Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following would usually be found on a job cost sheet under a normal cost system?

Actual manufacturing overhead incurred for the period

Direct materials cost assigned to the job

Depreciation expense on office equipment

Sales commissions paid to sales staff

Previous problemNext problem

Verified step by step guidance

Understand the purpose of a job cost sheet: A job cost sheet is used in a job order costing system to track the costs associated with a specific job. It typically includes direct materials, direct labor, and applied manufacturing overhead.

Identify the components of a normal cost system: In a normal cost system, manufacturing overhead is applied to jobs based on a predetermined overhead rate, rather than actual overhead incurred during the period.

Evaluate the options provided: Direct materials cost assigned to the job is a direct cost and is typically included on a job cost sheet. Actual manufacturing overhead incurred for the period is not included because overhead is applied using a predetermined rate. Depreciation expense on office equipment and sales commissions are not manufacturing costs and would not appear on a job cost sheet.

Focus on the correct answer: Direct materials cost assigned to the job is a key component of a job cost sheet under a normal cost system, as it directly relates to the specific job being tracked.

Summarize the reasoning: The job cost sheet under a normal cost system includes direct materials, direct labor, and applied manufacturing overhead. Non-manufacturing costs, such as office equipment depreciation and sales commissions, are excluded.