ACCT 526 CERTIFICATION EVALUATION
2026 SOLVED QUESTION COLLECTION
◉ over applied OH.
Answer: ___ occurs when actual overhead costs are lower than
overhead applied to jobs; MFO has a credit balance at this time. This
happens because more costs were applied to jobs than were actually
incurred. Often transferred to COGS to correct as a credit.
◉ job costing.
Answer: ___ records revenues and costs for each job/unique product
I.e., custom home, custom furniture, etc.
◉ Process costing.
Answer: ___ records revenues and costs for batches of identical units
of products, I.e., soft drinks, milk, lumber, paper, etc.
◉ variable.
Answer: ___ costs which change in total with direct proportion to
changes in volume and per unit cost remains constant.
◉ relevant range.
,Answer: The range of activity index over which the company expects
to operate during the year is the ___.
◉ Investing Activity; Source of Cash.
Answer: Sold a warehouse for $750,000
◉ Operating Activity; Source of Cash.
Answer: Reported a profit of $100,000.
◉ Financing Activity; Use of Cash.
Answer: Retired long-term bonds
◉ Financing Activity; Use of Cash.
Answer: Paid cash dividends of $350,000
◉ Financing Activity, Source of Cash.
Answer: Obtained a mortgage for a new building from a local bank
◉ Investing Activity; Use of Cash.
Answer: Purchased a new robotic system
◉ Financing Activity; Source of Cash.
, Answer: Issued a long-term note payable
◉ Investing Activity; Use of Cash.
Answer: Purchased a 40% interest in a company
◉ Operating Activity; Use of Cash.
Answer: Reported a loss for the year
◉ Financing Activity; Source of Cash.
Answer: Negotiated a long-term loan
◉ Operating activity; Use of Cash.
Answer: Reported a loss for the year ($472,000)
◉ Operating Activity; Source of Cash.
Answer: Reported profits for $6,608,000 for the most recent year
◉ Financing Activity; Source of Cash.
Answer: Issued bonds with a six-year maturity date for $1,888,000
◉ Financing Activity; Use of Cash.
Answer: Retired a long-term note payable
2026 SOLVED QUESTION COLLECTION
◉ over applied OH.
Answer: ___ occurs when actual overhead costs are lower than
overhead applied to jobs; MFO has a credit balance at this time. This
happens because more costs were applied to jobs than were actually
incurred. Often transferred to COGS to correct as a credit.
◉ job costing.
Answer: ___ records revenues and costs for each job/unique product
I.e., custom home, custom furniture, etc.
◉ Process costing.
Answer: ___ records revenues and costs for batches of identical units
of products, I.e., soft drinks, milk, lumber, paper, etc.
◉ variable.
Answer: ___ costs which change in total with direct proportion to
changes in volume and per unit cost remains constant.
◉ relevant range.
,Answer: The range of activity index over which the company expects
to operate during the year is the ___.
◉ Investing Activity; Source of Cash.
Answer: Sold a warehouse for $750,000
◉ Operating Activity; Source of Cash.
Answer: Reported a profit of $100,000.
◉ Financing Activity; Use of Cash.
Answer: Retired long-term bonds
◉ Financing Activity; Use of Cash.
Answer: Paid cash dividends of $350,000
◉ Financing Activity, Source of Cash.
Answer: Obtained a mortgage for a new building from a local bank
◉ Investing Activity; Use of Cash.
Answer: Purchased a new robotic system
◉ Financing Activity; Source of Cash.
, Answer: Issued a long-term note payable
◉ Investing Activity; Use of Cash.
Answer: Purchased a 40% interest in a company
◉ Operating Activity; Use of Cash.
Answer: Reported a loss for the year
◉ Financing Activity; Source of Cash.
Answer: Negotiated a long-term loan
◉ Operating activity; Use of Cash.
Answer: Reported a loss for the year ($472,000)
◉ Operating Activity; Source of Cash.
Answer: Reported profits for $6,608,000 for the most recent year
◉ Financing Activity; Source of Cash.
Answer: Issued bonds with a six-year maturity date for $1,888,000
◉ Financing Activity; Use of Cash.
Answer: Retired a long-term note payable
