Practice Quiz 2 Part I.

MULTIPLE CHOICE THEORIES

Due
No due date
Points
5
Questions
5
Available
after Oct 18 at 12am
Time Limit
None
Allowed Attempts
Unlimited

Instructions
Time limit:  --  minutes   Items:  --  

In the actual quiz, there is a time limit of 30 minutes for  20 items and ONLY 1 attempt is allowed.

Choose the BEST answer.  Deliberate well before answering.

Do not leave any item unanswered.  REVIEW your answers before you SUBMIT.  

Choose CANCEL to go back if a warning prompt appears informing you that you have inadvertently left an unanswered item.

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Attempt History
Attempt Time Score
KEPT Attempt 3
less than 1 minute 5 out of 5

LATEST Attempt 3
less than 1 minute 5 out of 5

Attempt 2
3 minutes 4 out of 5

Attempt 1
4 minutes 2 out of 5

Score for this attempt:

5 out of 5
Submitted Nov 26 at 7:41pm
This attempt took less than 1 minute.

Question 1 1
/ 1 pts

Which of the following statements is TRUE?

Correct!
 
A process cost accounting system is appropriate for similar products that are continuously mass-produced.

 
The statement of cost of goods manufactured is a regular report prepared in a merchandising firm.

 
Total manufacturing costs for the period is the sum of direct materials used and applied factory overhead.

 
The cost of goods sold is added to sales to compute for gross profit.

Question 2 1
/ 1 pts

Which of the following statements is FALSE?

Correct!  
Overapplied overhead means that actual manufacturing overhead costs were greater than the manufacturing overhead costs applied to jobs.

 
Overapplied overhead has the effect of decreasing the cost of goods sold and ultimately increasing net operating income.

 
Overapplied overhead is favorable for the firm. 

This study source was downloaded by 100000840860559 from CourseHero.com on 09-06-2022 02:30:35 GMT -05:00
 
Overapplied overhead means that actual manufacturing overhead costs were less than the manufacturing overhead costs applied to jobs.
https://www.coursehero.com/file/125597079/Practice-Quiz-2-Part-I-MULTIPLE-CHOICE-THEORIES-1211-ACCCOB3-K33-BASIC-MANAGEMENT-ACCOUNTINGp/

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 Question 3 1
/ 1 pts

All of the following increase (are debited to) the work-in-process account, EXCEPT

Correct!  
actual plant insurance costs.

 
direct materials.

 
direct manufacturing labor.

 
allocated factory overhead costs.

Question 4 1
/ 1 pts Send

In a job-order costing system, the cost of a completed but unsold job is

Correct!
 
part of the finished goods inventory balance.

 
closed to the cost of goods sold.

 
adjusted to exclude any applied overhead.

 
part of the work-in-process inventory balance.

Question 5 1
/ 1 pts

A cost of manufactured schedule shows beginning and ending inventories for

Correct!
 
raw materials and work-in-process only.

 
raw materials only.

 
work-in-process only.

 
raw materials, work-in-process, and finished goods.

Quiz Score:
5 out of 5

This study source was downloaded by 100000840860559 from CourseHero.com on 09-06-2022 02:30:35 GMT -05:00

https://www.coursehero.com/file/125597079/Practice-Quiz-2-Part-I-MULTIPLE-CHOICE-THEORIES-1211-ACCCOB3-K33-BASIC-MANAGEMENT-ACCOUNTINGp/

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