Goals Achievement: Chapter Nineteen
A job costing system employs a job cost sheet and does away with the need for a Work in Process account.
Which of the following documents would provide input regarding the amount of direct materials for a specific job?
The estimated overhead cost for a job or product is determined by using an overhead application rate. The application rate relates overhead to a specific application base.
The amount of manufacturing overhead to divide by the estimated application base (in determining the overhead application rate) is the:
Modern events that have facilitated job costing methods include the utilization of database technologies and:
Automation of factory production results in both an increase in the expected amount of total overhead and a reduction in the relevance of direct labor as an appropriate cost driver.
The appropriate journal entry to record applied overhead involves a debit to:
The balance in Work in Process must always be closed to finished goods at the end of each accounting period:
Setting prices for global exchanges between affiliated companies is referred to as:
Indirect labor costs incurred would be debited to the:
What is the impact on the Factory Overhead account of recording actual overhead costs?
The presence of a credit balance in the Factory Overhead account indicates that overhead has been overapplied.
Job costing systems are not applicable to service organizations.
For a service organization, indirect costs are not allocated to specific jobs, but are instead charged directly to Income Summary.
This Japanese term refers to a blitz-like study of business processes, relying on input from front line employees for suggestions:
The concept of lean manufacturing is focused solely on cost cutting:
A trademarked approach for seeking near-zero defects in all productive and business processes is known as: