Acctg 2100 - 2ND Term Examination

11/16/21, 10:17 AM ACCTG 2100_2ND TERM EXAMINATION
ACCTG 2100_2ND TERM EXAMINATION

Total points 87/94
The respondent's email (dupol.mel@clsu2.edu.ph) was recorded on submission of this

form.
NAME: * ···/1
DUPOL, MEL KIAN CAESAR I.
SECTION: * ···/1
BSAC 2-1
BSAC 2-2
OTHERS (SPECIFY):
No correct answers
1. In a normal job-order costing system, factory overhead is applied using 1/1

predetermined rates times actual input. *
True
False
https://docs.google.com/forms/d/e/1FAIpQLSew5-qrigB1wcTkZ0Hk8P6fh7MyBomBil5cM6g7ntzeQQaUpg/viewscore?viewscore=AE0zAgAOmpuyFj… 1/41
2. When manufacturing overhead is charged to a job, the work in process 1/1

account is credited. *
True
False
3. Overapplied overhead that is material in amount is allocated between 0/1

Finished Goods Inventory, Work in Process, and Cost of Goods Sold at
year end. *
True
False
Correct answer
True
4. When job-order costing is used, the primary focal point of cost 1/1
accumulation is the *
a. department.
b. supervisor.
c. item.
d. job.
5. In a job-order costing system, * ···/1
a. standards cannot be used.
b. an average cost per unit within a job cannot be computed.
c. costs are accumulated by departments and averaged among all jobs.
d. overhead is typically assigned to jobs on the basis of some cost driver.
No correct answers
6. After the completion of production, standard and actual costs are 1/1
compared to determine the ____ of the production process.
a. effectiveness
b. complexity
c. homogeneity
d. efficiency
7. The source document that records the amount of raw material that has 1/1
been requested by production is the *
a. job-order cost sheet.
b. bill of lading.
c. interoffice memo.
d. material requisition.
8. A material requisition form should show all of the following information 1/1
except *
a. job number.
b. quantity required.
c. unit cost.
d. purchase order number.
9. Which of the following statements about job-order cost sheets is true? 1/1
*
a. All job-order cost sheets serve as the general ledger control account for Work in
Process Inventory.
b. Job-order cost sheets can serve as subsidiary ledger information for both
Work in Pro-cess Inventory and Finished Goods Inventory.
c. If material requisition forms are used, job-order cost sheets do not need to be
main-tained.
d. Job-order cost sheets show costs for direct material and direct labor, but not for
manu-facturing overhead since it is an applied amount.
10. The primary accounting document in a job-order costing system is 1/1

a(n) *
a. bill of materials.
b. job-order cost sheet.
c. employee time sheet.
d. materials requisition.
11. The cost sheets for incomplete jobs at the end of the period comprise 1/1
the subsidiary ledger for *
a. Finished Goods Inventory.
b. Raw Material Inventory.
c. Work in Process Inventory.
d. Supplies Inventory.
12. The ____ provides management with a historical summation of total 1/1
costs for a given product. *
a. job-order cost sheet
b. employee time sheet
c. material requisition form
d. bill of lading
13. The source document that records the amount of time an employee 1/1
worked on a job and his/her pay rate is the *
b. employee time sheet.
d. labor requisition form.
14. A credit to Work in Process Inventory represents * 1/1
a. work still in process.
b. raw material put into production.
c. the application of overhead to production.
d. the transfer of completed items to Finished Goods Inventory.
15. In a job-order costing system, the dollar amount of the entry that 1/1
debits Finished Goods Inventory and credits Work in Process Inventory is
the sum of the costs charged to all jobs *
a. started in process during the period.
b. in process during the period.
c. completed and sold during the period.
d. completed during the period.
16. Total manufacturing costs for the year plus beginning Work in Process 1/1
Inventory cost equals *
a. cost of goods manufactured in the year.
b. ending Work in Process Inventory.
c. total manufacturing costs to account for.
d. cost of goods available for sale.
17. Which of the following would be least likely to be supported by 1/1

