Over My Head
Number Narnia
Just a Job
Pleasing Process
Miscellanea
100
The work in process account is debited for all three of these.
What is direct materials cost, direct labor cost, and applied factory overhead cost?
100
A manufacturing business reports these three types of inventory on its balance sheet.
What are materials inventory, work in process inventory, and finished goods inventory?
100
When a product is sold, these two accounts are debited and credited.
What are Cost of Goods Sold and Finished Goods?
100
Equivalent units for these two groups are usually combined in computing equivalent units.
What are direct labor and factory overhead?
100
The manufacturing costs are recorded and reported on this financial statement as inventory as they are incurred.
What is the balance sheet?
200
The process by which factory overhead or other costs are assigned to a cost object, such as a job.
What is cost allocation?
200
These are the units in production during a period, whether completed or not.
What are whole units?
200
This term describes the balance of the factory overhead account when applied overhead is less than the actual factory overhead incurred.
What is under applied?
200
This is the journal entry made when products are moved from the Spinning Department to the Weaving Department.
What is a debit to Work in Process - Weaving and a credit to Work in Process Spinning?
200
The costs of a manufactured product are reported as expenses on this statement when sold.
What is the income statement?
300
This is a common measure used to allocate factory overhead costs to jobs.
What is an activity base? or What is an allocation base? or What is an activity driver?
300
These are the three groups to be assigned costs in the cost of production report.
What are beginning inventory, started and completed, and ending inventory?
300
This term describes the balance of the factory overhead account when applied overhead is more than the actual factory overhead incurred.
What is over applied?
300
This report summarizes the production and cost data for a department.
What is the cost of production report?
300
The three inventory accounts are classified in this section of the balance sheet.
What are current assets?
400
The debit side of the factory overhead account is used to record this.
What are actual factory overhead costs?
400
This is the numerator for the predetermined overhead rate.
What is "Estimated Total Factory Overhead Costs?"
400
This is the journal entry made when both direct materials and indirect materials are used.
What is a debit to work in process, a debit to factory overhead and a credit to materials?
400
This is the second step of the cost of production report.
What is computing equivalent units of production?
400
These are the portion of whole units that are complete with respect to materials or conversion.
What are equivalent units of production?
500
The credit side of the factory overhead account is used to record this.
What are applied factory overhead costs?
500
This is the denominator for the predetermined overhead rate.
What is the "Estimated Activity Base?"
500
This is the journal entry made when costs of both direct and indirect labor are incurred.
What is a debit to Work in Process, a debit to Factory Overhead, and a credit to Wages Payable?
500
Equivalent units for these two groups are usually determined separately because they normally enter production at different times and rates.
What are materials and conversion costs?
500
The reporting of product costs primarily affects these two financial statements.
What are the balance sheet and the income statement?
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