Managerial Accounting – UFC1

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A project price sheet reflects information around each of the complying with items except: The expenses incurred by the marketing department in marketing the task.

You are watching: There are two basic types of cost accounting systems: job order costing and periodic costing.

At present year-finish Hardly Company found that its overhead was under used by $2,500, and this amount was not deemed to be a material amount. Based on this indevelopment, Hardly should: Cshed the $2500 to Cost of Goods Sold
When raw materials are offered in production and are videotaped in job expense system: Goods in Process and also Factory Overhead are debited and Raw Materials Inventory is credit.
A source document that an employee offers to document the variety of hours at work-related and also that is offered to identify the complete labor cost for each pay period is a: Clock Card
When time ticket information is entered into the bookkeeping device, the journal entry is a delittle bit to factory payroll and also a crmodify to Goods in Process Inventory. False
If overhead used is much less than actual overhead, it is: Under applied
Materials requisitions and time tickets are price bookkeeping resource documents true
A time ticket is a resource record used by an employee to record the variety of hrs worked on a certain task in the time of the work day. true
Tright here are two basic forms of price audit systems: project order costing and also Periodic costing false
A manufacturing firm that produces a huge numbers of standardized devices would generally usage a job order cost audit mechanism. false
Dell Builders manufactures each residence to customer specifications. It the majority of most likely would use: job order costing.
The overhead cost applied to a job throughout a duration is videotaped with a credit to Factory Overhead and also a delittle to: Goods in Process Inventory
Job order production devices would be appropriate for suppliers that produce training films for a certain customer or custom-made furniture to be supplied in a new 5 star rekind htoel. true
A project price sheet includes: Direct material, straight labor, overhead
IN a job order accounting system, the complete balances of all of the project price sheets for unfiniburned tasks equal the balance in the Goods in Process Inventory account. true
The preestablished overhead allocation price is offered to use overhead expense to products.

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true
A source record that production managers use to repursuit products for manufacturing and also that is supplied to asauthorize materials expenses to particular work or to overhead is a: products requisition
Cost audit systems accumulate costs and also then assign them to products or services. true