subsidiary accounts or ledgers in a company that employs a job-order
costing system? *
a. Work in Process Inventory
b. Raw Material Inventory
c. Accounts Payable
d. Supplies Inventory
18. A journal entry includes a debit to Work in Process Inventory and a 1/1
credit to Raw Material Inventory. The explanation for this would be that *
a. indirect material was placed into production.
b. raw material was purchased on account.
c. direct material was placed into production.
19. Which of the following journal entries records the accrual of the cost 1/1
of indirect labor used in pro-duction? *
a. debit Work in Process Inventory, credit Wages Payable
b. debit Work in Process Inventory, credit Manufacturing Overhead
c. debit Manufacturing Overhead, credit Work in Process Inventory
d. debit Manufacturing Overhead, credit Wages Payable
20. The journal entry to apply overhead to production includes a credit to 1/1
Manufacturing Overhead con-trol and a debit to *
a. Finished Goods Inventory.
b. Work in Process Inventory.
c. Cost of Goods Sold.
d. Raw Material Inventory.
21. In a job-order costing system, the use of indirect material would 1/1
usually be reflected in the general ledger as an increase in *
a. stores control.
b. work in process control.
c. manufacturing overhead applied.
d. manufacturing overhead control.
22. A credit to the Manufacturing Overhead control account represents 1/1

the *
a. actual cost of overhead incurred.
b. actual cost of overhead paid this period.
c. amount of overhead applied to production.
d. amount of indirect material and labor used during the period.
23. The journal entry to record the incurrence and payment of overhead 1/1
costs for factory insurance re-quires a debit to *
a. Cash and a credit to Manufacturing Overhead.
b. Manufacturing Overhead and a credit to Accounts Payable.
c. Manufacturing Overhead and a credit to Cash.
d. Work in Process Inventory and a credit to Cash.
24. In a job-order costing system, the subsidiary ledger for Finished 1/1
Goods Inventory is comprised of *
a. all job-order cost sheets.
b. job-order cost sheets for all uncompleted jobs.
c. job-order cost sheets for all completed jobs not yet sold.
d. job-order cost sheets for all ordered, uncompleted, and completed jobs.
25. Underapplied overhead resulting from unanticipated and immaterial 1/1

price increases for overhead items should be written off by *
a. decreasing Cost of Goods Sold.
b. increasing Cost of Goods Sold.
c. decreasing Cost of Goods Sold, Work in Process Inventory, and Finished Goods
Inven-tory.
d. increasing Cost of Goods Sold, Work in Process Inventory, and Finished Goods
Inven-tory.
26. Overapplied overhead would result if * 1/1
a. the plant were operated at less than normal capacity.
b. overhead costs incurred were less than costs charged to production.
c. overhead costs incurred were unreasonably large in relation to units produced.
d. overhead costs incurred were greater than costs charged to production.
27. Production overhead does not include the costs of * 1/1
a. factory depreciation and supplies.
b. factory employees' cafeteria departments.
c. production line labor.
d. the maintenance department for the factory.
28. Broncho Company applies overhead on the basis of direct labor cost. 1/1
There was only one job left in Work in Process at the end of April which
contained $5,600 of overhead. What amount of direct material was
included in this job? *
a. $4,400
b. $4,480
c. $6,920
d. $8,000
29. Sooner Company applies overhead on the basis of direct labor cost. 1/1
There was only one job left in Work in Process at the end of May which
contained $6,300 of overhead. What amount of direct material was
included in this job? *
a. $ 7,200
b. $ 9,000
c. $11,160
d. $11,790
30. What was the total cost of Job #3051 for January? * 1/1
a. $2,713
b. $2,770
c. $2,812
d. $3,052
31. At the end of March, what total cost appears on the job cost sheet for 1/1
Job #656? *
a. $5,725
b. $5,765
c. $6,765
d. $8,325
32. Overapplied factory overhead that is immaterial in amount is closed 0/1

