Accounting

Luca Company over applied manufacturing overhead during
2006 Which one of the following is part of the year end entry to dispose of
the over applied amount assuming the amount is material?

 

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A An increase to finished goods

B A decrease to work in process inventory

C An increase to cost of goods sold

D A decrease to applied overhead

 

Why is factory overhead applied to products and jobs by
manufacturing companies?

 

A Total actual overhead costs can never be accurately
determined for production

B It allows managers more timely determination of product
costs during the manufacturing process

C It provides a more accurate cost of the job or products
being processed

D Because indirect costs are easy to trace to products and
jobs

 

Which of the following represents the two basic types of
cost accounting systems?

 

A Job order and process cost systems

B Job order and batch systems

C Process cost and batch systems

D Job order and job accumulation systems

 

5) In a job order cost accounting system, the Work in
Process account is

 

A a control account

B closed at year end

C an expense

D a period cost

 

6) Which one of the following is an important feature of a
job order cost system?

 

A Each job has characteristics similar to the next

B Each must be completed before a new product order is
accepted

C Each job uses similar processes to produce

D Each consists of features which distinguish it from the
next

 

7) What broad functions do the management of an organization
perform?

 

A Planning, manufacturing, and controlling

B Directing, manufacturing, and controlling

C Planning, directing, and selling

D Planning, directing, and controlling

 

8) Which of the following represents the correct order in
which inventories are reported on a manufacturer’s balance sheet?

 

A Work in process, raw materials, finished goods

B Raw materials, work in process, finished goods

C Finished goods, work in process, raw materials

D Work in process, finished goods raw materials

 

9) Managerial accounting

 

A places emphasis on special-purpose information

B is concerned with costing products

C pertains to the entity as a whole and is highly
aggregated

D is governed by generally accepted accounting principles

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