ACC 202 ACC202 Week 1 Quiz Answers (National University)

ACC 202 ACC202 Week 1 Quiz Answers (National University)


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ACC 202 Week 1 Quiz (National University)

    1. Managerial accounting is primarily concerned with providing:
    2. While a product is in production, its manufacturing costs are accumulated in the:
    3. For a manufacturing company, which of the following is an example of a period rather than a product cost?
    4. A chief executive officer's salary would be considered a(n)
    5. Which of the following should NOT be included as part of manufacturing overead at a company that makes office furniture?
    6. If an administrative cost is mistakenly recorded as manufacturing overhead, which of the following is most likely?
    7. A disadvantage of the high-low method of cost analysis is that:
    8. Carlo Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhad to jobs. The company estimated manufacturing overhead at $255,000 for the year and direct labor hours at 100,000 hours. Actual manufacturing overhead costs incurred during the year totaled $265,500. Actual direct labor hours were 105,000. What was the overapplied or underapplied overhead for the year?
    9. Jackson Company applies overhead to jobs on the basis of 120% of direct labor cost. If Job 107 shows $10,000 of TOTAL manufacturing overhead applied, how much was the direct labor cost on the job?
    10. Beaver Company used a pretermined overhead rate last year of $2 per direct labor hour, based on an estimate of 25,000 direct labor hours to be worked during the year. Actual manufacturing costs were $49,000. Actual direct labor hours worked were 24,000. The underapplied or overapplied overhead last year was:
    11. Manufacturing overhead
    12. Replacement of direct labor workers with highly automated machines has the following effect on variable and fixed manufacturing costs:
    13. Which of the following types of firms typically would use process costing rather than job-order costing
    14. In computing its predetermined overhead rate, Brady Company included its factory insurance cost twice. This error will result in:
    15. Which of the following accounts would never be affected by over-applying or under-applying overhead?
    16. Jameson Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for the next year:
  • Direct materials
  • $5,000
  • Direct labor
  • $19,000
  • Rent of factory building
  • $16,000
  • Sales salaries
  • $24,000
  • Depreciation on factory equipment
  • $7,000
  • Indirect labor
  • $11,000
  • Production supervisor's salary
  • $14,000

Jameson estimates that 24,000 direct labor hours will be worked during the year. The predetermined overhead rate per hour will be:

Use the following to answer this question and the next question:

Snappy Company has a job-order cost system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Manufacturing overhead cost and direct labor-hours were estimated at $100,000 and 40,000 hours, respectively, for the year. In July, Job #334 was completed at a cost of $5,000 in direct materials and $2,400 in direct labor. The labor rate is $6 per hour. By the end of the year, Snappy had worked a total of 45,000 direct labor-hours and had incurred $110,250 actual manufacturing overhead cost.

If Job #334 contained 200 units, the unit cost on the completed job cost sheet would be:

Snappy's manufacturing overhead for the year was:

In a job order cost system using predetermined manufacturing overhead rates, indirect materials such as lubricating oil for machinery shouild be treated as:

Unlike managerial accounting reports, financial statements used by investors and other external parties:

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