Manufacturing Overhead (Q&A)

90 Q&A

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1. What is manufacturing overhead and what does it include?
2. What is a flexible budget?
3. What is absorption costing?
4. What is the difference between product costs and period costs?
5. What is job order costing?
6. What is cost accounting?
7. What are conversion costs?
8. What is process costing?
9. Are salaries and wages part of expenses on the income statement?
10. What is a fringe benefit rate?
11. What is a cost center?
12. What is the difference between a cost center and a profit center?
13. What is the difference between actual overhead and applied overhead?
14. How do I compute the units of production method of depreciation?
15. What are manufacturing costs?
16. What is cost allocation?
17. What is responsibility accounting?
18. What is the difference between depreciation expense and accumulated depreciation?
19. What are direct costs?
20. What is insurance expense?
21. What is a responsibility center?
22. What is the difference between prime costs and conversion costs?
23. What is the traditional method used in cost accounting?
24. Are direct costs fixed and indirect costs variable?
25. What is variance analysis?
26. What are fixed assets?
27. What is the difference between normal costing and standard costing?
28. What is the high-low method?
29. What is managerial accounting?
30. What is a cost driver?
31. Is depreciation expense an administrative expense?
32. What are indirect manufacturing costs?
33. What is relevant range?
34. What are inventoriable costs?
35. What is direct labor?
36. What is a plant-wide overhead rate?
37. What is setup cost?
38. What is the difference between a budget and a standard?
39. How do you calculate opportunity costs?
40. What are production costs?
41. What is inventory valuation?
42. What is elastic demand?
43. Is rent expense a period cost or a product cost?
44. Is depreciation a direct or indirect cost?
45. Why use normal costing instead of actual costing?
46. How does the purchase of a new machine affect the profit and loss statement?
47. What are out-of-pocket costs?
48. Is the rental cost of a building considered overhead?
49. Why is the distinction between product costs and period costs important?
50. Under accrual accounting, how are worker comp premiums handled?
51. How do I compute the product cost per unit?
52. What is a fixed cost?
53. What is the meaning of fixed overhead absorbed?
54. Can absorption costing cause an increase in net income?
55. Is depreciation an operating expense?
56. What is the major weakness of the traditional method of allocating factory overhead?
57. What is a service department?
58. Is the depreciation of delivery trucks a period cost or is it manufacturing overhead?
59. Are insurance premiums a fixed cost?
60. What is the death spiral?
61. What are departmental overhead rates?
62. What are semivariable costs?
63. What do overabsorbed and underabsorbed mean?
64. Why is manufacturing overhead allocated to products?
65. Are repairs to office equipment and factory equipment period costs?
66. What is an indirect cost?
67. What is meant by the full cost of a product?
68. What causes an unfavorable fixed overhead budget variance?
69. What is a product cost?
70. What does an unfavorable volume variance indicate?
71. What is theoretical capacity?
72. Is a favorable variance always an indicator of efficiency in operation?
73. Can a cost be both a direct cost and an indirect cost?
74. Is a utility bill an expense?
75. Why would the cost behavior change outside of the relevant range of activity?
76. How do you determine the fixed portion of overhead cost?
77. What is a predetermined overhead rate?
78. What is a burden rate in inventory?
79. What is the coefficient of determination?
80. Isn't all overhead fixed?
81. What are the advantages of departmentalizing manufacturing overhead costs?
82. What type of expense is the purchase of propane?
83. What is a dependent variable?
84. What is the weakness of traditional cost allocations?
85. What is an independent variable?
86. How can a manufacturer determine the precise cost of its products?
87. What is meant by overabsorbed?
88. Should a manufacturer's selling prices be based on costs?
89. Why does a cost system developed for inventory valuation distort product cost information?
90. Are there two ABC methods in accounting?