Lackawanna ACC220 2021 November Module 3 Quiz Latest

ACC220 Managerial Accounting

Module 3 Quiz  

Question 1Which of the following are the two main types of cost accounting systems for manufacturing operations?

a. process cost and general accounting systems

b. job order cost and process cost systems

c. job order and general accounting systems

d. process cost and replacement cost systems

Question 2Which of the following would most likely use a job order costing system?

a. a paper mill

b. a swimming pool installer

c. a company that manufactures chlorine for swimming pools

d. an oil refinery

Question 3Job order costing and process costing are

a. pricing systems

b. cost accounting systems

c. cost flow systems

d. inventory tracking systems

Question 4Which of the following would record the labor costs to an individual job?

a. clock cards

b. in-and-out cards

c. time tickets

d. a payroll register

Question 5The Thomlin Company forecasts that total overhead for the current year will be $15,500,000 with 250,000 total machine hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. The predetermined overhead rate based on machine hours is

a. $48 per machine hour

b. $62 per machine hour

c. $45 per machine hour

d. $50 per machine hour

Question 6. At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to

a. increase by $1,700,000

b. decrease by $1,700,000

c. increase by $3,400,000

d. decrease by $3,400,000

Question 7The source document for the data for debiting Work in Process for direct materials is a

a. purchase order

b. purchase requisition

c. materials requisition

d. receiving report

Question 8A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for

a. Work in Process and Cost of Goods Sold

b. Work in Process and Factory Overhead

c. Finished Goods and Cost of Goods Sold

d. Work in Process and Finished Goods

Question 9Each document in the cost ledger is called a

a. finished goods sheet

b. stock record

c. materials requisition

d. job cost sheet

Question 10The recording of the factory labor incurred for general factory use would include a debit to

a. Factory Overhead

b. Wages Payable

c. Wages Payable

d. Cost of Goods Sold