to cost of goods sold at year end. *
True
False
Correct answer
True
32. When manufacturing overhead is charged to a job, the work in 1/1

process account is credited. *
True
False
33. The FIFO method combines beginning inventory and current 1/1
production to compute the cost per unit of production. *
TRUE
FALSE
34. The weighted average costing method assumes that units in the 1/1
beginning inventory are the first units transferred. *
TRUE
FALSE
35. Process costing is used in companies that * 1/1
a. engage in road and bridge construction.
b. produce sailboats made to customer specifications.
c. produce bricks for sale to the public.
d. construct houses according to customer plans.
36. A process costing system is used by a company that * 1/1
a. produces heterogeneous products.
b. produces items by special request of customers.
c. produces homogeneous products.
d. accumulates costs by job.
37. In a process costing system using the weighted average method, cost 1/1
per equivalent unit for a given cost component is found by dividing
which of the following by EUP? *
a. only current period cost
b. current period cost plus the cost of beginning inventory
c. current period cost less the cost of beginning inventory
d. current period cost plus the cost of ending inventory
38. The weighted average method is thought by some accountants to be 1/1

inferior to the FIFO method because it *
a. is more difficult to apply.
b. only considers the last units worked on.
c. ignores work performed in subsequent periods.
d. commingles costs of two periods.
39. Material is added at the beginning of a process in a process costing 1/1

system. The beginning Work in Process Inventory for the process was 30
percent complete as to conversion costs. Using the FIFO method of
costing, the number of equivalent units of material for the process
during this period is equal to the *
a. beginning inventory this period for the process.
b. units started and completed this period in the process.
c. units started this period in the process plus the beginning Work in Process
Invento-ry.
d. units started and completed this period plus the units in ending Work in
Process In-ventory.
40. In a cost of production report using process costing, transferred-in 1/1

costs are similar to the *
a. cost of material added at the beginning of production.
b. conversion cost added during the period.
c. cost transferred out to the next department.
d. cost included in beginning inventory.
41. In a process costing system, the journal entry to record the transfer 1/1
of goods from Department #2 to Finished Goods Inventory is a *
a. debit Work in Process Inventory #2, credit Finished Goods Inventory.
b. debit Finished Goods Inventory, credit Work in Process Inventory #1.
c. debit Finished Goods Inventory, credit Work in Process Inventory #2.
d. debit Cost of Goods Sold, credit Work in Process Inventory #2.
42. A process costing system * 1/1
a. cannot use standard costs.
b. restates Work in Process Inventory in terms of completed units.
c. accumulates costs by job rather than by department.
d. assigns direct labor and manufacturing overhead costs separately to units of

production.
43. A hybrid costing system combines characteristics of * 1/1
a. job order and standard costing systems.
b. job order and process costing systems.
c. process and standard costing systems.
d. job order and normal costing systems.
44. Which of the following is subtracted from weighted average EUP to 1/1
derive FIFO EUP? *
a. beginning WIP EUP completed in current period
b. beginning WIP EUP produced in prior period
c. ending WIP EUP not completed
d. ending WIP EUP completed
45. Conversion costs include all manufacturing costs other than direct 1/1
materials. *
True
False
46. In a FIFO process costing system, which of the following are assumed 1/1
to be completed first in the current period? *
a. units started this period
b. units started last period
c. units transferred out
d. units still in process
47. To compute equivalent units of production using the FIFO method of 1/1
process costing, work for the current period must be stated in units *
a. completed during the period and units in ending inventory.
b. completed from beginning inventory, units started and completed during the
period, and units partially completed in ending inventory.
c. started during the period and units transferred out during the period.
d. processed during the period and units completed during the period.
48. The FIFO method of process costing will produce the same cost of 1/1
goods transferred out amount as the weighted average method when *
a. the goods produced are homogeneous.
b. there is no beginning Work in Process Inventory.
c. there is no ending Work in Process Inventory.
d. beginning and ending Work in Process Inventories are each 50 percent complete.
49. Transferred-in cost represents the cost from * 1/1
a. the last department only.
b. the last production cycle.
c. all prior departments.
d. the current period only.
50. A hybrid costing system would be appropriate for a company that 1/1
manufactures cake flour. *
True
False
51. In a complex production environment, it is more difficult to compute a 1/1

