Acc 241 exam 1 3-4 Question and
answers correctly solved 2025/2026
process costing - correct answer ✔mass production of identical products, produced with uniform steps
or processes, averages costs across all units produced (cereal or light bulbs)
job costing - correct answer ✔unique custom order products, small batches of different products,
professional services, orders, batches and client engagements are jobs, costs for each job are
accumulated (commercial buildings)
inventory flow - correct answer ✔raw materials to work-in-process to finished goods/ or COGS when
the items are sold to customers
production plan - correct answer ✔customers orders, stock inventory
bill of materials - correct answer ✔prepares by production engineers, identifies all raw materials
needed for each job
raw materials - correct answer ✔maintained for each item in stock, identifies cost and quantity
received, used and on hand
time record - correct answer ✔records times spent by each employee and each job they worked on
invoice - correct answer ✔issued by supplier, lists: items sold, quantities, prices, payment terms
receiving report - correct answer ✔identifies items and quantities received
purchase order - correct answer ✔issued to supplier, lists desired items
, job cost record - correct answer ✔prepared for each job, identifies jobs costs for: direct materials,
direct labor, manufacturing overhead, identifies disposition of completed units
materials requisition - correct answer ✔used to request materials needed for production, raw
materials record updated for items picked
allocation of manufacturing overhead to jobs - correct answer ✔are relatively constant, cossets of
many different items; multiply the overhead rate by the number of direct labor hours charged to each
job
disposition of over allocated manufacturing overhead - correct answer ✔occurs when actual overhead
is less than the amount applied, overstates cost of goods sold
disposition of under allocated manufacturing overhead - correct answer ✔occurs when actual
overhead exceeds the amount applied, understates costs of good sold
purchase of raw materials - correct answer ✔debited for the cost of materials purchased (raw
materials)
use of direct materials - correct answer ✔credited for the direct material added to work in process (raw
materials)
use of indirect materials - correct answer ✔credited for indirect materials added to manufacturing
overhead (raw materials)
use of direct labor - correct answer ✔credited for direct labor added to work in process (salaries and
wages payable)
answers correctly solved 2025/2026
process costing - correct answer ✔mass production of identical products, produced with uniform steps
or processes, averages costs across all units produced (cereal or light bulbs)
job costing - correct answer ✔unique custom order products, small batches of different products,
professional services, orders, batches and client engagements are jobs, costs for each job are
accumulated (commercial buildings)
inventory flow - correct answer ✔raw materials to work-in-process to finished goods/ or COGS when
the items are sold to customers
production plan - correct answer ✔customers orders, stock inventory
bill of materials - correct answer ✔prepares by production engineers, identifies all raw materials
needed for each job
raw materials - correct answer ✔maintained for each item in stock, identifies cost and quantity
received, used and on hand
time record - correct answer ✔records times spent by each employee and each job they worked on
invoice - correct answer ✔issued by supplier, lists: items sold, quantities, prices, payment terms
receiving report - correct answer ✔identifies items and quantities received
purchase order - correct answer ✔issued to supplier, lists desired items
, job cost record - correct answer ✔prepared for each job, identifies jobs costs for: direct materials,
direct labor, manufacturing overhead, identifies disposition of completed units
materials requisition - correct answer ✔used to request materials needed for production, raw
materials record updated for items picked
allocation of manufacturing overhead to jobs - correct answer ✔are relatively constant, cossets of
many different items; multiply the overhead rate by the number of direct labor hours charged to each
job
disposition of over allocated manufacturing overhead - correct answer ✔occurs when actual overhead
is less than the amount applied, overstates cost of goods sold
disposition of under allocated manufacturing overhead - correct answer ✔occurs when actual
overhead exceeds the amount applied, understates costs of good sold
purchase of raw materials - correct answer ✔debited for the cost of materials purchased (raw
materials)
use of direct materials - correct answer ✔credited for the direct material added to work in process (raw
materials)
use of indirect materials - correct answer ✔credited for indirect materials added to manufacturing
overhead (raw materials)
use of direct labor - correct answer ✔credited for direct labor added to work in process (salaries and
wages payable)
