Accounting

Click to watch the Tell Me More Learning Objective 3 video and then answer the questions below.

1.  The journal entry to recognize depreciation on machinery is ________.

1. a debit to Factory Overhead and a credit to Accumulated Depreciation
2. a debit to Accumulated Depreciation and a credit to Factory Overhead
3. a debit to Factory Overhead and a credit to Depreciation Expense
4. a debit to Depreciation Expense and a credit to Factory Overhead

2.  Process and job order cost systems are similar in ________ manner.

1. recording and summarizing product costs
2. classifying product costs as direct materials, direct labor, and factory overhead
3. allocating factory overhead costs to products
4. All of these choices are correct.

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