charter oak acc102 week 2 test part 1

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·
1

5 out of 5 points

1. When goods are completed and come off the
assembly line

Answer

·
Question 2

5 out of 5 points

2.Costs that are traceable to a
particular unit and are inventoriable are called

Answer

·
Question 3

5 out of 5 points

3..Goods that are still in the
production process would be in which account?

Answer

·
Question 4

5 out of 5 points

4. The salaries
paid to employees working directly on a company’s products would be shown as
a

Answer

·
Question 5

5 out of 5 points

5.Determine the amount of manufacturing
overhead given the following information:

a.

Depreciation
on a factory building

$1,200

b.

Telephone
expense in factory office

375

c.

Telephone
expense in sales showroom

425

d.

Factory
foreman?s salary

2,500

e.

Maintenance
for factory`

400

f.

Maintenance
for sales showroom

340

Answer

·
Question 6

0 out of 5 points

6.The cost of the employee who computes
total manufacturing costs would be considered:

Answer

·
Question 7

5 out of 5 points

7.Which of the following is not a
period costs?

Answer

·
Question 8

5 out of 5 points

8.A product cost is deducted from
revenue in the period in which:

Answer

·
Question 9

0 out of 5 points

9.The following information is
available about the August transactions of the Ace Tool Co.:

Invoices
for product costs paid during the month…………………

$415,000

Product
costs charged to work in process………………………….

620,000

Cost
of finished goods manufactured………………………………..

604,000

Cost
of goods sold……………………………………………………….

622,000

The product costs
to be deducted from revenue in August amount to:

Answer

·
Question 10

0 out of 5 points

10.When a manufacturing company
purchases raw materials or component parts to be used in manufacturing
finished goods, these costs are initially debited to:

Answer

·
Question 11

0 out of 5 points

11.The accountant for Complete Plumbing
Equipment Company recently made a journal entry consisting of a debit to Work
in Process and a credit to Materials Inventory. This entry recorded:

Answer

·
Question 12

5 out of 5 points

12.Direct labor costs in a paint factory
would include wages of employees who:

Answer

·
Question 13

5 out of 5 points

13.Manufacturing overhead is best
described as:

Answer

·
Question 14

5 out of 5 points

14.In the year-end financial statements,
the Manufacturing Overhead account should have:

Answer

·
Question 15

0 out of 5 points

15.In a manufacturing company, the cost
of finished goods manufactured is equal to:

Answer

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