In accounting system, a document which consists of all assigned cost for specific job is classified as __________?
A. job cost record B. job cost sheet C. source document D. both a and b
Accounting MCQs with Answers
The costing and allocating situation, in which the indirect cost allocated amount is less than actually incurred amount is known as ___________?
A. over allocated budget B. under allocated budget C. under allocated indirect cost D. over allocated direct cost
In normal costing, the manufacturing overhead allocated is also called _________?
A. manufacturing overhead applied B. labor overhead applied C. cost overhead applied D. budget overhead applied
An allocation approach, in which all the overhead entries are restated using actual cost rates in place of budgeted rates is called ___________?
A. unadjusted budget rate approach B. adjusted allocation rate approach C. unadjusted allocation rate approach D. adjusted budget rate approach
If an actual indirect cost incurred is $25000 and the indirect cost allocated is $23000, then the over allocated indirect cost would be ________?
A. $48,000 B. −$2000 C. $2,000 D. −$48000
In an accounting system, the document which supports journal entries is classified as _____________?
A. cost document B. priced document C. source document D. direct document
The spread of over allocated overhead and under allocated overhead among work in process, finished goods and goods sold cost is classified as __________?
A. proration approach B. appreciation approach C. depreciation approach D. adjusted approach
Total cost of producing similar products divided by number of units produced is a technique known as ____________?
A. sale costing system B. job costing system C. price costing system D. process costing system
The budgeted annual indirect costs are divided to budgeted annual quantity of cost allocation base, to calculate ___________?
A. expected indirect cost rate B. expected direct cost rate C. budgeted indirect cost rate D. budgeted direct cost rate