This quiz works best with JavaScript enabled. Home > Accounting > Cost Accounting > Job Order Costing > Job Order Costing – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Job Order Costing Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A journal entry to record indirect labor is A) Debit indirect labor, credit direct labor. B) Debit indirect labor, credit manufacturing overhead. C) Debit manufacturing overhead, credit raw material inventory. D) Debit manufacturing overhead, credit factory labor. Show Answer Correct Answer: D) Debit manufacturing overhead, credit factory labor. 2. The joint product costing method that results in the same percentage of gross profit for all products is known as A) Physical measure method. B) Split-off costing method. C) Actual costing method. D) Market value method. Show Answer Correct Answer: D) Market value method. 3. How do you convert a profit margin % to a profit mark-up %? A) 100% / Profit Margin %. B) Profit Margin % / (100-Profit Margin %). C) (Profit Margin %-100%) / Profit Margin %. D) (100%-Profit Margin %) / 100%. Show Answer Correct Answer: B) Profit Margin % / (100-Profit Margin %). 4. Who is most likely to use process costing? A) Accounting firm. B) Construction company. C) Law firm. D) Soda company. Show Answer Correct Answer: D) Soda company. 5. Documents that must be prepared in Job Order Costing, except: A) Annual report. B) Materials requisition form. C) Time Ticket. D) Job Cost Sheet. Show Answer Correct Answer: A) Annual report. 6. One type of business that uses job order costing is: A) Hospital. B) Pharmaceutical Company,. C) All wrong. D) None of above. Show Answer Correct Answer: A) Hospital. 7. Product cost per unit of custom product orders A) Rp 236.700. B) Rp 125.750. C) Rp 237.600. D) Rp 127.750. Show Answer Correct Answer: C) Rp 237.600. 8. Product cost per unit for standard product orders A) Rp 125.750. B) Rp 127.750. C) Rp 237.600. D) Rp 236.700. Show Answer Correct Answer: B) Rp 127.750. 9. Which of the following is the correct statement represents job costing A) To identify the cost of productions. B) Only includes Prime Cost. C) To provide selling price of the product. D) To calculate Cost unit based single job order. Show Answer Correct Answer: D) To calculate Cost unit based single job order. 10. Units completed this period; 50 units are still in progress of which 30% are complete. How many total equivalent units are produced? A) 250. B) 215. C) 200. D) 110. Show Answer Correct Answer: B) 215. 11. Which one of the following is NOT a component of the job order costing system? A) Direct materials. B) Direct labour. C) Manufacturing overhead. D) Advertising expenses. Show Answer Correct Answer: D) Advertising expenses. 12. The following are characteristics of job order costing, except: A) Products are made according to consumer demand. B) Similar products are produced continuously. C) Costs are tracked or allocated to jobs. D) None of above. Show Answer Correct Answer: B) Similar products are produced continuously. 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 ..... A) Produk expired. B) Damaged product. C) KW products. D) Defective product. Show Answer Correct Answer: D) Defective product. 14. In the accounting records, debits to Raw Materials Inventory account represent purchases of materials. Credits to Raw Materials Inventory account represent ..... ? A) Issuance of materials to the factory. B) Return of materials. C) Sale of materials. D) Finished goods. Show Answer Correct Answer: A) Issuance of materials to the factory. 15. Total material requirement A for all orders A) 2.250 unit. B) 3.500 unit. C) 3.813 unit. D) 1.500 unit. Show Answer Correct Answer: A) 2.250 unit. 16. Separable costs are A) Main product costs. B) Costs incurred before the split-off point. C) Costs incurred by-products. D) Costs incurred after the split-off point. Show Answer Correct Answer: D) Costs incurred after the split-off point. 17. Which company would most likely use job order costing? A) Service Company. B) Oil Company. C) Cereal Company. D) Beverage Company. Show Answer Correct Answer: A) Service Company. 18. Included in factory overhead costs are: A) Direct labor & materials costs. B) Indirect labor costs & materials. C) Production and non-production costs. D) None of above. Show Answer Correct Answer: B) Indirect labor costs & materials. 19. Product defects caused by consumers, repair fees will be charged to ..... A) Real BOPs. B) Labor costs. C) Order. D) Material cost. Show Answer Correct Answer: C) Order. 20. The formula for computing the predetermined overhead rate is an estimated manufacturing overhead costs divided by an estimated basis of activity, expressed as A) Direct labour costs. B) Direct labour hour. C) Machine hours. D) Any of the above. Show Answer Correct Answer: D) Any of the above. 21. Which of the following would be suitable for using a job-order cost system? A) The refining of petroleum. B) The production of personal computers. C) The production of automobiles. D) The construction of a new campus building. Show Answer Correct Answer: D) The construction of a new campus building. 22. In a job order cost system, overhead applied is debited to which account? A) Work in process inventory. B) Manufacturing overhead. C) Finished goods inventory. D) Cost of goods sold. Show Answer Correct Answer: A) Work in process inventory. 23. In a job order cost system, indirect labor incurred is debited to which account? A) Cost of goods sold. B) Finished goods inventory. C) Work in process inventory. D) Manufacturing overhead. Show Answer Correct Answer: D) Manufacturing overhead. 24. For conversion cost, the equivalent units of production are A) 1550. B) 1500. C) 1580. D) 1700. Show Answer Correct Answer: C) 1580. 25. The point at which two or more products appear in a separately identifiable form is known as: A) Break-even point. B) Change point. C) Split-off point. D) Joint point. Show Answer Correct Answer: C) Split-off point. 26. At which stage of the manufacturing process would direct labour costs be applied? A) Costs of goods sold. B) Raw materials. C) Finished goods. D) Work in Process. Show Answer Correct Answer: D) Work in Process. 27. What are equivalent units? A) Partially completed unit to be sold as is. B) Partially finished unit replacement. C) Various types of units with the same selling price. D) Partially completed units are expressed in terms of fully completed units. Show Answer Correct Answer: D) Partially completed units are expressed in terms of fully completed units. 28. A debit to Finished Goods Inventory account represent the ..... ? A) Cost of completed jobs. B) Cost of goods sold. C) Over-applied factory overhead. D) Under-applied factory overhead. Show Answer Correct Answer: A) Cost of completed jobs. 29. Where are you unlikely to see job-order costing being used? A) In a construction. B) In a chemical plant. C) In a boutique. D) In a garage. Show Answer Correct Answer: B) In a chemical plant. 30. Total factory overhead costs for custom product orders A) Rp 67.500.000. B) Rp 73.000.000. C) Rp 62.500.000. D) Rp 66. 825.000. Show Answer Correct Answer: D) Rp 66. 825.000. Next →Related QuizzesCost Accounting QuizzesAccounting QuizzesJob Order Costing Quiz 2 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books