Managerial Accounting: Creating Value in a Dynamic Business Environment

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ACC 312 (Atiase) Spring 2010 (2-11-2010) Ver C 2:00 and 3:30 classes Quiz #2 Name: KEY Class Time: 1. Indicate whether each of the following statements is True or False (8 points) a. Equivalent units are used in process costing to determine the amount of manufacturing activity that has been applied to a batch of physical units. True b. The following represents the correct 4 step sequence to prepare a departmental production report (1) analysis of physical flow, (2) determination of unit cost, (3) calculation of equivalent units and (4) analysis of total costs. False c. Over or under applied overhead may be disposed of by adjusting cost of goods sold or prorating the over or under applied overhead to cost of goods sold, finished goods inventory and work in process inventory. True d. Overhead is under applied when actual overhead is greater than applied overhead. True e. Cost of Goods manufactured = Beginning finished goods inventory +Cost of raw materials purchased – Ending finished goods inventory. False f. A normal costing system will consist of Actual direct materials used+ Actual Direct labor costs +Actual manufacturing overhead. False
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QUIZ - ACC 312(Atiase Spring 2010 Ver C Quiz#2 Name KEY...

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