Question 1

Organizations that produce products are called _______________________.

Accepted Answer

manufactur

Question 2

Fidalgo Company makes stereos. During the year, Fidalgo manufactured and sold 75,000 stereos at a sales price of $575 per unit. Fidalgo's per-unit product cost was $540 and selling and administrative expenses totaled $2,000,000.
Required:

Accepted Answer

The answer of Fidalgo Company makes stereos. During the year,...

Question 3

Costs that can be easily and accurately traced to a cost object are called __________.

Accepted Answer

The answer of Costs that can be easily and accurately...

Question 4

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period.

Accepted Answer

A) True 
 B)False

Question 5

Costs are incurred to produce future benefits.

Accepted Answer

A) True 
 B)False

Question 6

Direct labor is a(n)

Accepted Answer

A)  product cost. 
B)  opportunity cost. 
C)  administrative cost. 
D)  fixed cost. 
A)  product cost. 
B)  opportunity cost. 
C)  administrative cost. 
D)  fixed cost.

Question 7

Accumulating costs is the way that costs are measured and recorded.

Accepted Answer

A) True 
 B)False

Question 8

Select the appropriate classification of the output generated by each of the following industries.
-Professional sports franchise

Accepted Answer

A) Tangible 
B) Intangible 
A) Tangible 
B) Intangible

Question 9

Which of the following is an example of a period cost?

Accepted Answer

A)  research and development 
B)  selling and marketing 
C)  general accounting 
D)  all of these 
A)  research and development 
B)  selling and marketing 
C)  general accounting 
D)  all of these

Question 10

Direct costs are those costs that cannot be easily and accurately traced to a cost object.

Accepted Answer

A) True 
 B)False

Question 11

What is the difference between total manufacturing costs and cost of goods manufactured?

Accepted Answer

Total manufacturing costs would consist

Question 12

A manufacturer normally has

Accepted Answer

A)  one inventory account. 
B)  four inventory accounts. 
C)  three inventory accounts. 
D)  none of these are correct. 
A)  one inventory account. 
B)  four inventory accounts. 
C)  three inventory accounts. 
D)  none of these are correct.

Question 13

If beginning work-in-process inventory is $120,000, ending work-in-process inventory is $160,000, cost of goods manufactured is $400,000 and direct materials used are $100,000, what are the conversion costs?

Accepted Answer

A)  $140,000 
B)  $280,000 
C)  $300,000 
D)  $340,000 
A)  $140,000 
B)  $280,000 
C)  $300,000 
D)  $340,000

Question 14

Select the appropriate item for each of the definitions listed below.
-gross margin - selling and administrative expenses

Accepted Answer

A) gross margin 
B) selling expenses 
C) sales revenue 
D) cost of goods sold 
E) operating income 
A) gross margin 
B) selling expenses 
C) sales revenue 
D) cost of goods sold 
E) operating income

Question 15

Baleen Company supplied the following data at the end of the current year:
  Required: Prepare an income statement for Baleen Company.

Accepted Answer

The answer of Baleen Company supplied the following data at...

Question 16

Select the appropriate classification for each of the following costs.
-Assembly line worker's wages

Accepted Answer

A) Period 
B) Product 
A) Period 
B) Product

Question 17

Select the appropriate definition for each of the items listed below.
-A cost that is difficult to trace to a cost object

Accepted Answer

A) period cost 
B) direct cost 
C) opportunity cost 
D) variable cost 
E) indirect cost
F)fixed cost
G)product cost 
A) period cost 
B) direct cost 
C) opportunity cost 
D) variable cost 
E) indirect cost
F)fixed cost
G)product cost

Question 18

Select the appropriate classification of the items listed below.
-Cost of engines in the manufacture of airplanes

Accepted Answer

A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead 
A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead

Question 19

Select the appropriate classification of the items listed below.
-Cost of lubricating factory machinery

Accepted Answer

A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead 
A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead

Question 20

Which of the following is an example of an intangible product?

Accepted Answer

A)  motorcycle 
B)  eye exam 
C)  stereo 
D)  television 
A)  motorcycle 
B)  eye exam 
C)  stereo 
D)  television

Organizations that produce products are called _______________________.

Fidalgo Company makes stereos. During the year, Fidalgo manufactured and sold 75,000 stereos at a sales price of $575 per unit. Fidalgo's per-unit product cost was $540 and selling and administrative expenses totaled $2,000,000. Required:

Costs that can be easily and accurately traced to a cost object are called __________.

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period.

Costs are incurred to produce future benefits.

Direct labor is a(n)

Accumulating costs is the way that costs are measured and recorded.

Select the appropriate classification of the output generated by each of the following industries. -Professional sports franchise

Which of the following is an example of a period cost?

Direct costs are those costs that cannot be easily and accurately traced to a cost object.

What is the difference between total manufacturing costs and cost of goods manufactured?

A manufacturer normally has

If beginning work-in-process inventory is $120,000, ending work-in-process inventory is $160,000, cost of goods manufactured is $400,000 and direct materials used are $100,000, what are the conversion costs?

Select the appropriate item for each of the definitions listed below. -gross margin - selling and administrative expenses

Baleen Company supplied the following data at the end of the current year: Required: Prepare an income statement for Baleen Company.

Select the appropriate classification for each of the following costs. -Assembly line worker's wages

Select the appropriate definition for each of the items listed below. -A cost that is difficult to trace to a cost object

Select the appropriate classification of the items listed below. -Cost of engines in the manufacture of airplanes

Select the appropriate classification of the items listed below. -Cost of lubricating factory machinery

Which of the following is an example of an intangible product?

Introduction to Managerial Accounting

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 2: Basic Managerial Accounting Concepts

Organizations that produce products are called _______________________.

Fidalgo Company makes stereos. During the year, Fidalgo manufactured and sold 75,000 stereos at a sales price of $575 per unit. Fidalgo's per-unit product cost was $540 and selling and administrative expenses totaled $2,000,000. Required:

Costs that can be easily and accurately traced to a cost object are called __________.

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period.

Costs are incurred to produce future benefits.

Direct labor is a(n)

Accumulating costs is the way that costs are measured and recorded.

Select the appropriate classification of the output generated by each of the following industries. -Professional sports franchise

Which of the following is an example of a period cost?

Direct costs are those costs that cannot be easily and accurately traced to a cost object.

What is the difference between total manufacturing costs and cost of goods manufactured?

A manufacturer normally has

If beginning work-in-process inventory is $120,000, ending work-in-process inventory is $160,000, cost of goods manufactured is $400,000 and direct materials used are $100,000, what are the conversion costs?

Select the appropriate item for each of the definitions listed below. -gross margin - selling and administrative expenses

Baleen Company supplied the following data at the end of the current year: Required: Prepare an income statement for Baleen Company.

Select the appropriate classification for each of the following costs. -Assembly line worker's wages

Select the appropriate definition for each of the items listed below. -A cost that is difficult to trace to a cost object

Select the appropriate classification of the items listed below. -Cost of engines in the manufacture of airplanes

Select the appropriate classification of the items listed below. -Cost of lubricating factory machinery

Which of the following is an example of an intangible product?

Introduction to Managerial Accounting

Cost Behavior

Cost-Volume-Profit Analysis: a Managerial Planning Tool

Job-Order Costing

Process Costing

Activity-Based Costing and Management

Absorption and Variable Costing, and Inventory Management

Profit Planning

Standard Costing: a Managerial Control Tool

Flexible Budgets and Overhead Analysis

Performance Evaluation and Decentralization

Short-Run Decision Making: Relevant Costing

Capital Investment Decisions

Statement of Cash Flows

Financial Statement Analysis

Filters