Which of the following would be accounted for using a job order cost system

a. The production of personal computers
b. The production of automobiles
c. The refining of petroleum
d. The construction of a new campus building

Overapplied manufacturing overhead exists when overhead assigned to work in process is

a) less than overhead incurred and there is a debit balance in Manufacturing Overhead at the end of a period.

b) more than overhead incurred and there is a credit balance in Manufacturing Overhead at the end of a period.

c) less than overhead incurred and there is a credit balance in Manufacturing Overhead at the end of a period.

d) more than overhead incurred and there is a debit balance in Manufacturing Overhead at the end of a period.

What activities and responsibilities are not associated with management's functions?

a. Directing

b. Accountability

c. Planning

d. Controlling

An activity-based overhead rate is computed as follows: A) actual overhead divided by actual use of cost drivers. B) estimated overhead divided by estimated use of cost drivers. C) estimated overhead divided by actual use of cost drivers. D) actual overhead divided by estimated use of cost drivers.

Which of the following statements about under or overapplied manufacturing overhead is correct?

a) When Manufacturing Overhead has a credit balance, overhead is said to be under-applied.

b) After the entry to transfer over- or underapplied overhead to Cost of Goods Sold is posted, Manufacturing Overhead will have a zero balance.

c) At the end of the year, under or overapplied overhead is eliminated by a closing entry.

d) When annual financial statements are prepared, overapplied overhead is reported in current liabilities.

A fixed cost is a cost which:

a. varies in total with changes in the level of activity.

b. remains constant in total with changes in the level of activity

c. varies inversely in total with changes in the level of activity

d. remains constant per unit with changes in the level of activity

A process cost system would be used by all of the following except a(n):

a) advertising company.

b) chemical company.

c) oil company.

d) computer chip company.

A process cost system would most likely be used by a company that makes:

A. Motion pictures.

B. Repairs to automobiles.

C. Breakfast cereal.

D. College graduation announcements.

A process cost system would most likely be used by a company that makes

A) breakfast cereal

B) repairs to automobiles

C) motion pictures

D) college graduation announcements

The function that pertains to keeping the activities of the enterprise on track is:

a. planning.

b. directing.

c. controlling.

d. accounting.

Companies assign manufacturing overhead to work in process on an estimated basis through the use of a(n)

a) actual overhead rate.

b) estimated overhead rate.

c) assigned overhead rate.

d) predetermined overhead rate.

The two basic types of cost accounting systems are:

a. job order and process cost systems.

b. process cost and batch systems.

c. job order and batch systems.

d. job order and job accumulation systems.

Why is overhead allocation under ABC usually more accurate than either the plantwide overhead allocation method or the departmental overhead allocation method?

Define overhead application.