single EUP rate for conversion costs. *
TRUE
FALSE
52. Weighted average equivalent units of production (EUP) can be 1/1

determined by adding EUP’s in ending work in process to units
transferred out. *
TRUE
FALSE
53. Cole Company transferred 6,000 units to Finished Goods Inventory 1/1
during August. On August 1, the company had 400 units on hand (35
percent complete as to both material and conversion costs). On August
31, the company had 750 units (20 percent complete as to material and
30 percent com-plete as to conversion costs). The number of units
started and completed during August was: *
a. 5,600
b. 5,860
c. 6,000
d. 6,750
54. Boggs Company started 9,000 units in March. The company 1/1
transferred out 7,000 finished units and ended the period with 3,500
units that were 40 percent complete as to both material and conversion
costs. Beginning Work in Process Inventory units was *
a. 500.
b. 600.
c. 1,500.
d. 2,000.
55. Roache Company uses a weighted average process costing system. 1/1
Material is added at the start of production. Roache Company started
14,000 units into production and had 5,000 units in process at the start
of the period that were 75 percent complete as to conversion costs. If
Roache Company transferred out 12,250 units, how many units were in
ending Work in Process Inventory? *
a. 1,750
b. 3,000
c. 5,500
d. 6,750
56. Summers Company uses a weighted average process costing system 1/1
and started 36,000 units this month. Jones had 15,000 units that were
25 percent complete as to conversion costs in beginning Work in Process
Inventory and 6,000 units that were 35 percent complete as to
conversion costs in ending Work in Process Inventory. What are
equivalent units for conversion costs?
a. 43,350
b. 47,100
c. 48,900
d. 51,000
57. Montgomery Company makes fabric-covered hatboxes. The 1/1

company began July with 500 boxes in process that were 100 percent
complete as to cardboard, 80 percent complete as to cloth, and 60
percent complete as to conversion costs. During the month, 3,300 boxes
were started. On April 30, 350 boxes were in process (100 percent
complete as to cardboard, 70 percent complete as to cloth, and 55
percent complete as to conversion costs). Using the FIFO method, what
are equivalent units for cloth? *
a. 3,295
b. 3,395
c. 3,450
d. 3,595
58. Refer to Brewer Corporati26. on. How many units were transferred 1/1
out in August? *
a. 15,500
b. 18,000
c. 21,500
d. 24,000
59. Refer to Brewer Corporation. Assume that weighted average process 1/1
costing is used. What is the cost per equivalent unit for material? *
a. $0.55
b. $1.05
c. $1.31
d. $1.83
60. Refer to Brewer Corporation. Assume that FIFO process costing is 1/1
used. What is the cost per equivalent unit for conversion? *
a. $3.44
b. $4.24
c. $5.71
d. $7.03
61. Refer to Collins Corporation. Assume that weighted average process 1/1
costing is used. What is the cost per equivalent unit for material? *
a. $0.99
b. $1.18
c. $1.64
d. $1.73
62. Refer to Collins Corporation. Assume that FIFO process costing is 1/1
used. What is the cost per equivalent unit for conversion? *
a. $3.05
b. $3.87
c. $4.25
d. $6.40
63. A company that manufactures custom bridal gowns will use a job- 1/1
order costing system to track production costs. *
TRUE
FALSE
64. A company that manufactures small quantities of identifiable 1/1

products will use a job-order costing system. *
TRUE
FALSE
65. In a normal job-order costing system, actual factory overhead is 1/1

