Exam 1: A: Basic Cost Management Concepts

A company has purchased some steel to use in the production of steel railings.If this steel has NOT been put into production,how would it be classified?

Who is the officer responsible for money management,serving chiefly as the custodian of an organization's funds?

The following information has been provided: Cost of goods manufactured \1 00 Work in process: Beginning 15 Ending 20 Direct labour 30 Direct materials used ? Factory overhead 45 What is the amount of direct materials used?

Which of the following costs would be considered a direct material?

Which of the following would be associated with a functional-based cost accounting information system?

Which of the following is an example of a service,rather than a tangible product?

Which of the following would NOT be a direct cost of operating a university computer centre?

Which of the following would NOT be considered a staff position?

Which factors led to a global market for manufacturing and service firms?

Cost management information systems further competitive advantage by supporting three fundamental organizational goals.Which of the following is NOT one of these three goals?

Which of the following is a service organization?

What is the term for the monitoring of a plan's implementation?

Which of the following is a staff position?

What is the term for the sum of direct labour and factory overhead?

Assume the following information for Knight Corporation for the year ended December 31: Sales \2 ,250 Cost of goods manufactured for the year 1,350 Beginning finished goods inventory 450 Ending finished goods inventory 495 Selling and administrative expenses 300 What is the cost of goods sold for the year ended December 31?

Which is not a core value of ethical behaviour?

What is the term for any form of commerce that is executed using information and communications technology?

Information from the records of the Scully Company for July was as follows: Sales \3 07,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labour 75,000 Variable factory overhead 50,000 Factory overhead 51,250 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ July 1 July 31 Direct materials \ 8,000 \ 10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Scully Corporation produced 20,000 units. -Refer to the figure.If production increases to 32,000 units next year,what will be the effect on variable product costs per unit and total product costs per unit,respectively?

Which of the following are expensed in the period in which they are incurred?

What management function involves monitoring the number of defects produced?