ACC 349 Final Exam: Managerial and Cost Accounting Concepts

Preview (3 of 9 Pages)

100%

Purchase to unlock

Loading page image...

ACC 349 Final Exam: Managerial and Cost Accounting ConceptsACC 349 Final Exam1) What is the best way to handle manufacturing overhead costs in order to get the most timelyjob cost information?A. The company should add actual manufacturing overhead costs to jobs as soon as theoverhead costs are incurred.B. The company should determine an allocation rate as soon as the actual costs are known, andthen apply manufacturing overhead tojobs.C. The company should account for only the direct production costs.D. The company should apply overhead using an estimated rate throughout the year.2) At the end of the year, manufacturing overhead has been overapplied. What occurred to createthis situation?A. The company incurred more manufacturing overhead costs than the manufacturing overheadassigned to jobs.B. The actual manufacturing overhead costs were less than the manufacturing overhead assignedto jobs.C. The company incurred more total job costs than the amount budgeted for the job.D. Estimated manufacturing overhead was less than actual manufacturing overhead costs.3) Luca Company overapplied manufacturing overhead during 2006. Which one of the followingis part of the year end entry to dispose of the overapplied amount assuming the amount ismaterial?A. A decrease to work in process inventoryB. A decrease to applied overheadC. An increase to finished goodsD. An increase to cost of goods sold4) Which of the following would be accounted for using a job order cost system?A. The production of textbooksB. The production of town homesC. The pasteurization of milkD. The production of cans of spinach5) Which one of the following is NEVER part of recording the issuance of raw materials in a joborder cost system?A. Debit Manufacturing OverheadB. Debit Finished Goods InventoryC. Debit Work in Process InventoryD. Credit Raw MaterialsInventory6) What is unique about the flow of costs in a job order cost system?A. It involves accumulating material, labor, and manufacturing overhead costs as they areincurred in order to determine the job cost.

Loading page image...

B. Each job is costed separately in a Work in Process subsidiary ledger.C. Job costs cannot be measured until all overhead costs are determined.D. There are no costs remaining in Work in Process at year end.7) Which one of the following costs would be included in manufacturing overhead of a lawnmower manufacturer?A. The cost of the fuel lines that run from the motor to the gas tankB. The cost of the wheelsC. Depreciation on the testing equipmentD. The wages earned by motor assemblers8) What broad functions do the management of an organization perform?A. Planning, directing, and controllingB. Directing, manufacturing, and controllingC. Planning, directing, and sellingD. Planning, manufacturing, and controlling9) Which of the following represents the correct order in which inventories are reported on amanufacturer’s balance sheet?A. Work in process, finished goods raw materialsB. Raw materials, work in process, finished goodsC. Finished goods, work in process, raw materialsD. Work in process, raw materials, finished goods10) In traditional costing systems, overhead is generally applied based onA. machine hoursB. direct laborC. direct material dollarsD. units of production11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)A. overhead rateB. product activityC. cost driverD. cost pool12) A well-designed activity-based costing system starts withA. computing the activity-based overhead rateB. analyzing the activities performed to manufacture a productC. identifying the activity-cost poolsD. assigning manufacturing overhead costs for each activity cost pool to products13) Which of the following factors would suggest a switch to activity-based costing?A. Overhead costs constitute a significant portion of total costs.B. Production managers use data provided by the existing system.C. Product lines similar in volume and manufacturing complexity.D. The manufacturing process has been stable.

Preview Mode

This document has 9 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

ACC 349 Implementing Activity-Based Costing at Starn Tool & Manufacturing

ACC/349 Analysis and Correction of Journal Entries: Impact on Financial Statements

ACC/349 Implementing Activity-Based Costing in R&D Departments: A Case Study of Ideal Manufacturing Company

Accounting

Master Managerial Accounting Techniques

Controlling and Reporting of Real Assets

Team A Week 5 Problems

Accounting Audit Final Exam MCQs 2015

Sarbanes Oxley Act, GAAP and IFRS

IFRS or US GAAP Which is the Best Reporting Standard

Company

Explore

Study Tools