EXAm2 ch.17-20 - Feedback From Instructor Grade 87 out of...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Feedback From Instructor Grade 87 out of 90.0 Comments Mesinee, incorrect multiple-choice with correct answer given: 11.d .Total score: 87/90 ACCOUNTING 203 ON-LINE EXAM #2 INDIVIDUAL PORTION 90 PTS. 30 MULTIPLE-CHOICE 3 PTS. EACH Due Date: Monday, November 5 (by midnight) 1. Product costs appear on the income statement in the form of A) cost of goods sold. B) materials inventory. C) sales commissions. D) none of these. Page 1
Background image of page 1

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

View Full DocumentRight Arrow Icon
2. When the amount of overhead applied differs from actual, if it is an insignificant dollar amount it is usually written off to A) Cost of Goods Sold. B) Work in Process Inventory. C) Finished Goods Inventory. D) Miscellaneous Expense. 3. Applied overhead exceeds actual overhead when the A) Overhead account has a credit balance. B) journal entry to account for the difference involves a debit to Cost of Goods Sold. C) Overhead account has a debit balance. D) company has overspent in the overhead cost area. 4. When Dimock Construction's Designer House #10 is completed, Dimock's A) work in process is increased. B) total assets are increased. C) work in process is decreased. D) total assets are decreased. 5. The total of the dollar amounts on the job order cost cards that have not been completed would be equal to the A) cost of goods completed. B) balance in the Finished Goods Inventory account. C) Cost of Goods Sold account. D) balance in the Work in Process Inventory account. 6. Costs assigned to the building of a house should appear on the income statement when A) the house is completed. B) the house is sold. Page 2
Background image of page 2
C) the purchase order to manufacture the house is received. D) cash is collected for the sale of the house. 7. The balance in the Work in Process Inventory account on April 1 was $28,900, and the balance on April 30 was $22,600. Costs incurred during the month were as follows: direct materials, $41,250; direct labor, $21,300; and overhead, $32,600. What amount was transferred to the Finished Goods Inventory account for April? A)
Background image of page 3

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

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 13

EXAm2 ch.17-20 - Feedback From Instructor Grade 87 out of...

This preview shows document pages 1 - 4. Sign up to view the full document.

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