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Flashcards in exam 3 Deck (9)
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1
Q

Those firms producing similar products or services

A

process-costing accounting system

2
Q

a company’s products/ services are unique, they require

A

Job-order accounting system

3
Q

A normal job-order costing system is a system that uses:

A

Actual costs for direct materials and direct labor and estimated costs for overhead

4
Q

Using normal costing requires that

A

Actual overhead costs are not assigned directly to jobs

5
Q

Using normal costing, which costs never enter the work-in-process account?

A

Actual Overhead

6
Q

determines unit cost by adding actual direct materials, actual direct labor, and estimated overhead.

A

Normal cost system

7
Q

calculated at the beginning of the year by dividing the total estimated annual overhead by the total estimated level of associated activity or cost driver

A

predetermined overhead rate

8
Q

Costs are tracked throughout the year in the overhead account

A

Costs are computed throughout the year and added to actual direct materials and actual direct labor to get total product cost.

9
Q

single overhead rate has been explained by dividing all estimated overhead for a factory by the estimated activity level across the entire factory

A

plant