ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 Welcome to the #1 most trusted academic services website Homework Nerds. Do you need help with ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 ? We can write your ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 from scratch. At Homework Nerds, we provide students like you with essays and power point writing service. we can complete your ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 original from scratch. Contact us today to write your paper. prices as low as $14.99 per page.  ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

Circle the correct answer.

True/False

  1. Under a job order system, the company assigns costs to each job, or each batch of goods, to fill a specific customer order or replenish inventory.

True          False

  1. Manufacturing costs incurred in a job order system are accumulated by debits to Purchases, Factory Labor, and Manufacturing Overhead.

True          False

  1. Each debit to Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets.

True          False

  1. Manufacturing overhead costs cannot be traced directly to a specific job.

True          False

  1. The requisition of factory supplies to production requires a debit to the Manufacturing Overhead account.

True          False

  1. Actual overhead costs are debited to the Manufacturing Overhead account.

True          False

  1. The entry to record the cost of goods sold includes a debit to Finished Goods Inventory.

True          False

  1. A debit balance in the Manufacturing Overhead Account at the end of the period indicates that overhead has been overapplied.

True          False

  1. In preparing the costs of goods manufactured schedule in job order costing, manufacturing costs include direct materials used, direct labor used, and manufacturing overhead
    applied.

True          False

  1. A job cost sheet is a form used to record the costs chargeable to a specific job and to determine the total and unit cost of the completed job.

True          False

 

Multiple Choice

  1. A job order cost sheet includes
  2. the selling price of the job.
  3. a total when a job is completed and transferred to cost of goods sold.
  4. all manufacturing costs for a job.
  5. all manufacturing overhead costs for the period.
  6. Companies assign raw materials costs to jobs
  7. By debiting Raw Materials Inventory and crediting Work in Process.
  8. Based on a predetermined rate.
  9. In response to verbal requests for indirect materials such as supplies.
  10. Using any of the inventory costing methods (FIFO, LIFO, or average-cost).
  11. In a job order cost system, debits to Work in Process Inventory originate from all of the following except
  12. applying the predetermined overhead rate.
  13. assigning direct labor from time tickets.
  14. assigning actual manufacturing overhead costs to jobs.
  15. assigning direct materials from requisition slips.
  16. The predetermined overhead rate is computed by dividing estimated
  17. level of activity by estimated overhead costs.
  18. level of activity by expected overhead costs.
  19. overhead costs by estimated cost of jobs.
  20. overhead costs by expected activity base.
  21. If annual overhead costs are expected to be $1,000,000 and 200,000 total labor hours are anticipated (80% direct, 20% indirect), the overhead rate based on direct labor hours is
  22. $6.25.
  23. $5.00.
  24. $25.00.
  25. $4.00.

 

Chapter 16

Circle the correct answer.

True/False

  1. Costs are assigned to each specific job in a process cost system.

True          False

  1. In a process cost system, total costs are determined at the end of a period of time, such as a month.

True          False

  1. In a process cost system, the unit cost is total manufacturing costs divided by the equivalent units produced during the period.

True          False

  1. The accumulation of the costs of materials, labor, and manufacturing overhead is the same in a process cost system as in a job order cost system.

True          False

  1. More materials requisitions are generally required in a process cost system than in a job order cost system.

True          False

  1. Equivalent units of production equals units completed and transferred out + units in
    beginning work in process.

True          False

  1. Two equivalent unit computations are necessary—one for materials and the other for conversion costs.

True          False

  1. The first step in preparing a production cost report is to compute the equivalent units of production.

True          False

  1. The cost reconciliation schedule shows that the total costs accounted for equal the total costs to be accounted for.

True          False

*10.   Units in work in process at the beginning of the period are included in units “started and completed” under the FIFO method.

True          False

 

Multiple Choice

  1. Which of the following is not a step in preparing a production cost report?
  2. Prepare a cost reconciliation schedule.
  3. Compute equivalent units of production.
  4. Compute the physical unit flow.
  5. Assign costs to particular jobs.
  6. A department has no beginning work in process, has started 80,000 units and completed 50,000 units. Its ending work in process is 30,000 units, 60% complete as to conversion costs and fully complete as to materials. Its equivalent units for conversion costs are
  7. 50,000.
  8. 80,000.
  9. 68,000.
  10. 44,000.
  11. In process costing, the computation of unit production costs requires
  12. the accumulation of material and conversion costs in work in process for each
    department or process.
  13. the computation of equivalent units for material and conversion costs.
  14. both a and b.
  15. neither a nor b.
  16. Which of the following is not included in a production cost report?
  17. Costs accounted for.
  18. Entries to assign cost.
  19. Units accounted for.
  20. Units to be accounted for.
  21. Unit costs for materials and conversion costs amount to $4 and $5 respectively. The ending work in process costs for 8,000 units (100% complete as to material and 70% complete as to conversion costs) amount to
  22. $60,000.
  23. $72,000.
  24. $44,000.
  25. $40,000.

 

Chapter 17

Circle the correct answer.

True/False

  1. Even in today’s automated environment, direct labor is sometimes the appropriate basis for assigning overhead cost to products.

True          False

  1. In the first stage of activity-based costing, overhead is assigned to products using cost drivers.

True          False

  1. The first step in activity-based costing is to identify and classify the major activities
    involved in the manufacture of specific products, and allocate manufacturing overhead to the appropriate cost pools.

True          False

  1. Before costs are allocated to the cost pools, the cost drivers for each cost pool must be identified.

True          False

  1. Under ABC, overhead costs are shifted from the high-volume product to the low-volume product.

True          False

  1. Activity-based costing does not change the amount of overhead costs, but it does allocate those costs in a more accurate manner.

True          False

  1. Overhead costs are not allocated by means of arbitrary volume-based cost drivers under ABC.

True          False

  1. Value-added activities increase the worth of a product or service to customers and
    involve resource usage that customers are willing to pay for.

True          False

  1. Product-level activities in ABC are required to support or sustain an entire production process.

True          False

*10.   Just-in-time processing strives to eliminate inventories by using a “pull approach” in manufacturing.

True          False

Multiple Choice

  1. The last step in activity-based costing is to
  2. identify the major activities involved in the manufacture of specific products.
  3. compute the overhead rate per cost driver.
  4. identify the cost driver that has a strong correlation to the costs accumulated in the cost pool.
  5. assign manufacturing overhead costs for each cost pool to products.
  6. Machine hours would be an accurate cost driver for
  7. assembly costs.
  8. inspecting costs.
  9. machining costs.
  10. machine setup costs.
  11. All of the following are benefits of ABC except it leads to
  12. elimination of all arbitrary cost allocations.
  13. more accurate cost data.
  14. enhanced control over overhead costs.
  15. better management decisions.
  16. The level of ABC activities performed in support of an entire product line are classified as
  17. batch-level activities.
  18. facility-level activities.
  19. product-level activities.
  20. unit-level activities.

*5.     Just-in-time processing strives to eliminate inventories by using a

  1. just in case approach.
  2. pull approach.
  3. push approach.
  4. process approach. ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

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ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 Welcome to the #1 most trusted academic services website Homework Nerds. Do you need help with ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 ? We can write your ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 from scratch. At Homework Nerds, we provide students like you with essays and power point writing service. we can complete your ACC 561 WEEK 4 Quizzes chapter 15, 16, 17 original from scratch. Contact us today to write your paper. prices as low as $14.99 per page.  ACC 561 WEEK 4 Quizzes chapter 15, 16, 17

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