Which of the following is usually prepared daily by employees for each job worked on

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7 Mcqs

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Seven questions on cost accounting

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WORKSHEET#2 Match column A with the meaning of lines and colors they suggest in column B A 1. Curved lines 2. Vertical lines 3. Radial lines 4. Broken … lines 5. Horizontal lines 6. Yellow 7. Blue 8. Red 9. Green 10. Orange a. spirituality and elegance b. imbalance, chaos c. explosion, luminosity d. movement e. stability f. comfort, warmth g. liveliness, optimism h. fresh, eco-friendly i. desire for power j. calm, intelligencepls help me on this i would be passing this tommorow thank uu​

STRATEGIC COST ACCOUNTING ACCOUNTING FOR LABOR 1.

2.

Overtime premium pay may be correctly defined as: a. Bonus paid to skilled workers b. An increased payment during overtime hours because of increased rates of pay c. Payment for all hours in excess of the basic working hours d. A premium paid to workers to compensate for fatigue Which of the following is the most relevant use of the clock card? a. To measure employee efficiency b. To facilitate payment for time spent on the work premises c. To allow labor time to be charged to the individual job d. To allow calculation of bonus payment

3.

Which of the following is usually prepared daily by employees for each job worked on? a. Labor Time ticket b. Punch card c. Cost control card d. Time card

4.

A wage plan solely based on an employee’s quantity of production is known as: a. Hourly-rate plan b. Piece-rate Plan c. Modified Wage Plan d. Make-up pay

5.

The employer’s portion of SSS premiums is: a. A revenue for the employer b. A revenue for the employee c. An expense for the employee d. An expense for the employer

6.

Total factory labor cost is composed of direct labor and indirect labor. Direct Labor cost is recorded by a credit to Work in Process account. a. True, True b. False, True c. False, False d. True, False

7.

It is a cost of non-productive hours of direct labor caused by lack of work, waiting for materials delay and machine breakdown. a. Make-up Pay b. Shift Premium c. Idle Time d. Overtime Premium

8.

It is incurred on rush jobs as requested by the customers who has agreed to pay for the special service. a. Make-up Pay b. Overtime Premium c. Shift Premium d. Voucher Premium

9.

The following cost is an example of an indirect labor cost: a. Idle time of factory workers b. Fringe benefits of sales personnel

c. d.

Salary of the machine operator Maintenance cost

10. Gross earnings of an employee who is paid a flat amount per week or month regardless of the hours worked in the period. a. Wages b. Gross Earnings c. Salaries d. Net Earnings 11. Chester Company pays time and a half for hours in excess of 45 hours per week. A worker is paid P 30.00 per hour and worked 55 hours a week. The weekly earnings of the employee will amount to: a. P 1800 b. P 1650 c. P 1500 d. P 1600 12. Nana Manufacturing Company has provided you with the following information Ending Raw Materials Inventory 200,000 Raw Materials Purchased 150,000 Beg. Raw Materials Inven. 120,000 Factory Overhead 255,000 Total Manufacturing Cost 950,000 Direct Labor cost for the year amounted to: a. P 625,000 b. P 630,000 c. P 600,000 d. P 595,000 For items 13 and 14 Piggy Bear earns P20 per hour for up to 400 units of production per eight- hour work a day. If he produces more than 400 pieces per day, he will receive and addition piece rate of P 4 per unit. A summary of his work week are as follows: Hrs. Worked Pcs. Finished Monday 8 395 Tuesday 8 420 Wednesday 8 450 Thursday 8 380 Friday 8 405 13. The weekly earnings of Piggy Bear will amount to: a. P 1000 b. P 800 c. P 1150 d. P 1100 14. How much should be charged to Factory Overhead? a. P 300 b. P 160 c. P 200 d. P 250 15. An employee regularly earns P 50 per hour for an 8 hr day. If called upon to work more than 8 hrs. In a working day, the company will have to pay overtime premium in excess of 8 hrs. Assuming the employee works 14 hrs on Monday, is paid a premium of 100% the earnings would be: a. P1000 b. P 700 c. P 850 d. P 900 1

16. Mary spent 36 hrs on Job102 and was idle for 4 hrs. During the week. Mary’s rate is P 50.00 per hr. for a 40 hr week, as per union contract. How much should be charged to Factory Overhead Control? a. P 2,000 b. P 1,800 c. P 400 d. P 200 17. Peter is paid P20 per piece produced and during the week he produced 100 pieces. If the guaranteed weekly pay is P1,800, how much is the weekly earnings of Peter? a. P 200 b. P 2,000 c. P 1,800 d. P 400 18.

If an employee earns P 10 per hr and receives time and a half for hrs worked in excess of 40 per week, in a week when 45 hrs were worked the overtime premium would be: a. P 50 b. P10 c. P 25 d. P 5

For items 19-20 19. Patty Com. Pays their employees on a combined minimum rate and piecework rate plan. The Minimum guaranteed daily wage is P420. Any employee who produces more than 10 shirts receives a bonus. If an employee produced 14 shirts, what amount should be charged to Factory Overhead Control? a. P 88 b. P268 c. P168 d. 0 20. What amount should be charged to Work in Process ? a. P 420 b. P588 c. P504 d. P480

2

Which of the followings is usually prepared daily by each employees for each job worked on?

Which of the following is usually prepared daily by employees for each job worked on quizlet?

Which is the price paid for Labour and services offered by the workers?