Question 1

The final figure in the Schedule of Cost of Goods Manufactured represents the

Accepted Answer

A) cost of goods sold for the period. 
B) total cost of manufacturing for the period. 
C) total cost of goods started and completed this period. 
D) total cost of goods completed for the period. 
A) cost of goods sold for the period. 
B) total cost of manufacturing for the period. 
C) total cost of goods started and completed this period. 
D) total cost of goods completed for the period.

Question 2

The portion of an asset that was consumed during a period is referred to an expired cost.

Accepted Answer

A) True 
 B)False

Question 3

The term "prime cost" refers to

Accepted Answer

A) all manufacturing costs incurred to produce units of output. 
B) all manufacturing costs other than direct labor and raw material costs. 
C) raw material purchased and direct labor costs. 
D) the raw material used and direct labor costs. 
A) all manufacturing costs incurred to produce units of output. 
B) all manufacturing costs other than direct labor and raw material costs. 
C) raw material purchased and direct labor costs. 
D) the raw material used and direct labor costs.

Question 4

Jordan Company The following information has been taken from the cost records of Jordan Company for the past year:
    Refer to Jordan Company.The cost of raw material purchased during the year was

Accepted Answer

A) $316. 
B) $336. 
C) $360. 
D) $411. 
A) $316. 
B) $336. 
C) $360. 
D) $411.

Question 5

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year:
    Refer to Horner Company.Direct labor cost charged to production during the year was

Accepted Answer

A) $125 
B) $188 
C) $250 
D) $375. 
A) $125 
B) $188 
C) $250 
D) $375.

Question 6

The relevant range is valid for all levels of activity.

Accepted Answer

A) True 
 B)False

Question 7

What are three reasons that overhead must be allocated to products?

Accepted Answer

Overhead must be allocated bec

The final figure in the Schedule of Cost of Goods Manufactured represents the

The portion of an asset that was consumed during a period is referred to an expired cost.

The term "prime cost" refers to

Jordan Company The following information has been taken from the cost records of Jordan Company for the past year: Refer to Jordan Company.The cost of raw material purchased during the year was

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year: Refer to Horner Company.Direct labor cost charged to production during the year was

The relevant range is valid for all levels of activity.

What are three reasons that overhead must be allocated to products?

Introduction to Cost Accounting

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters

Exam 2: Cost Terminology and Cost Behaviors

The final figure in the Schedule of Cost of Goods Manufactured represents the

The portion of an asset that was consumed during a period is referred to an expired cost.

The term "prime cost" refers to

Jordan Company The following information has been taken from the cost records of Jordan Company for the past year: Refer to Jordan Company.The cost of raw material purchased during the year was

Horner Corporation The following information has been taken from the cost records of Horner Corporation for the past year: Refer to Horner Company.Direct labor cost charged to production during the year was

The relevant range is valid for all levels of activity.

What are three reasons that overhead must be allocated to products?

Introduction to Cost Accounting

Predetermined Overhead Rates, flexible Budgets, and Absorptionvariable Costing

Activity-Based Management and Activity-Based Costing

Job Order Costing

Process Costing

Standard Costing and Variance Analysis

The Master Budget

Break-Even Point and Cost-Volume-Profit Analysis

Relevant Information for Decision Making

Allocation of Joint Costs and Accounting for By-Products

Introduction to Cost Management Systems

Responsibility Accounting, support Department Allocations, and Transfer Pricing

Performance Measurement, balanced Scorecards, and Performance Rewards

Capital Budgeting

Managing Costs and Uncertainty

Implementing Quality Concepts

Inventory and Production Management

Emerging Management Practices

Filters