ACCT 105 Week 6 Quiz

ACCT 105 Week 6 Quiz | Assignment Help | American Public University System

Quiz Submissions - ACCT 105 Week 6 Quiz

 

The data on a materials requisition are entered as debits to the Materials Inventory account.

Question options:

 

o   True

o   False

 

Question 2                

An under applied overhead balance caused primarily by unexpected increases in fuel costs theoretically should be allocated to Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.

Question options:

 

o   True

o   False

 

Question 3                

In a job cost accounting system, costs are accumulated in terms of departments for a specified time period.

Question options:

 

o   True

o   False

 

Question 4                

In the income statement under variable costing, income is more directly related to the volume of units sold than under absorption costing.

Question options:

 

o   True

o   False

 

Question 5                

Manufacturing overhead was applied to production at 60 percent of the direct labor cost of $10,000. The entry under perpetual inventory procedure is

Question options:

 

o   Dr. Work in Process Inventory for $6,000 and Cr. Manufacturing Overhead for $6,000.

o   Dr. Finished Goods Inventory for $6,000 and Cr. Manufacturing Overhead for $6,000.

o   Dr. Work in Process Inventory for $4,000 and Cr. Manufacturing Overhead for $4,000.

o   Dr. Work in Process Inventory for $4,000 and Cr. Factory Overhead Applied for $4,000.

 

 

Question 6                

Lumber can be both a finished product and a material.

Question options:

 

o   True

o   False

 

Question 7                

The materials, labor, and overhead costs incurred to produce a product are called period costs.

Question options:

 

o   True

o   False

o    

Question 8                

Materials were requisitioned for use, $28,200, of which $25,000 were direct materials. The entry is:

Question options:

 

o   Dr. Manufacturing Overhead for $25,000 and Work in Process Inventory for $3,200 and Cr. Materials Inventory for $28,200

o   Dr. Work in Process Inventory for $25,000 and Manufacturing Overhead for $3,200 and Cr. Materials Inventory for $28,200

o   Dr. Manufacturing Overhead for $25,000 and Work in Process Inventory for $3,200 and Cr. Materials Purchases for $28,200

o   Dr. Work in Process Inventory for $28,200 and Cr. Materials Inventory for $28,200

 

 

Question 9                

Absorption costing, rather than variable costing, is generally required for financial reporting and tax purposes.

Question options:

 

o   True

o   False

 

Question 10              

Which of the following would be classified as manufacturing overhead? (1) marketing research; (2) depreciation on president's office facilities; (3) advertising; (4) factory taxes; (5) indirect materials; (6) machinery maintenance.

Question options:

 

o   1, 3, 4 are manufacturing overhead costs.

o   4, 5, 6 are manufacturing overhead costs.

o   4, 6 are manufacturing overhead costs.

o   1, 2, 3, 4, 5, 6 are manufacturing overhead costs.

o   None of the above combinations.