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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 19 - Goals Achievement

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Chapter 19 – Goals Achievement

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Question 1 of 11

1. Question
A job costing system employs a job cost sheet and does away with the need for a Work in Process account.
- true
- false
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Question 2 of 11

2. Question
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.
- true
- false
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Question 3 of 11

3. Question
Modern events that have facilitated job costing methods include the utilization of database technologies and:
- automated tracking of labor and materials
- inexpensive global labor
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Question 4 of 11

4. Question
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.
- true
- false
Correct

Incorrect
Question 5 of 11

5. Question
The appropriate journal entry to record applied overhead involves a debit to:
- Work in Process
- Factory Overhead
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Question 6 of 11

6. Question
The balance in Work in Process must always be closed to finished goods at the end of each accounting period:
- no
- yes
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Question 7 of 11

7. Question
Indirect labor costs incurred would be debited to the:
- Factory Overhead account
- Work in Process account
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Question 8 of 11

8. Question
The presence of a credit balance in the Factory Overhead account indicates that overhead has been overapplied.
- true
- false
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Question 9 of 11

9. Question
For a service organization, indirect costs are not allocated to specific jobs, but are instead charged directly to Income Summary.
- true
- false
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Question 10 of 11

10. Question
This Japanese term refers to a blitz-like study of business processes, relying on input from front line employees for suggestions:
- Kanban
- Kaizen
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Question 11 of 11

11. Question
A trademarked approach for seeking near-zero defects in all productive and business processes is known as:
- TQM
- Six Sigma
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Additional Resources

Illustrative Entries

Examples of journal entries for numerous sample transactions

Account Types

Typical financial statement accounts with debit/credit rules and disclosure conventions

Glossary

Includes financial and managerial terms

Time Value of Money

Future and present value tables

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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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