Solved

Match Each of the Following Terms with the Phrase That

Question 177

Matching

Match each of the following terms with the phrase that most closely describes it. Each answer may be used only once.

Premises:
Finished goods ledger
Overapplied overhead
Activity based costing
Period costs
Underapplied overhead
Process cost system
Job order cost system
Responses:
Applied overhead is more than actual overhead incurred.
Expenses of the current period.
Applied overhead is less than actual overhead incurred.
Typically used by companies whose products are indistinguishable from each other.
System that uses a different overhead rate for each activity.
Typically used by companies that make custom products.
The stock ledger.

Correct Answer:

Finished goods ledger
Overapplied overhead
Activity based costing
Period costs
Underapplied overhead
Process cost system
Job order cost system
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