Accounting 202: Trivia Quiz! Exam

11 Questions | By Jc173 | Updated: Mar 21, 2022 | Attempts: 983

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Accounting 202: Trivia Quiz! Exam - Quiz

During the manufacturing of a product, different factors go into choosing what input to use during manufacturing a product. Take up this quiz on overhead costs when it comes to job costing and see if you are prepared for the upcoming test. All the best as you tackle it!

Questions and Answers

1.

Which comes third in the flow of costs?
- A.
  
  Cost of goods sold
- B.
  
  Finished goods inventory
- C.
  
  Raw materials inventory
- D.
  
  Work in process inventory
2.

Which comes last in the flow of costs?
- A.
  
  Cost of goods sold
- B.
  
  Finished goods inventory
- C.
  
  Raw materials inventory
- D.
  
  Work in process inventory
3.

Payroll costs for factory employees who do NOT work directly on the product are considered:
- A.
  
  Direct labor
- B.
  
  Manufacturing overhead
- C.
  
  Selling expenses
- D.
  
  Administrative costs
4.

An estimated manufacturing overhead rate computed before the year begins is a(n):
- A.
  
  Cost allocation
- B.
  
  Cost driver
- C.
  
  Actual manufacturing overhead rate
- D.
  
  Predetermined manufacturing overhead rate
5.

Assigning manufacturing overhead costs and other indirect costs is called:
- A.
  
  Cost allocation
- B.
  
  Cost driver
- C.
  
  Materials requisition
- D.
  
  Predetermined manufacturing overhead rate
6.

Manufacturers follow four steps to implement a manufacturing overhead allocation system. The last step is to:
- A.
  
  Select an allocation base and estimate the total amount that will be used during the year
- B.
  
  Allocate some manufacturing overhead to each individual job
- C.
  
  Estimate total manufacturing overhead costs for the coming year
- D.
  
  Calculate a predetermined manufacturing overhead rate
7.

Manufacturers follow four steps to implement a manufacturing overhead allocation system. The first step is to:
- A.
  
  Select an allocation base and estimate the total amount that will be used during the year
- B.
  
  Allocate some manufacturing overhead to each individual job
- C.
  
  Estimate total manufacturing overhead costs for the coming year
- D.
  
  Calculate a predetermined manufacturing overhead rate
8.

Manufacturers follow four steps to implement a manufacturing overhead allocation system. Which step is NOT performed before the year begins?
- A.
  
  Select an allocation base and estimate the total amount that will be used during the year.
- B.
  
  Allocate some manufacturing overhead to each individual job.
- C.
  
  Estimate total manufacturing overhead costs for the coming year.
- D.
  
  Calculate a predetermined manufacturing overhead rate.
9.

Manufacturing overhead is allocated on the basis of
- A.
  
  Machine hours
- B.
  
  Direct labor hours
- C.
  
  Direct labor costs
- D.
  
  Any of the above
10.

Allocating manufacturing overhead costs is done:
- A.
  
  Before the period starts
- B.
  
  During the period
- C.
  
  At the end of the period
- D.
  
  At none of these times
11.

Computing the predetermined manufacturing overhead rate is done:
- A.
  
  Before the period starts
- B.
  
  During the period
- C.
  
  At the end of the period
- D.
  
  At any time