Exam 2: Building Blocks of Managerial Accounting

Which of the following costs could be found in work in process inventory for a candy bar manufacturer?

How do total variable costs behave?

Subtracting the costs of one alternative from the costs of the other alternative would be called the ________ cost.

A product support hot line would be considered

Which type of company makes up the largest sector of the United States economy?

Advertising expenses would be considered which part of the value chain?

Sunk costs are irrelevant to the decision making process.

Service companies have the most complex accounting with regard to the income statement.

Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials.

When making a decision to buy a new computer, all of the following should be considered except

Collectively, all costs such as distribution, marketing, and design are part of

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

Which of the following is an example of indirect labor in a manufacturing plant?

Fixed costs vary in total over a wide range of activity levels.

Variable costs per unit decrease as production volume increases.

A ________ company has the highest percentage of labor costs as compared to the other types of companies.

Inventoriable product costs are best described by which of the following statements?

Chicago Steel's operating activities for the year are listed below. What is the cost of goods available for sale?

Which of the following items is not used when calculating the cost of goods manufactured?

A salesperson's salary would be classified as ________ when determining the cost of a manufactured product.