Cost Accounting Chapter 2 Flashcards

A cost accounting system is used to control costs of manufacturing activities. (Select all that apply)

Producing products that are individually designed to meet the needs of a specific customer is known as:

To determine the cost of producing each job or job lot, companies use a:

Choose the product(s) that are most likely to be manufactured as a job, rather than as a job lot. (Select all that apply)

Designate the following as either job order or process operations:

A cost accounting system includes which of the following?

Job order production is most likely used by companies that produce:

All of the following are manufacturing costs except:

A job order costing system requires the company to keep separate records for each job.

All of the following are inventory accounts for a manufacturer except:

A job which involves producing more than one unit of a custom product is called a:

Job cost sheets can be used to: (Select all that apply)

Manufacturing of products in a repetitive manner is referred to as (process/job order) ________ operations while manufacturing custom products is referred to as (process/job order) ________ operations.

After jobs are completed and delivered to customers, the job cost sheet is used to provide a permanent record for:

List the following documents in the order in which they are used when recording direct materials costs in job order cost accounting, with the first document on top.

The three types of manufacturing costs in a job order costing system include:

Which of the following are characteristics of materials ledger cards? (Select all that apply)

The correct order of cost flows in a job order costing system is:

The journal entry to record the purchase of materials on account is to:

Companies use job cost sheets to track the costs of:

Journal entries for materials used in production are posted to: (Select all that apply)

During production, job cost sheets represent:

Time tickets are used in job order costing to:

List the following documents in the order in which they are used when recording indirect materials costs in job order cost accounting, with the first document on top.

List the following documents in the order in which they are used when recording direct labor costs in job order costing, with the first document on top.

Receiving reports are used in job order costing to record the cost and quantity of materials:

The journal entry to record the purchase of materials on account is a(n):

The journal entry to record the use of direct materials in production is to:

The journal entry to record the use of direct labor includes a debit to factory wages payable and a credit to work in process inventory.

Time tickets are used in job order costing to record the time and cost of:

Manufacturing costs include direct materials, direct labor, and:

List the following documents in the order in which they are used when recording indirect labor costs in job order costing, with the first document on top.

The predetermined overhead rate is based on total _________ costs and activity base.

The base to which overhead costs are linked, such as direct labor or machine hours, is known as the overhead ________ base.

A company has a predetermined overhead rate of $14 per machine hour. Job 846 uses 27.5 machine hours. Overhead allocated to Job 846 will be $________.

The journal entry to record direct labor in production is a(n):

The journal entry to record the allocation of factory overhead is:

Managers use a predetermined overhead rate for which of the following reasons? (Select all that apply)

Factory overhead includes direct materials and direct labor.

A company uses direct labor hours as its allocation base. Management estimates the company will have 10,000 hours of direct labor during the year and total overhead costs of $120,000. The predetermined overhead rate will be $_______ per hour.

The journal entry to record indirect materials in production is to:

Overhead may be applied based on:

The journal entry to record indirect labor costs used in production includes a debit to Factory ________.

A company has a predetermined overhead rate of 50% of direct labor costs. Job 62 incurs $560 in labor costs. Overhead allocated to Job 62 will be $_______.

The journal entry to record the accrual of factory utilities is to:

The journal entry to record the allocation of factory overhead to work in process is:

Match the following activities to their effect on the general ledger accounts.

Match the following overhead costs with their source documents.

A Schedule of Cost of Goods Manufactured includes all of the following costs:

The journal entry to record the use of indirect materials in production is to:

The Factory Overhead account is (debited/credited)________ for applied overhead costs.

The journal entry to record indirect labor used in production is to:

If the factory overhead is overapplied, then the adjusting journal entry to close the factory overhead account includes a: (Select all that apply)

The journal entry to record depreciation on factory equipment is to: