2203 Chapter 2

2203 Chapter 2

University

10 Qs

quiz-placeholder

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2203 Chapter 2

2203 Chapter 2

Assessment

Quiz

Business

University

Hard

Created by

Kari Mitchell

Used 3+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following costs are recorded directly into the Work in Process Inventory account?

Direct materials

Direct labor

Indrect materials

Direct materals AND Direct labor

All of these

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Job order costing

is used by companies that make standardized products
is used by companies that offer customized products
is total costs divided by units produced
is Direct Labor plus Direct Materials plus Manufacturing Overhead

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Process costing

is used by companies that make standardized products
is used by companies that offer customized products
is total costs divided by units produced
is Direct Labor plus Direct Materials plus Manufacturing Overhead

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Indirect costs

can be easily and conveniently traced to a specific job
canNOT be easily and conveniently traced to a specific job
is when the actual overhead is less than the applied overhead
is total costs divided by units produced

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Predetermined Overhead Rate

ACTUAL cost divided by ACTUAL cost driver
ACTUAL cost divided by ESTIMATED cost driver
ESTIMATED cost divided by ESTIMATED cost driver
ESTIMATED cost divided by ACTUAL cost driver

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a job that has been in process is finished, it is moved from ______ to _______.

Raw Materials Inventory to Work in Process Inventory
Work in Process inventory to Finished Goods Inventory
Work in Process Inventory to Cost of Goods Sold
Finished Goods Inventory to Cost of Goods Sold

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

We use the Predermined Overhead Rate to allocate:

Work in Process Inventory to Finished Goods Inventory
Manufacturing Overhead to Finished Goods Inventory
Manufacturing Overhead to Work in Process Inventory
Indirect Labor to Manufacturing Overhead

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