applied at the end of the period. *
TRUE
FALSE
66. When raw materials are placed into production, the materials 1/1
inventory account is debited *
TRUE
FALSE
67. When manufacturing overhead is charged to a job, the manufacturing 1/1

overhead account is debited. *
TRUE
FALSE
68. In a normal cost system, a debit to Work in Process Inventory would 1/1
not be made for *
a. actual overhead.
b. applied overhead.
c. actual direct material.
d. actual direct labor.
69. Knowing specific job costs enables managers to effectively perform 1/1
which of the following tasks? *
a. estimate costs of future jobs.
b. establish realistic job selling prices.
c. evaluate job performance.
d. all answers are correct.
70. The source document that records the amount of raw material that 1/1
has been requested by production is the *
b. bill of lading.
d. material requisition.
71. Which of the following statements about job-order cost sheets is 1/1
true? *
a. All job-order cost sheets serve as the general ledger control account for Work in
Process Inventory.
b. Job-order cost sheets can serve as subsidiary ledger information for both
Work in Pro-cess Inventory and Finished Goods Inventory.
c. If material requisition forms are used, job-order cost sheets do not need to be
main-tained.
d. Job-order cost sheets show costs for direct material and direct labor, but not for
manu-facturing overhead since it is an applied amount.
72. A credit to Work in Process Inventory represents * 1/1
a. work still in process.
b. raw material put into production.
c. the application of overhead to production.
d. the transfer of completed items to Finished Goods Inventory.
73. Which of the following journal entries records the accrual of the cost 1/1
of indirect labor used in production? *
a. debit Work in Process Inventory, credit Wages Payable
b. debit Work in Process Inventory, credit Manufacturing Overhead
c. debit Manufacturing Overhead, credit Work in Process Inventory
d. debit Manufacturing Overhead, credit Wages Payable
74. Refer to Briggs Company. What is the overhead application rate per 1/1
direct labor hour? *
a. $ 0.50
b. $ 2.00
c. $ 4.25
d. $30.00
75. Refer to Briggs Company. How much overhead was included in the 1/1
cost of Job #461 at the beginning of January? *
a. $ 144.50
b. $ 153.00
c. $2,200.00
d. $2,456.50
76. Refer to Briggs Company. During January, Briggs’ employees worked 1/1
on Job #649. At the end of the month, $714 of overhead had been
applied to this job. Total Work in Process at the end of the month was
$6,800 and all other jobs had a total cost of $3,981. What amount of
direct material is included in Job #649? *
a. $ 677.00
b. $1,391.00
c. $2,142.00
d. $4,658.00
78. Refer to Greek Products Company. What amount of overhead is 1/1

applied to Job #323? *
a. $4,800
b. $5,550
c. $6,300
d. $7,500
79. A company should strive to reduce all non-value added activities to a 1/1
minimum.
TRUE
FALSE
80. Adopting a just-in-time (JIT) manufacturing process may enable a 1/1

company to increase manufacturing cycle efficiency (MCE). *
TRUE
FALSE
81. A traditional costing system has fewer cost pools that does an 1/1
activity-based costing (ABC) system. *
TRUE
FALSE
82. Activity-based costing is appropriate for a company that 1/1

manufactures a wide variety of products *
TRUE
FALSE
83. Activity-based costing is appropriate for a company that has high 1/1
overhead costs that are not proportional to unit volumes of individual
products. *
TRUE
FALSE
84. An objective of activity-based management is to * 1/1
a. eliminate the majority of centralized activities in an organization.
b. reduce or eliminate non-value-added activities incurred to make a product or

provide a service.
c. institute responsibility accounting systems in decentralized organizations.
d. all of the above
85. The amount of time between the development and the production of 0/1
a product is *
a. the product life cycle.
b. lead time.
c. production time.
d. value-added time.
Correct answer
b. lead time.
86. When a firm redesigns a product to reduce the number of 1/1

