Exam (elaborations)
ACCT101 - Ch.2.
- Course
- Institution
Exam of 10 pages for the course SAFe 5.1 Questions and Answers 2024 at SAFe 5.1 Questions and Answers 2024 (ACCT101 - Ch.2.)
[Show more]
Seller
Follow
denicetho
Content preview
ACCT101 - Ch.21) Which of the following is a reason why a job order costing system is
appropriate for a custom 1) furniture manufacturer?
A) Custom furniture manufacturers produce large quantities of similar products.
B) The direct costs incurred for each job are the same, only indirect costs vary.
C) The raw materials used have already been accounted for using process
costing. D) The cost incurred for each job will differ as per the order
specifications. - CORRECT ANSWER-D) The cost incurred for each job will differ
as per the order specifications.
2) Which of the following is the correct order of the four steps of tracking product
costs?
A) accumulate → assign → allocate → adjust
B) adjust → allocate → accumulate → assign C) assign → accumulate →
allocate → adjust D) allocate → adjust → accumulate → assign - CORRECT
ANSWER-A) accumulate → assign → allocate → adjust
3) A major purpose of a cost accounting system is to ________.
A) assist creditors in determining whether to grant a loan
B) compute the cost of goods sold for the income statement
C) show investors a company is operating efficientlyD) classify all costs as
operating or marketing costs - CORRECT ANSWER-B) compute the cost of
goods sold for the income statement
4) The entry to record the purchase of raw materials on account would include a
________.
A) debit to the Work-in-Process Inventory account
B) credit to the Raw Materials Inventory account
C) credit to the Work-in-Process Inventory account
D) debit to the Raw Materials Inventory account - CORRECT ANSWER-D) debit
to the Raw Materials Inventory account
, 5) Which of the following accounts would be debited in the journal entry to record
the issuance of direct materials?
A) Work-in-Process Inventory B) Finished Goods Inventory C) Cost of Goods
Sold D) Raw Materials Inventory - CORRECT ANSWER-A) Work-in-Process
Inventory
7) The journal entry to issue $800 of direct materials and $60 of indirect materials
to production involves debit(s) to the ________.
A) Work-in-Process Inventory account for $800 and Manufacturing Overhead
account for $60
B) Work-in-Process Inventory account for $860
C) Manufacturing Overhead account for $860
D) Work-in-Process Inventory account for $800 and Finished Goods Inventory
account for $60 - CORRECT ANSWER-A) Work-in-Process Inventory account for
$800 and Manufacturing Overhead account for $60
6) The journal entry to issue indirect materials to production should include a
debit to the ________.
A) Work-in-Process Inventory account B) Finished Goods Inventory accountC)
Raw Materials Inventory account D) Manufacturing Overhead account -
CORRECT ANSWER-D) Manufacturing Overhead account
Adelphia Manufacturing issued $80,000 of direct materials and $8000 of indirect
materials for 8) production. Which of the following journal entries would correctly
record the transaction?
Manufacturing Overhead
88,000
Raw Materials Inventory
88,000
Work-in-Process Inventory
88,000
Raw Materials Inventory
88,000
Work-in-Process Inventory
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller denicetho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.25. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now