ACC 349 Final Exam

Jul 21st, 2016
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1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should account for only the direct production costs. D. The company should apply overhead using an estimated rate throughout the year. 2) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation? A. The company incurred more manufacturing overhead costs than the manufacturing overhead assigned to jobs. B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs. C. The company incurred more total job costs than the amount budgeted for the job. D. Estimated manufacturing overhead was less than actual ma

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ACC 349 Final Exam1) What is the best way to handle manufacturing overhead costs in order to get the most timelyjob cost information?A. The company should add actual manufacturing overhead costs to jobs as soon as theoverhead costs are incurred.B. The company should determine an allocation rate as soon as the actual costs are known, andthen apply manufacturing overhead to jobs.C. The company should account for only the direct production costs.D. The company should apply overhead using an estimated rate throughout the year.2) At the end of the year, manufacturing overhead has been overapplied. What occurred to createthis situation?A. The company incurred more manufacturing overhead costs than the manufacturing overheadassigned to jobs.B. The actual manufacturing overhead costs were less than the manufacturing overhead assignedto jobs.C. The company incurred more total job costs than the amount budgeted for the job.D. Estimated manufacturing overhead was less than actual manufacturing overhead costs.3) Luca Company overapplied manufacturing overhead during 2006. Which one of the followingis part of the year end entry to dispose of the overapplied amount assuming the amount ismaterial?A. A decrease to work in process inventoryB. A decrease to applied overheadC. An increase to finished goodsD. An increase to cost of goods sold4) Which of the following would be accounted for using a job order cost system?A. The production of textbooksB. The production of

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