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True False For each of the following statements, circle T in the answer column if...

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Accounting

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True False For each of the following statements, circle T in the answer column if the state- Part 2 ment is true or F if the statement is false. 1. An overhead rate based on machine hours may be used only if the machines are T F nearly alike. 2. The predetermined overhead rate may be based on estimated overhead costs and T F estimated production volume for the coming year. 3. Overhead application rates are used to assign manufacturing overhead costs to TF specific jobs. 4. The direct labor costs hasis is the most widely used overhead rate allocation basis. T F 5. Underapplied overhead occurs when the estimated overhead applied to jobs is T T F greater than the actual overhead costs sustained. 6., A cost accounting system furnishes the total actual overhead costs immediately T F upon completion of each job. 7. Overhead application rates for the producing departments are computed without T F reference to the service departments. 8. A single overhead rate for all departments should be used whenever possible. TF "T1 F rummun of the hudoet data for the

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