Discus Job Costing Assignment

Discus Job Costing Assignment

1. a. Name two principal types of cost accounting
systems.
b. Which system provides for a separate record of
each particular quantity of product that passes
through the factory?
c. Which system accumulates the costs for each
department or process within the factory?
2. What kind of firm would use a job order cost
system?
3. Which account is used in the job order cost system to accumulate direct materials, direct labor, and
factory overhead applied to production costs for
individual jobs?
4. What document is the source for (a) debiting the
accounts in the materials ledger and (b) crediting
the accounts in the materials ledger?
5. What is a job cost sheet?
6. What is the difference between a clock card and
time ticket?

Discus Job Costing Assignment

7. Discuss how the predetermined factory overhead
rate can be used in job order cost accounting to
assist management in pricing jobs.
8. a. How is a predetermined factory overhead rate
calculated?
b. Name three common bases used in calculating
the rate.
9. a. What is (1) overapplied factory overhead and
(2) underapplied factory overhead?
b. If the factory overhead account has a debit
balance, was factory overhead underapplied or
overapplied?
c. If the factory overhead account has a credit balance at the end of the first month of the fiscal
year, where will the amount of this balance be
reported on the interim balance sheet?
10. Describe how a job order cost system can be used
for professional service businesses.

Having a hard time figuring out how to do your assignment?

Ask our experts for help and get it done in no time!

The list is limitless. Research, term papers, dissertations, thesis, editing — all options are included. Even if you have a unique type of task, our writers are creative and meticulous enough, and they know how to take care of it. Application essays