Managerial Accounting Ray Garrison 16th Edition – Test Bank
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Edition: 16th Edition
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Resource Type: Test Bank
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Managerial Accounting Ray Garrison 16th Edition – Test Bank
Managerial Accounting, 16e (Garrison)
Chapter 3 Job Order Costing: Cost Flows and External Reporting
1) When raw materials are purchased, they are recorded as an asset.
Answer: TRUE
Difficulty: 2 Medium
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
2) The absorption cost approach provides for the absorption of all manufacturing costs, fixed and variable, into units of product.
Answer: TRUE
Difficulty: 1 Easy
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
3) The following entry would be used to record depreciation on manufacturing equipment:
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Manufacturing Overhead |
XXX |
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Accumulated Depreciation |
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XXX |
Answer: TRUE
Difficulty: 1 Easy
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
4) If a company uses a predetermined overhead rate, actual manufacturing overhead costs of a period will be recorded in the Manufacturing Overhead account and will be recorded on the job cost sheets.
Answer: FALSE
Difficulty: 2 Medium
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
5) The journal entry for cost of goods manufactured includes the costs of units that are partially completed.
Answer: FALSE
Difficulty: 2 Medium
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
6) Advertising costs should NOT be charged to the Manufacturing Overhead account.
Answer: TRUE
Difficulty: 1 Easy
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
7) The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production:
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Direct Materials |
40,000 |
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Indirect Materials |
10,000 |
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Raw Materials |
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50,000 |
Answer: FALSE
Difficulty: 2 Medium
Topic: The Flow of Costs in Job-Order Costing
Learning Objective: 03-01 Understand the flow of costs in a job-order costing system and prepare appropriate journal entries to record costs.
Bloom’s: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement
MAECENAS IACULIS
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