Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. In job order cost accounting system, entry to record flow of direct materials into production is:

a. Debit Work in Process, credit Materials

b. Debit Factory Overhead, credit Materials

c. Debit Work in Process, credit Supplies

d. Debit Materials, credit Work in Process

2. Which of the given is false in regards to direct materials for auto manufacturer?

a. Small plastic clips to hold on door panels, as they become part of the auto, should be accounted for as direct materials.

b. Steel would probably be direct material.

c. Upholstery fabric would probably be a direct material.

d. Oil to lubricate factory machines would not be direct material.

3. Department W had 2,400 units, one-third completed at the starting of period, 12,000 units were transferred to Department X from Department W during period, and 1,800 units were one-half completed at the ending of period. Determine total number of units to be allocated cost on cost of production report for Department W?

a. 13,800 units

b. 12,700 units

c. 13,600 units

d. 12,000 units

4. Which of the given is not characteristic of job order costing system?

a. It is best suited for industries which manufactures custom goods.

b. Uses only one work in process account.

c. It accumulates cost for each department within the factory.

d. It gives a separate record for cost of each quantity of product which passes through factory.

5. The following are true regarding product costs except

a. Product costs comprises of direct labor, direct materials, and factory overhead.

b. Product costs are found on balance sheet until they are sold.

c. Product costs include sales and administrative expenses.

d. Product costs can be found in three accounts in balance sheet.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919098

Have any Question? 


Related Questions in Accounting Basics

Assignment research applicationin this assignment you will

Assignment: Research Application In this assignment, you will use the Internet and other sources to gather and interpret information related to service and manufacturing organizations. Select either a service or a manufa ...

Assignemntpart 11the type of business organization that can

Assignemnt Part 1 1. The type of business organization that can continue indefinitely is known as a: a. sole proprietorship. b. partnership. c. corporation. d. None of the above answers are correct. 2. The purpose of the ...

Aountingfalcons incorporatedassetsnbsp20132012cash and

Accounting FALCONS INCORPORATED Assets   2013 2012 Cash and Marketable Securities 10 80 Mc.. Receivable 375 315 Inventories 615 415 Total Current Ass. 1,000 810 Net plant and equipment 1,000 870 TOTAL ASSETS 2,000 1,680 ...

Question 1the following information relates to the

Question 1 The following information, relates to the imputation credit account (ICA) for Killorglin Park Fair Ltd ("Killorglin Park") for the year ending 31 March 2016. (i) The shareholders as at 31 March 2015 were Donna ...

Accountinguse the internet to research an annual report of

Accounting Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most impor ...

Fifteen years ago dan bought a home and financed 150000

Fifteen years ago Dan bought a home and financed $150,000 with a 30-years mortgage at 8.2%. (a) find his monthly payment, the total amount of his payments, and the total amount of interest he will pay over the life of th ...

You are starting your own internet business you decide to

You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business ...

Question 1 tonys textile company sells shirts for men and

Question 1: Tony's Textile Company sells shirts for men and boys. The average selling price and variable cost for each product are as follows: Men's Boy's Selling Price $28.80 Selling Price $24.00 Variable Cost $20.40 Va ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

Unconventional and growing inccrazy craig cravath is a

UNCONVENTIONAL AND GROWING, INC. "Crazy" Craig Cravath is a somewhat eccentric yet enthusiastic businessman who believes in the social responsibility of business. Incidentally, he is also interested in making enough mone ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen