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ACC 241 Chapter 3,4,5,6,7 and 8 Exam 115 Questions with Verified Answers,100% CORRECT
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ACC 241 Chapter 3,4,5,6,7 and 8 Exam 115 Questions with Verified Answers
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ACC 241 Chapter 3,4,5,6,7 and 8 Exam 115 Questions withVerified Answers
Overhead rate formula - CORRECT ANSWER estimated cost of overhead /
estimated total hours (machine or direct labor)
overhead allocated/applied formula - CORRECT ANSWER predetermined
rate(overhead rate) * actual total hours (machine or direct labor)
total manufacturing cost = - CORRECT ANSWER DM (should already be there)
+
DL (labor hours * wage rate)
+
MOH or Machine hours (hours * rate)
a Job Costing System can be used by which types of companies? - CORRECT
ANSWER Service, manufacturing, and merchandising businesses
when do you determine how much manufacturing overhead is over-allocated or
under-allocated? - CORRECT ANSWER at the end of the period
Stanley Company uses a job cost system. Manufacturing overhead has been over-
allocated by $ 5,600 for the year. Actual overhead incurred was $ 105,200. Other
balances are:
Raw materials inventory at end of year
$ 14,600
Work in process inventory at end of year
$ 31,400
Finished goods inventory at end of year
$ 41,700
Unadjusted cost of goods sold for the year
$ 290,600
, What will the adjusted cost of goods sold be after closing manufacturing
overhead - CORRECT ANSWER $285,000
just subtract the over-allocation from the unadjusted amount
what is manufacturing overhead allocated on the basis of? - CORRECT ANSWER
Direct labor costs
direct labor hours
machine hours
5S - CORRECT ANSWER A workplace organization system comprised of the
following steps: sort, set in order, shine, standardize, and sustain
Activity- Based Costing (ABC) - CORRECT ANSWER Focusing on activities as the
fundamental cost objects. The costs of those activities become building blocks for
compiling the indirect costs of products, services, and customers
Activity- Based Management(ABM) - CORRECT ANSWER Using activity- based cost
information to make decisions that increase profits while satisfying customers'
needs
Appraisal Costs - CORRECT ANSWER Costs incurred to detect poor quality goods
or services
Backflush Costing - CORRECT ANSWER A simplified accounting system in which
production costs are not assigned to units until they are finished, or even sold,
thereby saving the bookkeeping steps of moving the product through the various
inventory accounts
Batch- Level Activities - CORRECT ANSWER Activities and costs incurred for every
batch, regardless of the number of units in the batch
Conformance Costs - CORRECT ANSWER The combination of prevention and
appraisal costs; the costs incurred to make sure a product or service is not
defective and therefore conforms to its intended design
Cost Distortion - CORRECT ANSWER Overcosting some products while
undercosting other products
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