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1. List the two principal types of cost accounting systems. a. Which system provides for...

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Accounting

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1. List the two principal types of cost accounting systems. a. Which system provides for a separate record of each particular quantity of product that passes through the factory? b. Which system accumulates the costs for each department or process within the factory? 2. What kind of firm would use a job order cost system? 3. Which account is used in the job order cost system to accumulate direct materials, direct labor, and factory overhead applied to production costs for individual jobs? 4. Explain why the factory overhead that is applied to products/jobs is an estimate. 5. What is the formula for calculating the predetermined factory overhead rate? 6. What is the formula for applying factory overhead to products/jobs? 7. List the three potential activities bases that companies may use to apply factory overhead to products/jobs 8. If the factory overhead account has a debit balance, was factory overhead underapplied or overapplied? 9. If the factory overhead account has a credit balance, was factory overhead underapplied or overopplied? 10. What accounts would be debited and credited to eliminate overapplied foctory overhead? Focus MacBook Air

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