GB 519 Unit 2 Quiz To Purchase This Material Click below Link http://www.gb519rank.com/product-31-GB-519-Unit-2-Quiz FOR MORE CLASSES VISIT www.gb519rank.com
UNIT 2 QUIZ 1. Question : At the end of a fiscal year, overapplied factory overhead should be: Student Answer: Debited to Cost of Goods sold. Credited to Cost of Goods sold. Debited to Cost of Good Manufactured. None of the above.
Question 2. Question : Which one of the following is the amount that actual factory overhead exceeds the factory overhead applied? Student Answer: Factory overhead applied. Actual factory overhead. Overapplied overhead. Allocated factory overhead. Underapplied overhead.
Question 3. Question : The two main advantages of using predetermined factory overhead rates are to provide more accurate unit cost information and to: Student Answer: Simplify the accounting process. Provide cost information on a timely basis. Insure transmission of correct data. Extend the useful life of the cost data. Adjust for variances in data sources.
UNIT 2 QUIZ Question 4. Question : The ideal criterion for choosing an allocation base for overhead is: Student Answer: Ease of calculation. A cause-and-effect relationship. Ease of use. Its preciseness.
Question 5. Question : Effective implementation of activity-based costing (ABC) requires: Student Answer: Normally the assistance of a consultant. A sophisticated and expensive computer system. Support of top management and key employees.
Capturing properly the complexity of the data. ABC has no significant implementation issues.
Question 6. Question : Which of the following would likely be the most appropriate cost driver of electric power used by machines? Student Answer: Number of units. Machine size. Number of machine hours. Number of production runs. Purchase cost of machines. UNIT 2 QUIZ Question 7. Question : In an activity-based costing system, overhead costs are divided into separate: Student Answer: Cost objects. Activity cost pools. Resource consumption and activity consumption cost drivers. Product-line cost pools. Plantwide or departmental cost pools.
Question 8. Question : Which of the following is a batch-level cost driver?
Student Answer: Output units. Number of employees. Number of orders. Number of parts.
Question 9. Question : Units accounted for includes units completed and transferred out plus: Student Answer: Beginning inventory. Units to account for. Ending inventory. Units started.
UNIT 2 QUIZ Question 10. Question : In calculating unit cost in a process costing system, "conversion cost" is defined as the sum of: Student Answer: Direct and indirect material costs. Direct and indirect labor costs. Direct labor and factory overhead costs. Indirect labor and factory overhead costs.
Question 11. Question : The journal entry to record incurred direct labor would include a credit to: Student Answer: Work-in-Process Inventory. Accrued Payroll. Factory Overhead. Materials Inventory. Finished Goods Inventory.
Question 12. Question : Process cost systems are used in all of the following industries except: Student Answer: Chemicals. Ship building. Oil refining. Textiles. Steel. UNIT 2 QUIZ Question 13. Question : ABC Company listed the following data for the current year: Budgeted Factory Overhead = $ 1,044,000 Budgeted Direct labor Hours = 69,600 Budgeted Machine Hours = 24,000
Actual Factory Overhead = 1,037,400 Actual Labor Hours = 72,600 Actual Machine Hours = 23,600 If overhead is applied based on direct labor hours, the overapplied/underapplied overhead is: Student Answer: $15,300 underapplied. $15,300 overapplied. $51,600 underapplied. $51,600 overapplied. $-0-
UNIT 2 QUIZ Question 14. Question : Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 125% of direct labor cost. Selected data concerning the past year's operation of the company are presented below. Direct Materials January 1 = $77,000 Direct Materials December 31 = 40,000 WIP January 1 = 66,000 WIP December 31 = 42,000 Finished Goods January 1 = 115,000 Finished Goods December 31 = 100,000 Other Information: Direct Materials Purchased = $324,000
Cost of Goods Available for Sale = 950,000 Actual Factory Overhead = 206,000 The cost of goods manufactured during the year is: Student Answer: $850,000. $348,000. $672,000. $835,000. $811,000.
Question 15. Question : If a firm has 1,200 completed and transferred out units, 200 equivalent units of beginning work in process and 500 ending work-in-process equivalent units, what is the total of equivalent units of production using the weighted-average method? Student Answer: 1,500 units. 1,700 units. 1,200 units. Cannot be determined from the above.