71.In a job order cost accounting system, when goods that have been ordered are received, the receiving departmentpersonnel count, inspect the goods, and complete a a.purchase order b.sales...

71.In a job order cost accounting system, when goods that have been ordered are received, the receiving departmentpersonnel count, inspect the goods, and complete a

a.purchase order

b.sales invoice

c.receiving report

d.purchase requisition

72.The amount of time spent by an employee on an individual job are recorded on

a.pay stubs

b.in-and-out cards

c.time tickets

d.employees' earnings records

73.The amount of time spent by an employee in the factory is usually recorded on

a.time tickets

b.job order cost sheets

c.employees' earnings records

d.statement of owners’ equity

74.The basis for recording direct and indirect labor costs incurred is a summary of the period's

a.job order cost sheets

b.time tickets

c.employees' earnings records

d.clock cards

75.The entry to record the flow of direct labor costs into production in a job order cost accounting system is

a.debit Factory Overhead, credit Work in Process

b.debit Finished Goods, credit Wages Payable

c.debit Work in Process, credit Wages Payable

d.debit Factory Overhead, credit Wages Payable

76.At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance.Which of the following describes the nature of this balance and how it would be reported on the interim balancesheet?

a.Overapplied, deferred credit

b.Underapplied, deferred debit

c.Underapplied, deferred credit

d.Overapplied, deferred debit

77.At the end of the fiscal year, the balance in Factory Overhead is small. The balance would be

a.transferred to Work in Process

b.transferred to Cost of Goods Sold

c.transferred to Finished Goods

d.allocated between Work in Process and Finished Goods

78.The details concerning the costs incurred on each job order are accumulated in a work in process account andsupported by a

a.stock ledger

b.materials ledger

c.cost ledger

d.creditors ledger

79.Each document in the cost ledger is called a

a.finished goods sheet

b.stock record

c.materials requisition

d.job cost sheet

80.Selected accounts with amounts omitted are as follows

If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process fordirect materials in August?

a. $390,000

b. $170,000

c. $525,000

d. $580,000