Categories
GB 519 Unit 2 Quiz
$5.00

GB 519 Unit 2 Quiz

This Tutorial was purchased 1 times & rated No rating by student like you.

 

This Tutorial contains following Attachments

  • GB 519 Unit 2 Quiz.docx

UNIT 2 QUIZ

1. Question : At the end of a fiscal year, overapplied factory overhead should

be:

Student Answer:

Debited to Cost of Goods sold.

Credited to Cost of Goods sold.

Debited to Cost of Good Manufactured.

None of the above.

 

Question 2. Question : Which one of the following is the amount that actual factory

overhead exceeds the factory overhead applied?

Student Answer:

Factory overhead applied.

Actual factory overhead.

Overapplied overhead.

Allocated factory overhead.

Underapplied overhead.

 

Question 3. Question : The two main advantages of using predetermined factory overhead

rates are to provide more accurate unit cost information and to:

Student Answer:

Simplify the accounting process.

Provide cost information on a timely basis.

Insure transmission of correct data.

Extend the useful life of the cost data.

Adjust for variances in data sources.

 

UNIT 2 QUIZ

Question 4. Question : The ideal criterion for choosing an allocation base for overhead is:

Student Answer:

Ease of calculation.

A cause-and-effect relationship.

Ease of use.

Its preciseness.

 

 

Question 5. Question : Effective implementation of activity-based costing (ABC)

requires:

Student Answer:

Normally the assistance of a consultant.

A sophisticated and expensive computer system.

Support of top management and key employees.

Capturing properly the complexity of the data.

ABC has no significant implementation issues.

 

 

Question 6. Question : Which of the following would likely be the most appropriate cost

driver of electric power used by machines?

Student Answer:

Number of units.

Machine size.

Number of machine hours.

Number of production runs.

Purchase cost of machines.

UNIT 2 QUIZ

Question 7. Question : In an activity-based costing system, overhead costs are divided

into separate:

Student Answer:

Cost objects.

Activity cost pools.

Resource consumption and activity consumption cost drivers.

Product-line cost pools.

Plantwide or departmental cost pools.

 

 

Question 8. Question : Which of the following is a batch-level cost driver?

Student Answer:

Output units.

Number of employees.

Number of orders.

Number of parts.

 

 

Question 9. Question : Units accounted for includes units completed and transferred out

plus:

Student Answer:

Beginning inventory.

Units to account for.

Ending inventory.

Units started.

 

UNIT 2 QUIZ

Question 10. Question : In calculating unit cost in a process costing system, "conversion

cost" is defined as the sum of:

Student Answer:

Direct and indirect material costs.

Direct and indirect labor costs.

Direct labor and factory overhead costs.

Indirect labor and factory overhead costs.

 

 

Question 11. Question : The journal entry to record incurred direct labor would include a

credit to:

Student Answer:

Work-in-Process Inventory.

Accrued Payroll.

Factory Overhead.

Materials Inventory.

Finished Goods Inventory.

 

 

Question 12. Question : Process cost systems are used in all of the following industries

except:

Student Answer:

Chemicals.

Ship building.

Oil refining.

Textiles.

Steel.

UNIT 2 QUIZ

Question 13. Question : ABC Company listed the following data for the current year:

Budgeted Factory Overhead = $ 1,044,000

Budgeted Direct labor Hours = 69,600

Budgeted Machine Hours = 24,000

Actual Factory Overhead = 1,037,400

Actual Labor Hours = 72,600

Actual Machine Hours = 23,600

If overhead is applied based on direct labor hours, the

overapplied/underapplied overhead is:

Student Answer:

$15,300 underapplied.

$15,300 overapplied.

$51,600 underapplied.

$51,600 overapplied.

$-0-

 

UNIT 2 QUIZ

Question 14. Question : Randall Company manufactures products to customer

specifications. A job costing system is used to accumulate

production costs. Factory overhead cost was applied at 125% of

direct labor cost. Selected data concerning the past year's

operation of the company are presented below.

