 of 8

1. Question
Which of the following statements concerning job cost sheets is incorrect?
- A job cost sheet would show the direct materials used on that specific job.
- A job cost sheet would reveal the selling costs associated with a particular job.
- The total costs recorded on a job cost sheet should also be reflected in the Work in Process account in the general ledger.
- The amount of overhead on a job cost sheet is the applied factory overhead rather than the actual factory overhead.
Correct

Incorrect
Question 2 of 8

2. Question
Under normal circumstances the Work in Process account used in a job costing system:
- Will include charges for direct labor, direct materials, and applied overhead.
- Will include only charges for direct materials and applied overhead. The labor is charged to expense as incurred.
- Will include charges for direct labor, direct materials, and actual overhead.
- Will include only charges for direct labor and direct materials.
Correct

Incorrect
Question 3 of 8

3. Question
The Factory Overhead account in a job costing system is credited for the:
- Excess of applied overhead over actual overhead.
- Actual overhead.
- Applied overhead.
- Indirect materials and indirect labor.
Correct

Incorrect
Question 4 of 8

4. Question
With the job order cost system, a credit balance in the Factory Overhead account at the end of an accounting period would indicate:
- That an error in the job cost system has occurred.
- That the company lost money during the period.
- The presence of underapplied overhead.
- The presence of overapplied overhead.
Correct

Incorrect
Question 5 of 8

5. Question
The theoretically correct method of allocating under- or overapplied overhead is to:
- Allocate the amount to cost of goods sold.
- Allocate the amount to finished goods.
- Allocate the amount to work in process and finished goods.
- Allocate the amount among work in process, finished goods, and cost of goods sold.
Correct

Incorrect
Question 6 of 8

6. Question
Jensen Manufacturing uses a job order cost system. Overhead is applied at the rate of $20 per direct labor hour. Job #777 includes $2,000 of direct labor cost and 150 direct labor hours. Indirect labor cost of $1,500 was actually incurred. The proper journal entry to record the wage related cost is:
- Debit Work in Process, $3,500; credit Wages Payable, $3,500.
- Debit Wage Expense, $3,500; credit Wages Payable, $3,500.
- Debit Work in Process, $2,000; debit Factory Overhead, $1,500; credit Wages Payable, $3,500.
- Debit Work in Process, $3,500; credit Factory Overhead, $1,500; credit Wage Expense, $2,000.
Correct

Incorrect
Question 7 of 8

7. Question
The appropriate journal entry to record the application of overhead in a job costing system involves a debit to Work in Process and a credit to:
- Cost of Goods Sold
- Factory Overhead
- Cash
- Income Summary
Correct

Incorrect
Question 8 of 8

8. Question
Which of the following statements concerning job costing systems is incorrect?
- Cost drivers are those items which cause actual overhead to exceed applied overhead.
- Job costing systems are appropriate to both manufacturing and service businesses.
- Traditionally, direct labor has been a very popular overhead application base.
- In a service business, indirect costs of providing a service are treated as overhead and applied in a manner similar to that for factory overhead.
Correct

Incorrect

Classroom

Study principlesofaccounting.com and earn college credit!

Bookstore

Visit the bookstore and purchase principlesofaccounting.com textbooks!

Additional Resources

IMPORTANT LINKS

Classroom
ExamCram
Bookstore
YouTube videos
MyExceLab
Cookie Policy

GLOSSARY SEARCH

Youtube

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

Illustrative Entries

Account Types

Glossary

Time Value of Money

IMPORTANT LINKS

GLOSSARY SEARCH