Question 1

Selected financial information for Greek Food Producers is presented in the following table (000s omitted).   What was cost of goods sold?

Accepted Answer

A) $1,030 
B) $1,160 
C) $ 790 
D) $1,320 
A) $1,030 
B) $1,160 
C) $ 790 
D) $1,320

Question 2

The balance sheet of a service company would include which of the following?

Accepted Answer

A) Factory equipment depreciation 
B) Cost of goods manufactured 
C) Accounts receivable 
D) Cost of goods sold 
A) Factory equipment depreciation 
B) Cost of goods manufactured 
C) Accounts receivable 
D) Cost of goods sold

Question 3

Why do service firms not have inventory costs pertaining to items to be sold? What type of costs do they have?

Accepted Answer

Service firms do not have inve

Question 4

Selected financial information for Greek Food Producers is presented in the following table (000s omitted).   What was operating income?

Accepted Answer

A) $3,850 
B) $4,500 
C) $3,180 
D) $2,690 
A) $3,850 
B) $4,500 
C) $3,180 
D) $2,690

Question 5

Match between columns
                        Premises: A cost that relates to the cost object, but cannot be traced to it.
A cost that has already been incurred.
Costs that change in total in direct proportion to changes in volume.
The combination of direct materials and direct labor.

Accepted Answer

The Answer of Marginal cost and Indirect cost and Prime is...

Question 6

A company's total costs are calculated by

Accepted Answer

A) subtracting total fixed costs from total variable costs. 
B) subtracting total variable costs from total fixed costs. 
C) subtracting total fixed costs and total variable costs from sales. 
D) adding total fixed costs to total variable costs. 
A) subtracting total fixed costs from total variable costs. 
B) subtracting total variable costs from total fixed costs. 
C) subtracting total fixed costs and total variable costs from sales. 
D) adding total fixed costs to total variable costs.

Question 7

Chicago Steel's operating activities for the year are listed below.   What is the gross profit for the year?

Accepted Answer

A) $50,000 
B) $750,000 
C) $1,500,000 
D) $100,000 
A) $50,000 
B) $750,000 
C) $1,500,000 
D) $100,000

Question 8

An accounting firm would be classified as a

Accepted Answer

A) manufacturing company. 
B) merchandising company. 
C) simple company. 
D) service company. 
A) manufacturing company. 
B) merchandising company. 
C) simple company. 
D) service company.

Question 9

Period costs are

Accepted Answer

A) always recorded as an expense. 
B) always considered part of the inventory. 
C) expensed only when the inventory is sold. 
D) none of the above. 
A) always recorded as an expense. 
B) always considered part of the inventory. 
C) expensed only when the inventory is sold. 
D) none of the above.

Question 10

Lucky Cow Dairy provided the following expense information for May:   What is the total cost for the distribution category of the value chain?

Accepted Answer

A) $217,000 
B) $23,000 
C) $20,000 
D) $151,000 
A) $217,000 
B) $23,000 
C) $20,000 
D) $151,000

Question 11

Inventoriable product costs for a product are described by which of the following?

Accepted Answer

A) Inventoriable product costs are narrower in scope than total costs. 
B) Inventoriable product costs include all costs of the value chain. 
C) Inventoriable product costs consist of direct materials, direct labor and manufacturing overhead. 
D) Both A and C are correct. 
A) Inventoriable product costs are narrower in scope than total costs. 
B) Inventoriable product costs include all costs of the value chain. 
C) Inventoriable product costs consist of direct materials, direct labor and manufacturing overhead. 
D) Both A and C are correct.

Question 12

Name and briefly describe the activities that make up the value chain.

Accepted Answer

The value chain consists of research and

Question 13

Plowin' Supply plans to make 15,000 tractors at its plant. Fixed costs are $600,000 and variable costs are $200 per tractor. What is the average cost per tractor?

Accepted Answer

A) $200 
B) $75 
C) $240 
D) $40 
A) $200 
B) $75 
C) $240 
D) $40

Question 14

Which of the following are merchandising companies?

Accepted Answer

A) Manufacturers 
B) Retailers 
C) Wholesalers 
D) Both retailers and wholesalers 
A) Manufacturers 
B) Retailers 
C) Wholesalers 
D) Both retailers and wholesalers

Question 15

Youngstown Rubber reports the following data for its first year of operation.   What is the cost of goods sold?

Accepted Answer

A) $395,000 
B) $455,000 
C) $265,000 
D) $1,265,000 
A) $395,000 
B) $455,000 
C) $265,000 
D) $1,265,000

Question 16

Lucky Cow Dairy provided the following expense information for May:   What is the total cost for the customer service category of the value chain?

