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Garrison, Chapter 2, Managerial Accounting Questions and Answers with complete solution
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Absorption Costing - ️️A costing method that includes all manufacturing costs: direct costs, direct labor, and both variable and fixed manufacturing costs. Overapplied Overhead - ️️A credit balance in the Manufacturing Overhead account that occurs when the amount of overhead cost applied...

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  • September 18, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • garrison chapter 2 managerial accounting

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Garrison, Chapter 2, Managerial
Accounting
Absorption Costing - ✔️✔️A costing method that includes all manufacturing costs:
direct costs, direct labor, and both variable and fixed manufacturing costs.

Overapplied Overhead - ✔️✔️A credit balance in the Manufacturing Overhead account
that occurs when the amount of overhead cost applied to WIP exceeds the amount
actually incurred during a period.


Predetermined overhead rate - ✔️✔️A rate used to charge manufacturing overhead
costs to jobs that is established in advance fo reach period. It is computed by dividing
the estimated total manufacturing cost for the period by the estimated total amount of
allocation base.


Allocation Base - ✔️✔️A measure of activity such as direct labor-hours or machine
hours that is used to assign costs to cost objects.

Bill of Materials - ✔️✔️A document that shows the quantity of each type of direct
material required to make a product

Cost driver - ✔️✔️A factor, such as machine hours, beds occupied, etc that causes
overhead costs

Job Cost Sheet - ✔️✔️A form that records the direct materials, direct labor, and MOH
charged to a job.

Job 0rder costing - ✔️✔️A costing system used in situations where many different
products, jobs, or services are produced each period.

Materials requisition form - ✔️✔️A document that specifies the type and quantity of
materials to be drawn from the storeroom and that identifies the job that wil be charged
for the cost of those materials

Multiple predetermined overhead rates - ✔️✔️A costing system wih multiple overhead
cost pools and a different overhead rate for each cost pool. Eah production department
may be treated as a separate overhead cost pol.

Overapplied - ✔️✔️

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