ACC 202 QUIZ CH15

Jul 20th, 2016
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QUESTION 1 Which of the following is one of the components of cost accounting?
 A. It involves the determination of company profits. B. It requires GAAP to be applied. C. It requires cost minimizing principles. D. It involves measuring product costs. QUESTION 2 When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry that should be made is
 A. Finished Goods Inventory Direct Materials Direct Labor Manufacturing Overhead B. Work In Process Inventory Direct Materials Direct Labor Manufacturing Overhead C. Raw Materials Inventory Work In Process Inventory D. Finished Goods Inventory Work In Process Inventory QUESTION 3 Which of the following is not a control account?
 A. Accounts Receivable B. Factory Labor C. Raw Materials Inventory D. Manufacturing Overhead QUESTION 4 Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of the period?
 A. The total of ma

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ACC 202 QUIZ CH15QUESTION 1Which of the following is one of the components of cost accounting?A. It involves the determination of company profits.B. It requires GAAP to be applied.C. It requires cost minimizing principles.D. It involves measuring product costs.QUESTION 2When a job is completed and all costs have been accumulated on a job cost sheet, the journalentry that should be made isA.Finished Goods InventoryDirect MaterialsDirect LaborManufacturing OverheadB.Work In Process InventoryDirect MaterialsDirect LaborManufacturing OverheadC. Raw Materials InventoryWork In Process InventoryD.Finished Goods InventoryWork In Process InventoryQUESTION 3Which of the following is not a control account?A. Accounts ReceivableB. Factory LaborC. Raw Materials InventoryD. Manufacturing OverheadQUESTION 4Which one of the following should be equal to the balance of the Work In Process Inventoryaccount at the end of the period?A. The total of manufacturing overhead applied to work in process for the periodB. The total manufacturing costs for the periodC. The sum of the costs shown on the job cost sheets of unfinished jobsD. The total of the amounts transferred from raw materials for the current periodQUESTION 5Cost of goods manufactured equals $65,000 for 2013. Finished goods inventory is $2,000 at thebeginning of the year and $5,500 at the end of the year. Beginning and ending work in processfor 2013 are $4,000 and $5,000, respectively. H

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