Accepted Answer

A) $82,000 
B) $16,000 
C) $73,000 
D) $10,000 
A) $82,000 
B) $16,000 
C) $73,000 
D) $10,000

Question 17

Selected information regarding a company's most recent quarter follows (all data in thousands).   What was manufacturing overhead for the quarter?

Accepted Answer

A) $260 
B) $ 40 
C) $500 
D) $140 
A) $260 
B) $ 40 
C) $500 
D) $140

Question 18

A restaurant is facing a decision about whether it should bake its own apple pies or whether it should continue to purchase the pies from a local bakery. Which of the following costs would be relevant to its decision?

Accepted Answer

A) The salary of the restaurant manager 
B) The price the restaurant sells the apple pies for 
C) The purchase price of the apple pies purchased from the local bakery 
D) The original purchase price of the current machinery 
A) The salary of the restaurant manager 
B) The price the restaurant sells the apple pies for 
C) The purchase price of the apple pies purchased from the local bakery 
D) The original purchase price of the current machinery

Question 19

Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year:
   Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31.

Accepted Answer

The answer of Eschenbach Company sells office supplies. The following...

Question 20

Challenge Tennis & Recreation's operating activities for the year are listed below.   What is the gross profit for the year?

Accepted Answer

A) $159,000 
B) $333,000 
C) $97,000 
D) $169,000 
A) $159,000 
B) $333,000 
C) $97,000 
D) $169,000

Selected financial information for Greek Food Producers is presented in the following table (000s omitted). What was cost of goods sold?

The balance sheet of a service company would include which of the following?

Why do service firms not have inventory costs pertaining to items to be sold? What type of costs do they have?

Selected financial information for Greek Food Producers is presented in the following table (000s omitted). What was operating income?

A company's total costs are calculated by

Chicago Steel's operating activities for the year are listed below. What is the gross profit for the year?

An accounting firm would be classified as a

Period costs are

Lucky Cow Dairy provided the following expense information for May: What is the total cost for the distribution category of the value chain?

Inventoriable product costs for a product are described by which of the following?

Name and briefly describe the activities that make up the value chain.

Plowin' Supply plans to make 15,000 tractors at its plant. Fixed costs are $600,000 and variable costs are $200 per tractor. What is the average cost per tractor?

Which of the following are merchandising companies?

Youngstown Rubber reports the following data for its first year of operation. What is the cost of goods sold?

Lucky Cow Dairy provided the following expense information for May: What is the total cost for the customer service category of the value chain?

Selected information regarding a company's most recent quarter follows (all data in thousands). What was manufacturing overhead for the quarter?

A restaurant is facing a decision about whether it should bake its own apple pies or whether it should continue to purchase the pies from a local bakery. Which of the following costs would be relevant to its decision?

Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31.

Challenge Tennis & Recreation's operating activities for the year are listed below. What is the gross profit for the year?

Introduction to Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters

Exam 2: Building Blocks of Managerial Accounting

Selected financial information for Greek Food Producers is presented in the following table (000s omitted). What was cost of goods sold?

The balance sheet of a service company would include which of the following?

Why do service firms not have inventory costs pertaining to items to be sold? What type of costs do they have?

Selected financial information for Greek Food Producers is presented in the following table (000s omitted). What was operating income?

A company's total costs are calculated by

Chicago Steel's operating activities for the year are listed below. What is the gross profit for the year?

An accounting firm would be classified as a

Period costs are

Lucky Cow Dairy provided the following expense information for May: What is the total cost for the distribution category of the value chain?

Inventoriable product costs for a product are described by which of the following?

Name and briefly describe the activities that make up the value chain.

Plowin' Supply plans to make 15,000 tractors at its plant. Fixed costs are $600,000 and variable costs are $200 per tractor. What is the average cost per tractor?

Which of the following are merchandising companies?

Youngstown Rubber reports the following data for its first year of operation. What is the cost of goods sold?

Lucky Cow Dairy provided the following expense information for May: What is the total cost for the customer service category of the value chain?

Selected information regarding a company's most recent quarter follows (all data in thousands). What was manufacturing overhead for the quarter?

A restaurant is facing a decision about whether it should bake its own apple pies or whether it should continue to purchase the pies from a local bakery. Which of the following costs would be relevant to its decision?

Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31.

Challenge Tennis & Recreation's operating activities for the year are listed below. What is the gross profit for the year?

Introduction to Managerial Accounting

Job Costing

Activity-Based Costing, Lean Operations, and the Costs of Quality

Process Costing

Cost Behavior

Cost-Volume-Profit Analysis

Relevant Costs for Short-Term Decisions

The Master Budget

Performance Evaluation

Standard Costs and Variances

Capital Investment Decisions and the Time Value of Money

Statement of Cash Flows

Financial Statement Analysis

Sustainability

Filters