GB519: Measurement and Decision Making

Question # 00002121 Posted By: mac123 Updated on: 10/08/2013 03:54 PM Due on: 10/10/2013
Subject Accounting Topic Accounting Tutorials:
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unit 2 : Unit 2: Introduction to Job Costing, Activity Based Costing, Process Costing and Customer Profitability Analysis. - Quiz


1.Volume-based cost accounting systems often do a poor job of product costing because they: (Points : 2)









2.ABC Company listed the following data for 2010:

Budgeted Factory Overhead

$1,044,000

Budgeted Direct Labor Hours

72,000

Budgeted Machine Hours

24,000

Actual Factory Overhead

1,037,400

Actual Direct Labor Hours

72,000

Actual Machine Hours

23,000

Round calculations to two significant digits.

Assuming ABC Company applied overhead based on direct labor hours, the company's predetermined overhead rate for 2010 is: (Points : 2)











3.The sum of units transferred out and ending inventory units, assuming no spoilage, determines the: (Points : 2)









4.A time ticket: (Points : 2)









5.Which one of the following is the amount of factory overhead applied that exceeds the actual factory overhead cost? (Points : 2)











6.Which method is a method used to prepare the departmental production cost report when using a process cost system? (Points : 2)











7.The journal entry to record incurred direct labor would include a credit to: (Points : 2)











8.The costs of operating a regional warehouse is an example of a: (Points : 2)









9.Normal spoilage is defined as: (Points : 2)











10.Firms should use a process costing system when they produce products that: (Points : 2)









11.From the industries listed below, which one is most likely to use process costing in accounting for production costs? (Points : 2)









12.The number of the same or similar units that could have been produced given the amount of work actually performed on both complete and partially complete units is referred to as: (Points : 2)











13.The major limitation of volume-based costing systems is the use of volume-based: (Points : 2)











14.Multistage ABC is used when: (Points : 2)











15.With the increase in competition over the past several years, traditional cost accounting systems have become less common in product costing because (Points : 2)









16.A Production Cost Report summarizes all except: (Points : 2)











17.In a process costing system, the cost of abnormal spoilage should be: (Points : 2)









18.For job costing in service industries, overhead costs are usually applied to jobs based on: (Points : 2)











19.Roussey Co. had the following information for the month of June:

Work-in-Progress Inventory – 6/1

2,000 Units

Units Transferred In

10,000 Units

Work-in-Progress Inventory – 6/30

3,000 Units

Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 40 percent complete as to conversion. Materials are added at the end of the process.

The equivalent units for materials under the weighted-average method are calculated to be: (Points : 2)











20.Under conventional job costing, factory overhead costs are assigned to products or services using labor or machine hours which are: (Points : 2)









21.Which one of the following is a high value-added activity? (Points : 2)











22.Jackson Inc. listed the following data for 2010:

Budgeted Factory Overhead

$1,300,000

Budgeted Direct Labor Hours

82,000

Budgeted Machine Hours

41,000

Actual Factory Overhead

1,201,000

Actual Direct Labor Hours

86,300

Actual Machine Hours

39,400

Round calculations to two significant digits.

Assuming Jackson Inc. applied overhead based on machine hours, the firm's predetermined overhead rate for 2010 is: (Points : 2)











23.The three major differences between process and job order costing systems are those relating to: (Points : 2)









24.Oregonian Fisheries Inc. processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2010 are provided below:

Percent Completed

Tons of King Salmon

Materials

Conversion

Work-in-Progress Inventory – 6/1

1,800

90

80

Work-in-Progress Inventory – 6/30

2,800

60

40

Started Processing During June

7,800

Total equivalent units for conversion under the weighted-average method are calculated to be: (Points : 2)











25.Roussey Co. had the following information for the month of June:

Work-in-Progress Inventory – 6/1

2,000 Units

Units Transferred In

10,000 Units

Work-in-Progress Inventory – 6/30

3,000 Units

Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 40 percent complete as to conversion. Materials are added at the end of the process.

How many units were completed in June? (Points : 2)









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