acc 241 exam 1 3-4 Study Guide with Complete Solutions
2 views 0 purchase
Course
ACC 241
Institution
ACC 241
acc 241 exam 1 3-4 Study Guide with
Complete Solutions
process costing - ️️ Correct-mass production of identical products, produced with
uniform steps or processes, averages costs across all units produced (cereal or light
bulbs)
job costing - ️️ Correct-unique custom order products, s...
purchase order - ✔️✔️Correct-issued to supplier, lists desired items
job cost record - ✔️✔️Correct-prepared for each job, identifies jobs costs for: direct
materials, direct labor, manufacturing overhead, identifies disposition of completed units
materials requisition - ✔️✔️Correct-used to request materials needed for production, raw
materials record updated for items picked
allocation of manufacturing overhead to jobs - ✔️✔️Correct-are relatively constant,
cossets of many different items; multiply the overhead rate by the number of direct labor
hours charged to each job
disposition of over allocated manufacturing overhead - ✔️✔️Correct-occurs when actual
overhead is less than the amount applied, overstates cost of goods sold
disposition of under allocated manufacturing overhead - ✔️✔️Correct-occurs when actual
overhead exceeds the amount applied, understates costs of good sold
purchase of raw materials - ✔️✔️Correct-debited for the cost of materials purchased (raw
materials)
use of direct materials - ✔️✔️Correct-credited for the direct material added to work in
process (raw materials)
use of indirect materials - ✔️✔️Correct-credited for indirect materials added to
manufacturing overhead (raw materials)
2/6
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 EmillyCharlotte. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
