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The theoretically correct method of allocating under or over applied overhead is to:
The theoretically correct method of allocating under or over applied overhead is to:
a.
allocate the amount to cost of goods sold
b. allocate the amount to finished
goods
c. allocate the amount to work in
process and finished goods
d. allocate the amount among work in
process, finished goods, and cost of goods sold
The amount of cash reported in the
financial statements is the closing balance of cash reported in the
___________.
a.
check register before Bank Reconciliation
b. Bank Reconciliation
c. bank statement before Bank Reconciliation
d. None of the above
Lindy & Co. use an allowance
method to account for bad debts. They estimate that 5% of the outstanding
accounts receivable will be uncollectible. At the end of the year, they have
outstanding accounts receivable of $750,000, and a debit balance in the
Allowance for Uncollectible Accounts of $9,000. They should record an
uncollectible accounts expense of:
a. $28,500
b.
$37,500
c. $46,500
d. $55,500
Which of the following statements
concerning job cost sheets is incorrect?
a. A job cost sheet would show the
direct materials used on that specific job
b.
A job cost sheet would reveal the selling costs associated with a particular
job
c. The total costs recorded on a job
cost sheet should also be reflected in the Work in Process account in the
general ledger
d. The amount of overhead on a job
cost sheet is the applied factory overhead rather than the actual factory
overhead