component parts, the firm is *
a. increasing consumer value.
b. increasing the value added to the product.
c. decreasing product variety.
d. decreasing non-value-added costs.
87. Relative to traditional product costing, activity-based costing differs 1/1

in the way costs are *
a. processed.
b. allocated.
c. benchmarked.
d. incurred.
88. ABC should be used in which of the following situations? * 1/1
a. single-product firms with multiple steps
b. multiple-product firms with only a single process
c. multiple-product firms with multiple processing steps
d. in all manufacturing firms
89. Refer to Parrish Company. Using ABC, the cost per unit of IPods is ···/1
approximately: *
a. $ 2.40
b. $ 3.90
c. $ 6.60
d. $10.59
No correct answers
90. Refer to Parrish Company. Using ABC, the cost per unit of MP3 1/1
players is approximately: *
a. $ 2.40
b. $ 3.90
c. $12.00
d. $15.90
91. Refer to Ada National Bank. What is the cost per driver unit for new
account *
a. $0.09
b. $0.075
c. $30.00
d. $50.00
92. Refer to Ada National Bank. What is the cost per driver unit for the 1/1
deposit activity? *
a. $0.09
b. $0.075
c. $30.00
d. $50.00
93. Refer to Ada National Bank. What is the cost per driver unit for the 1/1
withdrawal activity? *
a. $0.09
b. $0.075
c. $30.00
d. $50.00
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11/16/21, 10:17 AM ACCTG 2100_2ND TERM EXAMINATION

ACCTG 2100_2ND TERM EXAMINATION

The respondent's email (dupol.mel@clsu2.edu.ph) was recorded on submission of this

DUPOL, MEL KIAN CAESAR I.

1. In a normal job-order costing system, factory overhead is applied using 1/1

2. When manufacturing overhead is charged to a job, the work in process 1/1

3. Overapplied overhead that is material in amount is allocated between 0/1

5. In a job-order costing system, * ···/1

a. standards cannot be used.

b. an average cost per unit within a job cannot be computed.

c. costs are accumulated by departments and averaged among all jobs.

d. overhead is typically assigned to jobs on the basis of some cost driver.

a. job-order cost sheet.

d. purchase order number.

10. The primary accounting document in a job-order costing system is 1/1

b. job-order cost sheet.

c. employee time sheet.

a. Finished Goods Inventory.

b. Raw Material Inventory.

c. Work in Process Inventory.

a. job-order cost sheet

b. employee time sheet

c. material requisition form

a. job-order cost sheet.

b. employee time sheet.

d. labor requisition form.

14. A credit to Work in Process Inventory represents * 1/1

a. work still in process.

b. raw material put into production.

c. the application of overhead to production.

d. the transfer of completed items to Finished Goods Inventory.

a. started in process during the period.

b. in process during the period.

c. completed and sold during the period.

d. completed during the period.

a. cost of goods manufactured in the year.

b. ending Work in Process Inventory.

c. total manufacturing costs to account for.

d. cost of goods available for sale.

17. Which of the following would be least likely to be supported by 1/1

a. Work in Process Inventory

b. Raw Material Inventory

a. indirect material was placed into production.

b. raw material was purchased on account.

c. direct material was placed into production.

a. debit Work in Process Inventory, credit Wages Payable

b. debit Work in Process Inventory, credit Manufacturing Overhead

c. debit Manufacturing Overhead, credit Work in Process Inventory

d. debit Manufacturing Overhead, credit Wages Payable

a. Finished Goods Inventory.

b. Work in Process Inventory.

c. Cost of Goods Sold.

d. Raw Material Inventory.

b. work in process control.

c. manufacturing overhead applied.

d. manufacturing overhead control.

22. A credit to the Manufacturing Overhead control account represents 1/1

a. actual cost of overhead incurred.

b. actual cost of overhead paid this period.

c. amount of overhead applied to production.

d. amount of indirect material and labor used during the period.

a. Cash and a credit to Manufacturing Overhead.