Question:
1. Which of the following is not true about why a service firm will use the job order costing system?
A. to help control cost
B. to determine client billing
C. to determine department cost with the firm
D. to determine profit
2. Job order costing and process are
A. pricing systems
B. cost accountin systems
C. cost flow systems
D. inventory tracking systems
3. Which of the following would most likely use a job order costing system?
A. paper mill
B. swimming pool installer
C. company that manufactures chlorine for swimming pools
D. oil refinery
4. Which of the following would probly not be found in the accountin system of a service provider?
A. cost ledger
B. Finished jobs ledger
C. deferred revenue account
D. job cost sheets
5. During the period, labor cost incurred on account amounted to $250,000 including $200,000 for production order and $50,000 for general factory use. In addition, factory overhead applied to production was $23,000. From the following, select the entry to record the actual factory overhead cost incurred.
A. Accounts Payable $50,000 and Cr. Factory Overhead $50,000
B. Factory Overhead 23,000 and Cr. Accounts Payable $23,000
c. Work in Process $50,000 Cr. Wages Payable $50,000
D. Factory Overhead $50,000 Cr. Wages Payable $50,000