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Fundamental Accounting Principles Study Set 5
Quiz 19: Job Order Cost Accounting
Any material amount of under- or overapplied factory overhead must always be closed to Cost of Goods Sold at the end of an accounting period.
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The Factory Overhead account will have a credit balance at the end of a period if overhead applied during the period is greater than the overhead incurred.
Underapplied overhead is the amount by which overhead applied to jobs using the predetermined overhead allocation rate exceeds the overhead incurred during a period.
Overapplied overhead is the amount by which overhead applied to jobs using the predetermined overhead allocation rate exceeds the overhead incurred during a period.
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