Accounting Final Exam
DOWNLOADACC 349 Final Exam
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? 2) At the end of the year, manufacturing overhead has been over applied. What occurred to create this situation?3) Luca Company over applied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the over applied amount assuming the amount is material4) Which of the following would be accounted for using a job order cost system?5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?6. What is unique about the flow of costs in a job order cost system?7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?8) What broad functions do the management of an organization perform?9) Which of the following represents the correct order in which inventories are reported on a manufacturer’s balance sheet?10) In traditional costing systems, overhead is generally applied based on11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)12) A well-designed activity-based costing system starts with13) Which of the following factors would suggest a switch to activity-based costing?14) All of the following statements are correct EXCEPT that15) What sometimes makes implementation of activity-based costing difficult in service industries is16) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?17) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is: 18) Poodle Company manufactures two products, Mini A and
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? 2) At the end of the year, manufacturing overhead has been over applied. What occurred to create this situation?3) Luca Company over applied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the over applied amount assuming the amount is material4) Which of the following would be accounted for using a job order cost system?5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?6. What is unique about the flow of costs in a job order cost system?7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?8) What broad functions do the management of an organization perform?9) Which of the following represents the correct order in which inventories are reported on a manufacturer’s balance sheet?10) In traditional costing systems, overhead is generally applied based on11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)12) A well-designed activity-based costing system starts with13) Which of the following factors would suggest a switch to activity-based costing?14) All of the following statements are correct EXCEPT that15) What sometimes makes implementation of activity-based costing difficult in service industries is16) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?17) Poodle Company manufactures two products, Mini A and Maxi B. Poodle's overhead costs consist of setting up machines, $800,000; machining, $1,800,000; and inspecting, $600,000. Information on the two products is: 18) Poodle Company manufactures two products, Mini A and