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Job Order Costing Quiz 1 (25 MCQs)

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1. A journal entry to record indirect labor is
2. The joint product costing method that results in the same percentage of gross profit for all products is known as
3. How do you convert a profit margin % to a profit mark-up %?
4. Who is most likely to use process costing?
5. Documents that must be prepared in Job Order Costing, except:
6. One type of business that uses job order costing is:
7. Product cost per unit of custom product orders
8. Product cost per unit for standard product orders
9. Which of the following is the correct statement represents job costing
10. Units completed this period; 50 units are still in progress of which 30% are complete. How many total equivalent units are produced?
11. Which one of the following is NOT a component of the job order costing system?
12. The following are characteristics of job order costing, except:
13. Products that do not meet production standards but can still be repaired technically and economically and are still possible to be sold are called _____
14. In the accounting records, debits to Raw Materials Inventory account represent purchases of materials. Credits to Raw Materials Inventory account represent _____ ?
15. Total material requirement A for all orders
16. Separable costs are
17. Which company would most likely use job order costing?
18. Included in factory overhead costs are:
19. Product defects caused by consumers, repair fees will be charged to _____
20. The formula for computing the predetermined overhead rate is an estimated manufacturing overhead costs divided by an estimated basis of activity, expressed as
21. Which of the following would be suitable for using a job-order cost system?
22. In a job order cost system, overhead applied is debited to which account?
23. In a job order cost system, indirect labor incurred is debited to which account?
24. For conversion cost, the equivalent units of production are
25. The point at which two or more products appear in a separately identifiable form is known as:
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