Knowledge Check $01$

What is the term used when a company applies less overhead to production than it actually incurs?

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multiple choice $1$

Misapplied

Overapplied

Unadjusted

Underapplied

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Knowledge Check $02$

The adjustment for overapplied overhead $\_\_\_\_\_\_\_\_.$

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multiple choice $2$

decreases cost of goods sold and decreases net operating income.

decreases cost of goods sold and increases net operating income.

increases cost of goods sold and decreases net operating income.

increases cost of goods sold and increases net operating income.

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Knowledge Check $03$

When all of a company$$s job cost sheets are viewed collectively they form what is known as a $\_\_\_\_\_\_\_\_.$

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multiple choice $3$

general ledger

inventory

job$-$order costing system

subsidiary ledger