Acc 349 final exam Study guides, Class notes & Summaries

ACC 349 Final Exam-Latest Update-1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. ...

ACC 349 - Week 5 Final Exam. Questions with Answers. Complete Solutions Guide. 1 Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?  An increase to finished goods  A decrease to applied overhead  An increase to cost of goods sold  A decrease to work in process inventory 2 An activity that has a direct cause-effect relationship with th...

I. Which of the following represents the correct order in which inventories are reported on a manufacturer’s balance sheet? A. Work in process, finished goods raw materials B. RAW MATERIALS, WORK IN PROCESS, FINISHED GOODS C. Finished goods, work in process, raw materials D. Work in process, raw materials, finished goods II. In traditional costing systems, overhead is generally applied based on A. machine hours B. DIRECT LABOR C. direct material dollars D. units of production ...

1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. D. The company should account for only the ...

ACC 349 Exam 1) At the end of the year, manufacturing overhead has been overapplied. What occurred to create this situation? A. The company incurred more total job costs than the amount budgeted for the job. B. The actual manufacturing overhead costs were less than the manufacturing overhead assigned to jobs. C. Estimated manufacturing overhead was less than actual manufacturing overhead costs. D. The company incurred more manufacturing overhead costs than the manufacturing overhead...

Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material? An activity that has a direct cause-effect relationship with the resources consumed is a(n) Max Company uses 10, 000 units of Part A in producing its products. A supplier offers to make Part A for $7. Max Company has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the opportunity...

ACC-349-Final-E

Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material? An activity that has a direct cause-effect relationship with the resources consumed is a(n) Max Company uses 10,000 units of Part A in producing its products. A supplier offers to make Part A for $7. Max Company has relevant costs of $8 a unit to manufacture Part A. If there is excess capacity, the opportunity...

1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. D. The company should account for only the dir...

ACC 349 Final Exam Answers 1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?   A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred. B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs. C. The company should apply overhead using an estimated rate throughout the year. D. The company...