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Complete problems on sourcing documents, preparing journal entries, calculating overhead, and completing financial reports.

Introduction

Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.

A job order cost system is used when manufacturing different products.

Instructions

Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.

Use the Job Order Cost System Template [XLSX] to complete this assessment. Based on the data provided in the template, complete the problems on sourcing documents, preparing journal entries, calculating overhead, and completing financial reports.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:

  • Competency 1: Analyze cost accounting systems.
    • Prepare a revised trial balance.
    • Prepare a balance sheet.
  • Competency 2: Apply sound budgeting principles.
    • Prepare journal entries using source information.
    • Revise factory overhead account and prepare the adjusting entry to identify any over- or under-applied overhead to COGS.
  • Competency 4: Analyze financial statements.
    • Prepare an income statement.
  • Competency 5: Communicate in a manner that is professional and consistent with expectations for professionals in the field of accounting.
    • Communicate quantitative information accurately and effectively.