im_ch02 - CHAPTER 2 Job Order Cost Accounting ASSIGNMENT...

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CHAPTER 2 Job Order Cost Accounting ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises A Problems B Problems 1. Explain the characteristics and purposes of cost accounting. 1, 2, 3, 4 2. Describe the flow of costs in a job order cost accounting system. 5, 6, 7, 8, 11, 12 1, 2, 3, 4 1, 2, 3, 4, 6, 7, 8, 9, 11 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 3. Explain the nature and im- portance of a job cost sheet. 9, 10, 11, 12 5 2, 3, 6, 8, 10, 12 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 4. Indicate how the predeter- mined overhead rate is determined and used. 13, 14, 15 6, 7 2, 3, 5, 6, 7, 8, 11, 12, 13 1A, 2A, 3A, 4A, 5A 1B, 2B, 3B, 4B, 5B 5. Prepare entries for jobs completed and sold. 16 8 2, 3, 4, 6, 7, 8, 9, 10, 11 1A, 2A, 3A, 5A 1B, 2B, 3B, 5B 6. Distinguish between under- and overapplied manufacturing overhead. 17, 18 9 5, 12, 13 1A, 2A, 4A, 5A 1B, 2B, 4B, 5B 2-1
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ASSIGNMENT CHARACTERISTICS TABLE Problem Number Description Difficulty Level Time Allotted (min.) 1A Prepare entries in a job cost system and job cost sheets. Simple 30 - 40 2A Prepare entries in a job cost system and partial income statement. Moderate 30 - 40 3A Prepare entries in a job cost system and cost of goods manufactured schedule. Simple 30 - 40 4A Compute predetermined overhead rates, apply over- head, and calculate under- or overapplied overhead. Simple 20 - 30 5A Analyze manufacturing accounts and determine missing amounts. Complex 30 - 40 1B Prepare entries in a job cost system and job cost sheets. Simple 30 - 40 2B Prepare entries in a job cost system and partial income statement. Moderate 30 - 40 3B Prepare entries in a job cost system and cost of goods manufactured schedule. Simple 30 - 40 4B Compute predetermined overhead rates, apply over- head, and calculate under- or overapplied overhead. Simple 20 - 30 5B Analyze manufacturing accounts and determine missing amounts. Complex 30 - 40 2-2
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BLOOM’S TAXONOMY TABLE 2-3
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STUDY OBJECTIVES 1. EXPLAIN THE CHARACTERISTICS AND PURPOSES OF COST ACCOUNTING. 2. DESCRIBE THE FLOW OF COSTS IN A JOB ORDER COST ACCOUNTING SYSTEM. 3. EXPLAIN THE NATURE AND IMPORTANCE OF A JOB COST SHEET. 4. INDICATE HOW THE PREDETERMINED OVERHEAD RATE IS DETERMINED AND USED. 5. PREPARE ENTRIES FOR JOBS COMPLETED AND SOLD. 6. DISTINGUISH BETWEEN UNDER- AND OVERAPPLIED MANUFACTURING OVERHEAD. 2-4
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CHAPTER REVIEW Cost Accounting Systems 1. (S.O. 1) Cost accounting involves the measuring, recording, and reporting of product costs. From the data accumulated, both the total cost and unit cost of each product is determined . 2. A cost accounting system consists of accounts for the various manufacturing costs. These ac- counts are fully integrated into the general ledger of a company. An important feature of a cost accounting system is the use of a perpetual inventory system. Such a system provides informa- tion immediately on the cost of a product. The two basic types of cost accounting systems are (a) a job order cost system and (b) a process cost system. 3.
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This note was uploaded on 05/08/2008 for the course ACC 210 taught by Professor John during the Spring '08 term at South Central College: Faribault Campus.

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im_ch02 - CHAPTER 2 Job Order Cost Accounting ASSIGNMENT...

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