Property taxes on a factory building would normally be classified as an overhead. Glue used in the manufacture of cabinets would be an example of a raw materials. a. 1st statement TRUE b. 1st statement FALSE c. BOTH statements are FALSE d. BOTH statements are TRUE

Property taxes on a factory building would normally be classified as an overhead. Glue used in the manufacture of cabinets would be an example of a raw materials. a. 1st statement TRUE b. 1st statement FALSE c. BOTH statements are FALSE d. BOTH statements are TRUE

Name: • Property taxes on a factory building would normally be classified as
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: • Property taxes on a factory building would normally be classified as an overhead. Glue used in the manufacture of cabinets would be an example of a raw materials.a. 1st statement TRUEb. 1st statement FALSEc. BOTH statements are FALSEd. BOTH stateme

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 2EA: For the following descriptions state whether the cost is controllable or uncontrollable by...

See similar textbooks

Similar questions

4. Which of the following should be classified as part of factory overhead for Caterpillar Inc, a maker of heavy machinery and equipment? I. Steel plateII. Plant manager’s salaryIII. Interest expense on debtIV. Factory supplies used in the plantV. Vice President of Finance’s salaryVI. Amortization of patents on the new assembly process A. I, II and V are correct.B. I, II and III are correct.C. II, IV and VI are correct.D. IV, V and VI are correct.
23. Which of the following costs is relevant to a make-or-buy decision of a particular part of a product? a.The direct labor costs used to manufacture the part b.The depreciation on the plant used to manufacture the part c.The fixed annual rent paid for the office building d.The salary of the sales manager who sells the product
Statement 1: Manufacturing overhead is an indirect cost with respect to units of product. Statement 2: Depreciation on office equipment would be included in the cost of goods manufactured. Statement 3: Rent on factory building used in the production process would be classified as a period cost and as a fixed cost. Statement 4: The amount that a manufacturing company could earn by renting out unused portion of its warehouse is an example of an opportunity cost. Statement 5: Internal failure costs result from identification of defects during the appraisal process such as scrap, rejected products, rework and downtime. a. All statements are true b. Statements 1, 3 and 5 c.Statements 1, 2 and 4 are true are true d. Statements 1, 4 and 5 are true e.Statements 2, 4 and 5 are true f. Statements 2, 3 and 4 are true
The cost of inefficiencies caused by labour strikes is incurred in the cost of warehouse construction. True or not? Explain referring to the IAS 16 Property, Plant and Equipment (Paragraphs 21).
which one of the following is not an example of a committed fixed cost a . The cost of the accounting system of the company . b. None of the given answers . c. The depreciation cost of the Headquarters offices . d . The property taxes of the factory plant . e. The salary of the deputy manager of customer call center .
QUESTION 12 Which of the following costs is not a product cost? The cost of fuel used in the factory The electricity cost of the office of factory foreman Depreciation on the plant installed in the factory The cost of shipping finished products to customers
1. Property taxes on a manufacturing plant is an element of: a. Conversion cost b. Prime cost c. Period cost d. Fixed cost 2. Factory supplies for manufacturing plant are generally a. Prime cost b. Fixed cost c. Period cost d. Variable cost 3. Wages paid to timekeeper in a factory is a a. Prime cost b. Direct Material c. Conversion cost d. Direct labor
Depreciation of Machinery would not be an element of factory overhead? Select one: a. True b. False
• A factory building needs to hire janitorial services. This is classified as indirect labor 2. Period costs are all costs that are not product costs, such as office supplies a. BOTH statements are TRUE b. BOTH statements are FALSE c. 1st statement FALSE d. 1st statement TRUE
Which of the following costs is not a product cost? *1 pointa. Depreciation on the plant installed in the factoryb. The electricity cost of the office of factory foremanc. The cost of shipping finished products to customersd. The cost of fuel used in the factory
Please solve this MCQs How would property taxes paid on a factory building be classified in a manufacturing company? Variable, period cost. Fixed, product cost. Fixed, period cost. Variable, product cost.
In Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX Credit – Accumulated Depreciation - (asset) $X,XXX 1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What would the journal entry look like?