130 to 139

130. Cost accounting involves the measuring, recording, and reporting of ______________ costs.

  131.    There are two basic types of cost accounting systems: (1)__________________ system, and (2)__________________ system.

  132.    A ______________ cost system is appropriate when homogeneous products are continuously produced, whereas a ______________ cost system would be more appropriate if the product is custom-made.

  133.    In a job order system, raw materials purchased are charged to the ______________ account.

  134.    Of these three accounts; Raw Materials Inventory, Factory Labor, and Manufacturing Overhead, ______________ is not a control account.

  135.    If $30,000 direct materials are requisitioned for a job and $7,000 of indirect materials are requisitioned for general use, the debit to Work In Process Inventory should be for $______________.

  136.    The cost of producing a particular job under a job cost system is accumulated on a record called a ___________________.

  137.    Manufacturing overhead is applied to jobs by means of a ___________________ rate.

  138.    If actual manufacturing overhead was greater than the amount of manufacturing overhead applied to jobs, the Manufacturing Overhead account will have a ___________ balance and overhead is said to be ______________.

  139.    At the end of the year, any balance in the Manufacturing Overhead account should be eliminated as an adjustment to ___________________.