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Exam 17: Job Order Costing

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Question 41

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In a job order cost accounting system for a service business, materials costs are normally included as part of overhead.

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Question 42

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Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department.

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Question 43

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A widely used activity base for developing factory overhead rates in highly automated settings is:

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory.

The finished goods account is the controlling account for the:

In a job order cost accounting system used by a service business, which of the following items would normally not be included as part of overhead?

The following are true regarding product costs except

The recording of the factory labor incurred for general factory use would include a debit to:

Which of the following would be most likely to use process costing?

The proper journal entry to record the purchase of $30,000 of raw materials on account would be:

Selected accounts with some debits and credits omitted are presented as follows: If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August?

Which of the following is not true about why a service firm will use the job order costing system?

Information about costs developed through a job order cost system can not be used to evaluate an organization's cost performance.

The recording of the jobs shipped and customers billed would include a credit to:

The amount of time spent by an employee in the factory is usually recorded on:

Present entries to record the following summarized operations related to production for a company using a job order cost system:

The entry to record the flow of direct labor costs into production in a job order cost accounting system is:

Job order cost accounting systems can be used only for companies that manufacture a product.

List the accounts used in the cost flow for (a) a manufacturer and (b) a service provider.

If factory overhead applied exceeds the actual costs, overhead is said to be underapplied.