Essay about Answers to CH 2

Submitted By dchaooo
Words: 3466
Pages: 14
Open Document
Chapter 2
Job Order Costing
Assignment Classification Table

Learning Objectives

Questions

Brief
Exercises

Do It!

Exercises

A
Problems

B
Problems

1. Explain the characteristics and purposes of cost accounting. 1, 2, 3, 4

2. Describe the flow of costs in a job order costing system.

5, 6, 7, 8

1, 2

1

1, 2, 3, 4, 6, 7, 8, 9, 11

1A, 2A,
3A, 5A

1B, 2B,
3B, 5B

3. Explain the nature and importance of a job cost sheet.

9, 10,
11, 12

3, 4, 5

2

1, 2, 3, 6, 7,
8, 10, 12

1A, 2A,
3A, 5A

1B, 2B,
3B, 5B

4. Indicate how the predetermined overhead rate is determined and used.

13, 14, 15

6, 7

2

2, 3, 5, 6, 7, 8, 11, 12, 13

1A, 2A, 3A,
4A, 5A

1B, 2B, 3B,
4B, 5B

5. Prepare entries for jobs completed and sold.

16

8, 9

3

2, 3, 6,
7, 8, 9,
10, 11

1A, 2A,
3A, 5A

1B, 2B,
3B, 5B

6. Distinguish between under- and overapplied manufacturing overhead.

17, 18

10

4

4, 5, 12, 13

1A, 2A,
4A, 5A

1B, 2B,
4B, 5B

ASSIGNMENT CHARACTERISTICS TABLE

Problem
Number

Description

Difficulty
Level

Time
Allotted (min.)

1A

Prepare entries in a job order cost system and job cost sheets.

Simple

3040

2A

Prepare entries in a job order cost system and partial income statement.

Moderate

3040

3A

Prepare entries in a job order cost system and cost of goods manufactured schedule.

Simple

3040

4A

Compute predetermined overhead rates, apply overhead, and calculate under- or overapplied overhead.

Simple

2030

5A

Analyze manufacturing accounts and determine missing amounts.

Complex

3040

1B

Prepare entries in a job order cost system and job cost sheets.

Simple

3040

2B

Prepare entries in a job order cost system and partial income statement.

Moderate

3040

3B

Prepare entries in a job order cost system and cost of goods manufactured schedule.

Simple

3040

4B

Compute predetermined overhead rates, apply overhead, and calculate under- or overapplied overhead.

Simple

2030

5B

Analyze manufacturing accounts and determine missing amounts.

Complex

3040

LEARNING OBJECTIVES 1. EXPLAIN THE CHARACTERISTICS AND PURPOSES OF COST ACCOUNTING. 2. DESCRIBE THE FLOW OF COSTS IN A JOB ORDER COST ACCOUNTING SYSTEM. 3. EXPLAIN THE NATURE AND IMPORTANCE OF A JOB COST SHEET. 4. INDICATE HOW THE PREDETERMINED OVERHEAD RATE IS DETERMINED AND USED. 5. PREPARE ENTRIES FOR JOBS COMPLETED AND SOLD. 6. DISTINGUISH BETWEEN UNDER- AND OVERAPPLIED MANUFACTURING OVERHEAD.
CHAPTER REVIEW

Cost Accounting Systems

1. (L.O. 1) Cost accounting involves the measuring, recording, and reporting of product costs. From the data accumulated, both the total cost and unit cost of each product is determined.

2. A cost accounting system consists of accounts for the various manufacturing costs. These accounts are fully integrated into the general ledger of a company. An important feature of a cost accounting system is the use of a perpetual inventory system. Such a system provides information immediately on the cost of a product. The two basic types of cost accounting systems are
(a) a job order cost system and (b) a process cost system.

3. Under a job order cost system, costs are assigned to each job or to each batch of goods.

4. A process cost system is used when a large volume of similar products are manufactured. Process costing accumulates product-related costs for a period of time instead of assigning costs to specific products or job orders.

