ACC 202 ACC202 Week 1 Quiz Answers (National University)

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:

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