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Showing posts with label Upwork Book keeping Test Answer 2015. Show all posts
Showing posts with label Upwork Book keeping Test Answer 2015. Show all posts

Upwork Book keeping Test Answer - Part 1

Here You will find all the answers of Upwork Book keeping test, Please press CTRL + F to find your desired answers of the test questions:

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