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

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Multiple Choice

Which of the following items is NOT typically included on a job cost sheet?

Direct labor hours

Direct materials used

Actual sales revenue

Factory overhead applied

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Verified step by step guidance

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

Review the components typically included on a job cost sheet: Direct materials used, direct labor hours, and factory overhead applied are all costs directly related to the production of a specific job.

Identify the item that is NOT related to production costs: Actual sales revenue is not a production cost. It is a financial metric that reflects the income generated from selling goods or services, and it is recorded in the income statement, not on a job cost sheet.

Clarify why actual sales revenue is excluded: The job cost sheet focuses solely on tracking production costs to determine the total cost of completing a job. Sales revenue is unrelated to the cost-tracking purpose of the job cost sheet.

Conclude that actual sales revenue is the correct answer: Since it does not pertain to production costs, actual sales revenue is not typically included on a job cost sheet.