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Accounting_203_Chapter_2_Test

Accounting_203_Chapter_2_Test - ACCOUNTING 203 Chapter 2...

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ACCOUNTING 203 Chapter 2 Practice Test True and False Statements 1. Both job order and process costing systems use averaging to compute unit product costs. 2. The three cost categories appearing on a job cost sheet are: selling expense, manufacturing expense, and administrative expense. 3. Under a job-order cost system the Work in Process account is debited with the cost of materials purchased. 4. The process of assigning overhead to jobs is known as overhead application. 5. Period costs are expensed as incurred, rather than going into the Work in Process account. Multiple Choice Questions 6. In a job-order cost system, the application of manufacturing overhead usually would be recorded as a debit to: A) Cost of Goods Sold B) Work in Process inventory. C) Manufacturing Overhead. D) Finished Goods inventory. 7. Which of the following would probably be the least appropriate allocation base for allocating overhead in a highly automated manufacturer of specialty valves? Everett Community College Tutoring Center
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