14. The materials requisition serves as the source document
for debiting the accounts in the materials ledger.
True False
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Get Help Now!15. Materials are transferred from the storeroom to the
factory in response to materials requisitions.
True False
16. The document that serves as the basis for recording
direct labor on a job cost sheet is the time card.
True False
17. The document that serves as the basis for recording
direct labor on a job cost sheet is the time ticket.
True False
18. Depreciation expense on factory equipment is part of
factory overhead cost.
True False
19. Factory overhead is applied to production using a predetermined
overhead rate.
True False
20. If factory overhead applied exceeds the actual costs, the
factory overhead account will have a credit balance.
True False
21. If factory overhead applied exceeds the actual costs,
overhead is said to be underapplied.
True False
22. If the underapplied factory overhead amount is material,
it is transferred to Cost of Goods Sold at the end of the fiscal year.
True False
23. If the underapplied factory overhead amount is
immaterial, it is transferred to Cost of Goods Sold at the end of the fiscal
year.
True False
24. Each account in the cost ledger in a job order system is
called a job cost sheet.
True False
25. In the job order system, the finished goods account is
the controlling account for the factory overhead ledger.
True False
26. The inventory accounts generally maintained by a
manufacturing firm are only finished goods and materials.
True False
The post Chapter 17–Job Order Costing appeared first on US Online Professors.
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