Direct Materials January 1 = $77,000

Direct Materials December 31 = 40,000

WIP January 1 = 66,000

WIP December 31 = 42,000

Finished Goods January 1 = 115,000

Finished Goods December 31 = 100,000

Other Information:

Direct Materials Purchased = $324,000

Cost of Goods Available for Sale = 950,000

Actual Factory Overhead = 206,000

The cost of goods manufactured during the year is:

Student Answer:

$850,000.

$348,000.

$672,000.

$835,000.

$811,000.

 

 

Question 15. Question : If a firm has 1,200 completed and transferred out units, 200

equivalent units of beginning work in process and 500 ending

work-in-process equivalent units, what is the total of equivalent

units of production using the weighted-average method?

Student Answer:

1,500 units.

1,700 units.

1,200 units.

Cannot be determined from the above.

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$5.00

This Tutorial was purchased 0 times & rated No rating by student like you.

UNIT 5 QUIZ 1. Question : When a firm determines the desired cost for a product or service, given a competitive market price, in order to earn a desired profit, the firm is exercising: Student Answer: Target costing. Life cycle costing. Variable costing. Absorption cos..
$5.00

This Tutorial was purchased 1 times & rated No rating by student like you.

UNIT 4 QUIZ 1. Question : The shadow price in a linear programming model is: Student Answer: Interesting from a mathematical standpoint, but not useful from an accounting standpoint. Equal to the current market price for an additional unit of the related resource. The ..
$5.00

This Tutorial was purchased 2 times & rated B+ by student like you.

UNIT 3 QUIZ 1. Question : Which of the following provides the most accurate cost estimation? Student Answer: Regression analysis with R-squared of 0.12. Regression analysis with F value of 1.2 High-low method. Regression analysis with R squared of 0.89.   ..
$5.00

This Tutorial was purchased 0 times & rated No rating by student like you.

UNIT 1 QUIZ 1. Question : Corporate management is required to identify and solve problems from a cross-functional view. Instead of viewing a problem as related to a specific business function, management solves these problems by combining skills from different functions simult..
$15.00

This Tutorial was purchased 2 times & rated B+ by student like you.

1. Question : A strategy map is:   Question 2. Question : Which of the following aspects of the contemporary business environment involves using statistical methods such as regression or correlation analysis to predict consumer behavior, to measure customer satisfaction, or to develo..
$6.00

This Tutorial was purchased 1 times & rated No rating by student like you.

Unit 6 Assignment   BRIEF Exercise 18-22 Problem 20-37 ..
$6.00

This Tutorial was purchased 0 times & rated No rating by student like you.

Unit 5 Assignment   Exercise 14-40 Problem 15-53  ..
$6.00

This Tutorial was purchased 4 times & rated A+ by student like you.

Unit 4 Assignment 2   The second and final part of the case study is due at the end of Unit 4. Part 2 of the case study is a PowerPoint presentation with voiceover recording. The Voiceover will be the narrative you would be presenting as if this were a live presentation. You will, in..
$6.00

This Tutorial was purchased 3 times & rated A+ by student like you.

Unit 4 Assignment 1       1.      Read the following article Agans, R., & Shaffer, L. (1994). The hindsight bias: The role of the availability heuristic and perceived risk. Basic and Applied Social Psychology, 15(4), 439-449. “ This article c..
$6.00

This Tutorial was purchased 3 times & rated B+ by student like you.

Unit 3 Assignment 2 (Part 1 Case Study)   Part 1 of the Project, due at the end of this unit, requires you to complete an analysis of an organization. This evaluation will provide the basis for Part 2 of the Project. “The Organization” may be understood and used in three ways: 1) You..
$6.00

This Tutorial was purchased 0 times & rated No rating by student like you.

Unit 3 Assignment 1   Exercise 9-33 Exercise 10-50 ..
$6.00

This Tutorial was purchased 1 times & rated No rating by student like you.

Unit 2 Assignment   Exercise 4-35 Exercise 5-29  ..
$6.00

This Tutorial was purchased 3 times & rated A+ by student like you.

Exercise 1-33 Problem 2-56 Problem 3-52 Problem 3 (Case A) ..