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Question 3

0 out of 1 points

	The major purpose of cost accounting is to
	Selected Answer: a. measure, record, and report all costs Answers: a. measure, record, and report all costs b. classify all costs into product or period costs c. measure, record, and report product costs d. measure, record, and report period costs

Question 4

1 out of 1 points

	Activity based costing
	Selected Answer: d. all are correct Answers: a. creates several small pools and assigns costs to those pools b. identifies and classifies activities c. assigns OH costs based on the activities assigned d. all are correct

Question 5

0 out of 1 points

	Whether using the traditional costing system or ABC, which costs would be different?
	Selected Answer: [None Given] Answers: a. OH, total costs b. conversion costs c. OH d. DM, DL

Question 6

0 out of 1 points

	Herman Enterprises produces cellular phones and is comparing costs under the company's traditional costing system to its newly implemented ABC system. The costs are as follows: DM = $6,150; DL Hours = 45; DL Rate = $15 per hour Traditional OH = DL hours @ $37 per hour ABC: Machine Setups = $14 per setup with 16 total setups Work Cell = $25 per cell hour with 64 cell hours Building Occupancy = $5 per cell hour with 64 cell hours What are total costs using the traditional costing system?
	Selected Answer: [None Given] Answers: a. $7,815 b. $8,969 c. $8,294 d. $8,490

Question 7

0 out of 1 points

	Which of the following would be more likely to use a job order costing system?
	Selected Answer: [None Given] Answers: a. paint manufacturer b. computer manufacturer c. oil refinery d. cabinet maker

Question 8

0 out of 1 points

	At the beginning of the year, Monroe Company ESTIMATES OH will cost $1,600,000; machine hours 320,000, DL hours 400,000; DL costs $160,000. ACTUAL OH costs were $1,640,000; machine hours 325,000; DL hours 420,000; DL costs $165,000. If OH was applied based on DL hours, how much OH has been applied?
	Selected Answer: [None Given] Answers: a. $1,600,000 b. $2,100,000 c. $1,680,000 d. $1,650,000

Question 9

0 out of 1 points

	Herman Enterprises produces cellular phones and is comparing costs under the company's traditional costing system to its newly implemented ABC system. The costs are as follows: DM = $6,150; DL Hours = 45; DL Rate = $15 per hour Traditional OH = DL hours @ $37 per hour ABC: Machine Setups = $14 per setup with 16 total setups Work Cell = $25 per cell hour with 64 cell hours Building Occupancy = $5 per cell hour with 64 cell hours What are conversion costs under ABC?
	Selected Answer: [None Given] Answers: a. $2,819 b. $2,144 c. $1,665 d. $2,335

Question 10

0 out of 1 points

	What types of activities (pools) might be used to accumulate OH costs under ABC?
	Selected Answer: [None Given] Answers: a. departments b. processes c. all are possible activities d. assembly

Question 11

0 out of 1 points

	At the beginning of the year, Monroe Company ESTIMATES OH will cost $1,600,000; machine hours 320,000, DL hours 400,000; DL costs $160,000. ACTUAL OH costs were $1,640,000; machine hours 325,000; DL hours 420,000; DL costs $165,000. If OH was applied based on DL hours, what is the balance in the OH account?
	Selected Answer: [None Given] Answers: a. $40,000 overapplied b. $15,000 overapplied c. $15,000 underapplied d. $40,000 underapplied

Question 12

0 out of 1 points

	When a job is completed, what is the journal entry?
	Selected Answer: b. debit FG; credit C/G/S Answers: a. debit WIP; credit FG b. debit FG; credit C/G/S c. debit C/G/S; credit FG d. debit FG; credit WIP

Question 13

0 out of 1 points

	What would the ending balance in the FG inventory account equal?
	Selected Answer: [None Given] Answers: a. completed but unsold jobs b. unfinished jobs c. completed and sold jobs d. all current costs for DM, DL, OH

Question 14

0 out of 1 points

	What would the ending balance in the WIP account equal?
	Selected Answer: [None Given] Answers: a. costs accumulated on uncompleted jobs b. current costs for DM, DL, OH c. total OH accumulated on uncompleted jobs d. costs accumulated on completed jobs

Question 15

0 out of 1 points

	During production, what account is used to accumulate the costs?
	Selected Answer: a. C/G/S Answers: a. C/G/S b. FG c. DM d. WIP

Question 16

0 out of 1 points

	At the beginning of the year, Monroe Company ESTIMATES OH will cost $1,600,000; machine hours 320,000, DL hours 400,000; DL costs $160,000. ACTUAL OH costs were $1,640,000; machine hours 325,000; DL hours 420,000; DL costs $165,000. What would the standard OH rate be if it were based on machine hours?
	Selected Answer: [None Given] Answers: a. $4 b. $5 c. $3.90 d. $5.05

