Chapter 04 - Quiz

Chapter 04 - Quiz - Accounting 245 Cost Accounting Chapter...

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Accounting 245 – Cost Accounting Chapter 4 Quiz - 10 points Name: _______________________________________ True/False Questions 1. The use of predetermined overhead rates in a job order cost system makes it possible to estimate the total cost of a given job as the job is completed. T / F 2. The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work in Process account. T / F Multiple Choice Questions 3. In a job-order cost system, the application of manufacturing overhead usually would be recorded as a debit (increase) to: A) Cost of Goods Sold. B) Work in Process inventory. C) Manufacturing Overhead. D) Finished Goods inventory. 4. James Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The following data is for the year just completed: Manufacturing Overhead Estimate for the Year. ...... $200,000 Actual Manufacturing Overhead for the Year. ......... $225,000 Direct Labor Hours Estimate for the Year .................................................................................. 100,000
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This note was uploaded on 11/24/2010 for the course ACCT 245 taught by Professor B during the Spring '10 term at Oakton.

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Chapter 04 - Quiz - Accounting 245 Cost Accounting Chapter...

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