XYZ Uses Job Costing

question 160

Multiple Choice

XYZ uses job costing. Actual manufacturing overhead for the period is $20,000 while allocated manufacturing overhead is $18,000. What entry will close the manufacturing overhead balance?

• A)Debit manufacturing overhead and credit work in process for $2,000
• B)Debit manufacturing overhead and credit cost of goods sold for $2,000
• C)Debit cost of goods sold and credit finished goods inventory for $2,000
• D)Debit cost of goods sold and credit manufacturing overhead for $2,000

Recognize the factors considered by courts in establishing awards for notice periods or severance in employment law.

Evaluate the considerations involved in deciding the composition of an indirect pay package.

Understand the features and tax implications of life and accident insurance within benefit plans.

Recognize the factors influencing Canadian organizations' shift from defined benefit to defined contribution pension plans.

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Definitions:

Premiums

Periodic payments made to an insurance company in exchange for coverage and protection against financial loss or damage.

Co-payment

A fixed amount paid by a health insurance plan member for covered services, with the remainder being covered by the insurance.

Deductible

The amount paid out of pocket by the policyholder before an insurance policy begins to pay.

Incentivize

To provide motivation or encouragement through rewards or benefits, aiming to promote certain behaviors or actions.