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Using a time ticket the cost accounting department can enter the cost of direct materials onto the correct job-order cost sheet

Using a time ticket, the cost accounting department can enter the cost of direct materials onto the correct job-order cost sheet.

 

 

12.The raw materials account is an inventory account located on the income statement.

 

 

13.There are other source documents besides the time ticket and the material requisition form used to fill out the job-order cost sheet.

 

 

14.The work-in-process account consists of all the job-order costs sheets for the unfinished jobs.

 

 

15.The three manufacturing cost elements are direct materials, direct labour, and overhead.

 

 

16.The use of normal costing means that actual overhead costs are NOT assigned directly to jobs.

 

 

17.When materials are put into production, they are taken from the raw materials account and put into the finished goods account.

 

 

18.The use of a departmental rate has the advantage of being simple and reduces data collection requirements.

 

 

19.Actual overhead is reconciled with applied overhead at the end of the period.

 

 

20.If the overhead variance is immaterial, it is allocated among the ending balances of work in process, finished goods, and cost of goods sold.

Mar 13 2020 View more View Less

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