Job Order Cost Flow

5. (L.O. 2) The flow of
Show More

Related Documents: Essay about Answers to CH 2

Answers to Ch 2 Exercises BL150 Essay

Chapter 2: Resolving Disputes and Navigating Canada's Court System Exercises True or False? 1. BATNA and WATNA are more commonly part of positional negotiation than of interest-based negotiation. (F) 2. Unlike arbitration decisions, a negotiated settlement cannot be enforced. (F) 3. Transformative mediation attempts to get each party to appreciate the validity of the other's point of view. (T) 4. In the Superior Court, you are entitled to disclosure of the other party's documents and evidence…

Words 3391 - Pages 14

To Kill A Mockingbird Closed-Ended Essay

Closed-ended Questions (2/chapter) Answer (with page reference) Ch. 1: Who came up with the idea of making Boo Radley come out of his house? Dill (Pg. 14) Where was Boo Radley kept in when Mr. Radley pleaded to the sheriff not to charge Boo with anything? The courthouse basement (Pg. 11) Ch.2: What did Jem ask Scout to do while they were in school? Scout was instructed to leave Jem alone. (Pg. 16) How did Miss Caroline react when she saw that Scout had already been taught to read by her father?…

Words 922 - Pages 4

Syllabus: Balance Sheet and Financial Accounting Essay

| | | | |Post journal entries to the general ledger. | | | |Readings |Read Ch. 1, 2, & 7 of Financial Accounting. | | | | |Read this week’s Electronic Reserve Readings. |…

Words 2465 - Pages 10

Real Estate Decision Making

Estate Decision Making Fall 2011 COURSE OUTLINE Instructor: Office: E-mail: Telephone: John S. Andrew, Ph.D., M CIP, RPP Robert Sutherland Hall, Room 525 john.andrew@queensu.ca 613-533-6000 ext. 75756 Session Time: Mondays, 11:30 am - 2:20 pm Session Room: Robert Sutherland Hall, Room 554 Overview of the Course The course is an introduction to the concepts, principles and analytical methods involved in making the broad variety of key investment decisions regarding commercial real…

Words 2314 - Pages 10

MTH 221 Week 2 Essay

* Ch. 4 of Discrete and Combinatorial Mathematics * * Exercise 4.1, problem 5a * 5. Consider the following program segment (written in pseudocode): for i := 1 to 123 do for j := 1 to i do print i * j a) How many times is the print statement of the third line * executed? (n)(n+1)/2 * n = 123. The answer should be 7626 * * Exercise 4.2, problem 18a Consider the permutations of 1, 2, 3, 4. The permutation 1432, for instance, is said to have one ascent—namely, 14 (since…

Words 455 - Pages 2

Unit 1 Homework Essay

Homework Unit 1 Chapters 1, 2, & 3 Terms, People and Events: Define or explain and tell the significance. Ch. 1 Kinship Division of labor Sahara Highway Nuclear family Reformation Caravel Columbian Exchange Treaty of Tordesillas Ch. 2 The Spanish Empire Conquistadores Hernando Cortes Joint-stock companies Jamestown Headright system Indentured servants Nathaniel Bacon John Winthrop Puritans Separatists Massachusetts Bay Colony City Upon a Hill Roger Williams Anne Hutchinson Ch. 3 Mercantilism Navigation…

Words 620 - Pages 3

Mat116 Course Syllabus Essay

- MAT 116 Algebra 1A Version 5 12/15/07 MAT 116 MAT 116 Algebra 1A Program Council The Academic Program Councils for each college oversee the design and development of all University of Phoenix curricula. Council members include full-time and practitioner faculty members who have extensive experience in this discipline. Teams of full-time and practitioner faculty content experts are assembled under the direction of these Councils to create specific courses within the academic program. Copyright…

Words 4379 - Pages 18

Awesome: Academia and World History Room Essay

with the world historical perspective, both its inherent strengths and weaknesses. Assessment The assessments in this course consist of four online examinations taken through WebCT. These assessments will be part multiple choice, part short answer (not more than a sentence or two), in part a nod to the compressed time scale of the four week course. None of these assessments, save the last, are comprehensive. The course uses a conventional grading scale (detailed below.) A=89.5 or better…

Words 434 - Pages 2

Eco365 Week1 Essay

| Syllabus School of Business ECO/365 Version 4 Principles of Microeconomics | Copyright © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Faculty…

Words 2646 - Pages 11

The Importance Of Further Physical And Inorganic Chemistry

examiner understands and applies it in the same correct way. As preparation for the standardisation meeting each examiner analyses a number of candidates’ scripts: alternative answers not already covered by the mark scheme are discussed at the meeting and legislated for. If, after this meeting, examiners encounter unusual answers which have not been discussed at the meeting they are required to refer these to the Principal Examiner. It must be stressed that a mark scheme is a working document, in…

Words 1914 - Pages 8