accounting mcq answers
accounting mcq. 1)The formula for cost of goods manufactured is a)Raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory.b)Raw materials minus direct labor plus over head plus beginning work-in-process inventory plus ending work-in-process inventory.c)Beginning work-in-process plus total manufacturing cost minus ending work-in-process.d)Raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventory.
2)Factory Supplies Expense, Depreciation Expense—Factory, and Heat, Light, and Power—Factory appear on which section of the worksheet?a)Statement of cost of goods manufacturedb)Balance sheetc)Income statementd)Statement of cost of goods sold
3)Direct labor includes the wages ofa)An hourly worker producing the product.b)The shop foreman.c)Maintenance workers.d)Administrators.
4)What is the journal entry to record issuing supplies from the storeroom?a)Debit Overhead—Applied; credit Raw Materials Inventoryb)Debit Overhead—Control; credit Supplies Inventoryc)Debit Supplies Inventory; credit Overhead—Appliedd)Debit Overhead—Applied; credit Supplies Inventory
5)The statement of cost of goods manufactured includesa)Direct labor costs.b)Raw material costs.c)Manufacturing overhead.d)All of the above
6)The entry to record the requisition of supplies from the storeroom would include which of the following?a)Debit to Raw Materials; credit to Work-in-Processb)Debit to Overhead—Applied; credit to Overhead—Controlc)Debit to Work-in-Process; credit to Overhead—Controld)Debit to Overhead—Control; credit to Supplies Inventory
7)Lumber used in construction of a building is part ofa)Raw material costs.b)Labor costs.c)Manufacturing overhead.d)None of the above
8)If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?a)Debit Work-in-Process Inventory $80,000; credit Payroll $80,000b)Debit Overhead—Applied $60,00; credit Work-in-Process Inventory $60,000c)Debit Work-in-Process Inventory $60,000; credit Overhead—Applied $60,00d)Debit Work-in-Process Inventory $80,000; credit Overhead—Applied $80,000
9)Raw material inventory appears on thea)Balance sheet.b)Income statement.c)Cost of goods manufactured statement.d)Both A and C
10)What is the journal entry to record issuing raw materials from the storeroom?a)Debit Raw Materials Inventory; credit Work-in-Processb)Debit Overhead—Control; credit Work-in-Processc)Debit Work-in-Process; credit Overhead—Controld)Debit Work-in-Process; credit Raw Materials Inventory
11)The entry to rent expense of $9,000, supervision expense of $19,000, and depreciation expense of $7,000 to overhead is which of the following?a)Debit Overhead—Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000b)Debit Overhead—Control $35,000; credit Rent Expense $9,000; Credit Supervision$19,000; Credit Depreciation Expense $7,000c)Debit Overhead—Applied $35,000; credit Overhead—Control $35,000d)None of the above
12)In a manufacturing company, the purchase of materials on account should be recorded as follows:a)Raw Materials Inventory Accounts Payableb)Work-in-Process Inventory Accounts Payablec)Finished Goods Inventory Accounts Payabled)Accounts Payable Raw Materials Inventory
13)The entry for indirect materials (such as glue, etc.) requisitioned for use in production is which of the following?a)Raw Materials Inventory Work-in-Process Inventoryb)Work-in-ProcessInventory Accounts Payablec)Work-in-Process Inventory Raw Materials Inventoryd)None of the above
14)Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000.a)$615,000b)$445,000c)$686,000d)$585,000
15)If direct labor for the month is $40,000, overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production?a)Debit Work-in-Process Inventory $40,000; credit Payroll $40,000b)Debit Overhead—Applied $40,000; credit Work-in-Process Inventory $40,000c)Debit Work-in-Process Inventory $24,000; credit Overhead—Applied $24,000d)Debit Work-in-Process Inventory $66,000; credit Overhead—Applied $66,000
16)What is the journal entry to record the direct labor summarized on the labor distribution report?a)Debit Finished Goods; credit Payrollb)Debit Work-in-Process; credit payrollc)Debit Payroll; credit Direct Labord)Debit Payroll; credit Cash
17)Omega.com sold 25 jet skis for $7,000, which cost $5,000. The entry to record the sale would include aa)Credit to Finished Goods Inventory for $5,000.b)Credit to Sales for $7,000.c)Debit to Cost of Goods Sold for $5,000.d)All of the above
18)Manufacturing overhead includes all manufacturing cost,a)Including raw materials.b)Including overhead.c)Excluding raw materials and direct labor.d)None of the above
19)During the week ending on November 30, total factory payroll incurred was $6,000. Of this total, 80% was for direct labor. The entry to record the payroll distribution would include which of the following?a)Debit Work-in-Process Inventory $4,800 and Overhead—Control $1,200b)Debit Work-in-Process Inventory $6,000c)Debit Work-in-Process Inventory $4,800 and Overhead—Applied $1,200d)Debit Work-in-Process Inventory $4,800 and Indirect Labor Expense $1,200
20)Candyland completed the manufacturing process. The entry to transfer the product to finished goods is which of the following?a)Raw Materials Inventoryb)Finished Goods Inventory Cost of Goods Soldc)Finished Goods Inventory Work-in-Process Inventoryd)Finished Goods Inventory Raw Materials Inventory
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