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

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.