Question 17

0 out of 1 points

	Herman Enterprises produces cellular phones and is comparing costs under the company's traditional costing system to its newly implemented ABC system. The costs are as follows: DM = $6,150; DL Hours = 45; DL Rate = $5 per hour Traditional OH = DL hours @ $37 per hour ABC: Machine Setups = $14 per setup with 16 total setups Work Cell = $25 per cell hour with 64 cell hours Building Occupancy = $5 per cell hour with 64 cell hours What are total costs under ABC?
	Selected Answer: [None Given] Answers: a. $8,969 b. $8,490 c. $8,294 d. $7,815

Question 18

0 out of 1 points

	Herman Enterprises produces cellular phones and is comparing costs under the company's traditional costing system to its newly implemented ABC system. The costs are as follows: DM = $6,150; DL Hours = 45; DL Rate = $15 per hour Traditional OH = DL hours @ $37 per hour ABC: Machine Setups = $14 per setup with 16 total setups Work Cell = $25 per cell hour with 64 cell hours Building Occupancy = $5 per cell hour with 64 cell hours What is OH under ABC?
	Selected Answer: [None Given] Answers: a. $1,665 b. $2,144 c. $675 d. $6,150

Question 19

0 out of 1 points

	At the beginning of the year, Monroe Company ESTIMATES OH will cost $1,600,000; machine hours 320,000, DL hours 400,000; DL costs $160,000. ACTUAL OH costs were $1,640,000; machine hours 325,000; DL hours 420,000; DL costs $165,000. What would the standard OH rate be if it were based on DL hours?
	Selected Answer: [None Given] Answers: a. $.25 b. $3.90 c. $5 d. $4

Question 20

1 out of 1 points

	Which of the following would not be considered an OH cost?
	Selected Answer: d. office maintenance personnel salary Answers: a. factory maintenance personnel salary b. depreciation on the line machinery c. factory time keeper d. office maintenance personnel salary

Question 21

0 out of 1 points

	What is one difference between a traditional job order costing system and an activity based costing system?
	Selected Answer: [None Given] Answers: a. traditional job costing applies several OH amounts; whereas ABC applies only one b. traditional job costing applies one OH amount; whereas ABC applies several c. traditional job costing applies one OH amount; whereas ABC applies four d. traditional job costing applies four OH amounts; whereas ABC applies only one

Question 22

1 out of 1 points

	When using a job order system, which account serves as the control account for the job cost sheets?
	Selected Answer: c. WIP Answers: a. OH b. FG c. WIP d. DM

Question 23

0 out of 1 points

	What serves as the subsidiary ledger to the WIP control account?
	Selected Answer: a. DM, DL, OH Answers: a. DM, DL, OH b. job cost sheets c. materials requisition form d. time sheets

Question 24

1 out of 1 points

	What is a job cost sheet?
	Selected Answer: b. it separates and accumulates all the costs charged to each job, then totals them Answers: a. it separates and accumulates OH costs charged to each job, then totals them b. it separates and accumulates all the costs charged to each job, then totals them c. it separates and accumulates DL costs charged to all the jobs, then totals them d. it separates and accumulates all the costs charged to all the jobs, then totals them

Question 25

0 out of 1 points

	Job order costing
	Selected Answer: d. uses multiple WIP inventory accounts Answers: a. measures cost for each part of the process for a specific time period b. accumulates manufacturing costs into smaller pools and applies each one separately c. collects manufacturing costs into one OH account and applies it based on a pre-determined rate d. uses multiple WIP inventory accounts

Question 26

0 out of 1 points

	Whether using the traditional costing system or ABC, which costs would remain the same?
	Selected Answer: [None Given] Answers: a. DM, DL b. DL, total costs c. OH, total costs d. DM, conversion costs

Question 27

1 out of 1 points

	What is job order costing systems designed for?
	Selected Answer: c. specialized, unique batches of products Answers: a. continuous, homogenous products b. jobs taking more than a year to complete c. specialized, unique batches of products d. jobs taking less than a year to complete

Question 28

0 out of 1 points

	What account is OH closed out to at the end of the period?
	Selected Answer: c. it does not get closed; it is a permanent account Answers: a. FG b. C/G/S c. it does not get closed; it is a permanent account d. it does not get closed; it is a temporary account

Question 29

0 out of 1 points

	One feature of job order costing is that
	Selected Answer: a. must have similar characteristics to another job Answers: a. must have similar characteristics to another job b. must be completed before a new job is started c. each job has its own distinguishing characteristics d. each job is exactly like the next one

Question 30

1 out of 1 points

	How is the predetermined rate calculated?
	Selected Answer: a. estimated cost / estimated activity Answers: a. estimated cost / estimated activity b. actual cost / estimated activity c. actual cost / actual activity d. estimated cost / actual activity

Saturday, July 21, 2018 11:53:35 PM EDT

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