accounting
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Created by:
soccerschooler59 on February 15, 2011
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40 terms
Terms | Definitions |
|---|---|
 The plans of management are expressed formally in | budgets |
| Which of the following IS a characteristic of financial accounting | must follow GAAP |
| The corporate controller's salary would be considered a(n | administrative cost |
| Manufacturing overhead | can be either a variable cost or a fixed cost |
| The three basic elements of manufacturing cost are direct materials, direct labor, and | manufacturing overhead |
| Prime cost consists of direct materials combined with | direct labor |
| Transportation costs incurred by a manufacturing company to ship its product to its customers would be classified as which of the following | period cost |
| Micro Computer Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company. The cost of this toll-free line would be classified as which of the following? | period cost |
| Cost of goods manufactured will usually include | some costs incurred during the prior period as well as cost incurred during the current period |
| Which two terms below describe the wages paid to security guards that monitor a factory 24 hours a day | fixed cost and indirect cost |
| Each of the following would be classified as variable in terms of cost behavior except | plant managers salary |
| A lawnmower manufacturer computed a cost per unit of $53 by adding together last month's direct labor, direct materials, and manufacturing overhead and dividing that total by the 10,000 units produced last month. (There were no beginning or ending inventories.) If 9,000 units are going to be manufactured this month, we would expect that the: | cost per unit will increase |
| . Which one of the following costs should NOT be considered an indirect cost of serving a particular customer at a Dairy Queen fast food outlet | the cost of the hamburger patty in the burger they ordered |
| An opportunity cost is | the benefit forgone by selecting one alternative instead of another |
| what are conversion costs | direct labor and manufacturing overhead |
| Prime costs during the month totaled: | 38000 |
| what is the cost of goods manufactured formula | beginning wip add total manufact subtract end wip |
| what is the total manufacturing cost formula | direct material +direct labor+overhead |
| what is the raw materials used fromula | beginning+purchased- ending materials |
| what is the cost of goods sold formula | beginning finished goods+cost of goods manufact-finished goods |
| Which of the following companies would be most likely to use a job-order costing system rather than a process costing system | shipbuilding |
| is Computing unit product costs involves averaged in job-order costing and process costing | yes its in both |
| Which of the following documents is used to specify the type and quantity of materials drawn from the storeroom, and identifies the job to which the costs of the materials are to be charged | material requisition form |
| Choice of allocation base should be made based on | whether the base actually drives the cost being allocated |
| Which of the following accounts is debited when indirect labor is recorded | manufacturing overhead |
| In a job-order costing system, the entry to record depreciation on manufacturing equipment would include | a debit to the Manufacturing Overhead account. |
| . If a company applies overhead to jobs on the basis of a predetermined overhead rate, a credit balance in the Manufacturing Overhead account at the end of any period means that | more overhead cost has been charged to jobs than has been incurred during the period |
| Which of the following situations always results in underapplied overhead | actual overhead is greater than applied overhead |
| When closing overapplied manufacturing overhead to cost of goods sold, which of the following would be true | gross margin will increase |
| The balance in White Company's Work in Process inventory account was $15,000 on August 1 and $18,000 on August 31. The company incurred $30,000 in direct labor cost during August and requisitioned $25,000 in raw materials (all direct material). If the sum of the debits to the Manufacturing Overhead account total $28,000 for the month, and if the sum of the credits totaled $30,000, then: | Finished Goods was debited for $82,000 during the month |
| . Melillo Corporation has provided data concerning the company's Manufacturing Overhead account for the month of October. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $67,000 and the total of the credits to the account was $57,000. Which of the following statements is true? | Actual manufacturing overhead for the month was $67,000 |
| Waldvogel Corporation has provided data concerning the company's Manufacturing Overhead account for the month of April. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $55,000 and the total of the credits to the account was $56,000. Which of the following statements is true | Manufacturing overhead applied to Work in Process for the month was $56,000 |
| . On December 1, Catherman Corporation had $21,000 of raw materials on hand. During the month, the company purchased an additional $61,000 of raw materials. During December, $70,000 of raw materials were requisitioned from the storeroom for use in production. The debits to the Raw Materials account for the month of December total | $61,000 |
| . At the beginning of October, Cozier Corporation had $34,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During October, $92,000 of raw materials were requisitioned from the storeroom for use in production. The credits to the Raw Materials account for the month of October total | $92,000 |
| Mcmackin Corporation had $35,000 of raw materials on hand on August 1. During the month, the company purchased an additional $66,000 of raw materials. During August, $81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $7,000. The debits to the Work in Process account as a consequence of the raw materials transactions in August total | 74,000 |
| Inks Corporation incurred $69,000 of actual Manufacturing Overhead costs during June. During the same period, the Manufacturing Overhead applied to Work in Process was $70,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a | debit to Manufacturing Overhead of $69,000 |
| Mincks Corporation incurred $64,000 of actual Manufacturing Overhead costs during November. During the same period, the Manufacturing Overhead applied to Work in Process was $61,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a | credit to Manufacturing Overhead of $61,000 |
| An operation costing system is | same as a process costing system except that direct materials costs are accounted for in the same way as in job order costing. |
| Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is | the same as the number of units put into production |
| what is the cost per equivilent terms formula | beginning wip cost+added cost/ total units finished |
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