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Managerial Accounting – UFC1

Question	Answer
A job cost sheet shows information about each of the following items except:	The costs incurred by the marketing department in selling the job.
At current year-end Hardly Company found that its overhead was under applied by $2,500, and this amount was not deemed to be a material amount. Based on this information, Hardly should:	Close the $2500 to Cost of Goods Sold
When raw materials are used in production and are recorded in job cost system:	Goods in Process and Factory Overhead are debited and Raw Materials Inventory is credit.
A source document that an employee uses to record the number of hours at work and that is used to determine the total labor cost for each pay period is a:	Clock Card
When time ticket information is entered into the accounting system, the journal entry is a debit to factory payroll and a credit to Goods in Process Inventory.	False
If overhead applied is less than actual overhead, it is:	Under applied
Materials requisitions and time tickets are cost accounting source documents	true
A time ticket is a source document used by an employee to record the number of hours worked on a particular job during the work day.	true
There are two basic types of cost accounting systems: job order costing and Periodic costing	false
A manufacturing firm that produces a large numbers of standardized units would normally use a job order cost accounting system.	false
Dell Builders manufactures each house to customer specifications. It most likely would use:	job order costing.
The overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to:	Goods in Process Inventory
Job order manufacturing systems would be appropriate for companies that produce training films for a specific customer or custom-made furniture to be used in a new five star resort htoel.	true
A job cost sheet includes:	Direct material, direct labor, overhead
IN a job order accounting system, the total balances of all of the job cost sheets for unfinished jobs equal the balance in the Goods in Process Inventory account.	true
The predetermined overhead allocation rate is used to apply overhead cost to products.	true
A source document that production managers use to request materials for manufacturing and that is used to assign materials costs to specific jobs or to overhead is a:	materials requisition
Cost accounting systems accumulate costs and then assign them to products or services.	true

Created by: smcdo11

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