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

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is an actual factory overhead allocation method?

Variable costing method

Direct costing method

Actual overhead rate method

Standard cost method

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Verified step by step guidance

Step 1: Understand the concept of factory overhead allocation. Factory overhead refers to indirect costs incurred during production, such as utilities, depreciation, and maintenance. Allocation methods are used to assign these costs to products or jobs.

Step 2: Review the listed options and identify which ones are related to factory overhead allocation. The options provided include: Variable costing method, Direct costing method, Actual overhead rate method, and Standard cost method.

Step 3: Clarify the meaning of the 'Actual overhead rate method.' This method involves calculating the actual overhead costs incurred during a specific period and allocating them to products based on actual usage or activity levels.

Step 4: Compare the 'Actual overhead rate method' with other options. Note that Variable costing and Direct costing methods are primarily used for decision-making and do not allocate factory overhead in the same way. The Standard cost method uses predetermined rates, not actual rates.

Step 5: Conclude that the 'Actual overhead rate method' is the correct answer because it directly allocates actual factory overhead costs based on real data, making it an actual factory overhead allocation method.