Question : 51. Match each of the following terms with the phrase that : 1239441

Accounting

51. Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.

1. Expenses of the current period.

Activity based costing

____

2. Typically used by companies whose products are indistinguishable from each other.

Period costs

____

3. Applied overhead is more than actual overhead incurred.

Overapplied overhead

____

4. Applied overhead is less than actual overhead incurred.

Job order cost system

____

5. The stock ledger.

Process cost system

____

6. System that uses a different overhead rate for each activity.

Finished goods ledger

____

7. Typically used by companies that make custom products.

Underapplied overhead

____

52. Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.

1. Subsidiary ledger for Work in Process.

Cost of Services

____

2. Service providers use this account similarly to the cost of merchandise sold account used by merchandisers.

Job cost sheets

____

3. Prepared when materials that have been ordered are received and inspected.

Time tickets

____

4. Serves as the basis for recording materials used.

Receiving report

____

5. Serves as the basis for recording direct labor on a job cost sheet.

Material requisition

____

53. Which of the following are the two main types of cost accounting systems for manufacturing operations? A. Process cost and general accounting systemsB. Job order cost and process cost systemsC. Job order and general accounting systemsD. Process cost and replacement cost systems

54. Which of the following would most likely use a job order costing system? A. A paper millB. A swimming pool installerC. A company that manufactures chlorine for swimming poolsD. An oil refinery

55. Which of the following would be most likely to use process costing? A. A custom furniture manufacturer.B. An auto body repair shop.C. A law firmD. A lawn fertilizer manufacturer.

56. Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory? A. Job order cost systemB. General cost systemC. Replacement cost systemD. Process cost system

57. For which of the following businesses would the job order cost system be appropriate? A. Meat processorB. Automobile manufacturerC. Oil refineryD. Construction contractor

58. For which of the following businesses would the process cost system be appropriate? A. Book retailerB. Dress designerC. Lumber millD. Printing firm

59. Which of the following is not a characteristic of a job order costing system? A. It accumulates cost for each department within the factory.B. It provides a separate record for the cost of each quantity of product that passes through the factory.C. It is best suited for industries that manufactures custom goods.D. Uses only one work in process account.

60. Which of the following products probably would be manufactured using a job order costing system? A. Number 2 pencilsB. Computer monitors.C. Wedding invitations.D. Paper.

Continue to order Get a quote

July 1, 2023

61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.