Quiz 2 answer key0

Quiz 2 answer key0 - C. Dr. Finished Goods and Cr. Work in...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCT 203 Quiz #2 Summer 2010 Paul Harley 1. The typical inventory accounts carried by a manufacturer are: A. raw materials, work-in-process, and general merchandise B. Raw materials, work-in-process and finished goods C. Raw materials, work-in-process and cost of goods sold D. None of the above. Answer: B 2. Costs that are incurred as part of the manufacturing process but are not directly associated with jobs in work in process are: A. Administrative expenses. B. Period costs C. Nonmanufacturing costs. D. Finished goods E. Factory overhead costs Answer E 3. What journal entry shows the movement of completed jobs out of work in process since they are complete and ready for sale to customers: A. Dr. Work in Process and Cr. Raw Materials B. Dr. Raw Materials and Cr. Work in Process
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: C. Dr. Finished Goods and Cr. Work in Process D. Dr. Cost of Goods sold and Cr. Finished Goods E. None of the above. Answer: C 4. What is the journal entry that is used to record the wages (i.e. payroll) earned by employees who work inside a manufacturing facility and is tracked by the clock card: A. Dr. Wages expense and Cr. Wages payable B. Dr. Factory Wages and Cr. Wages expense C. Dr. Factory Payroll and Cr. Work in Process D. Dr. Factory Payroll and Cr. Wages Payable E. Dr. Factory overhead and Cr. Wages expense Answer: D 5. A product cost that changes due to changes in volume of activity over a relevant range is a(n): A. Differential cost. B. Fixed cost. C. Period cost. D. Variable cost. E. None of the above. Answer: D...
View Full Document

Page1 / 2

Quiz 2 answer key0 - C. Dr. Finished Goods and Cr. Work in...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online