Question 1

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

Accepted Answer

A) $1,400,000 
B) $750,000 
C) $50,000 
D) $1,750,000 
A) $1,400,000 
B) $750,000 
C) $50,000 
D) $1,750,000

Question 2

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

Accepted Answer

A) $1,400,000 
B) $750,000 
C) $50,000 
D) $1,750,000 
A) $1,400,000 
B) $750,000 
C) $50,000 
D) $1,750,000

Question 3

The income statement of a retailer would include which of the following?

Accepted Answer

A) Cost of goods sold 
B) Value of inventory 
C) Accounts payable 
D) Accounts receivable 
A) Cost of goods sold 
B) Value of inventory 
C) Accounts payable 
D) Accounts receivable

Question 4

Before operating income can be determined for a manufacturer,which of the following is calculated?

Accepted Answer

A) Cost of goods available for sale 
B) Cost of goods sold 
C) Cost of goods manufactured 
D) All of the above 
A) Cost of goods available for sale 
B) Cost of goods sold 
C) Cost of goods manufactured 
D) All of the above

Question 5

The cost of lighting the factory would be classified as ________ when determining the cost of a manufactured product.

Accepted Answer

A) an indirect cost 
B) a direct cost 
C) a period cost 
D) none of the above 
A) an indirect cost 
B) a direct cost 
C) a period cost 
D) none of the above

Question 6

North Pacific Company used $65,000 of direct materials and incurred $43,000 of direct labor costs during 2011.Indirect labor amounted to $1,700 while indirect materials used totaled $1,800.Other operating costs pertaining to the factory included utilities of $4,300;maintenance of $6,800;supplies of $1,500;depreciation expense of $8,900;and property taxes of $2,400.There was no beginning or ending finished goods inventory,but work in process inventory began the year with a $6,400 balance and ended the year with a $7,800 balance.
Required: Prepare a schedule of cost of goods manufactured for South State Company for the year ended December 31.

Accepted Answer

The answer of North Pacific Company used $65,000 of direct...

Question 7

You are trying to decide whether or not to sell back your accounting textbook at the end of the class.The cost you paid for the book is not relevant to your decision.

Accepted Answer

A) True 
 B)False

Question 8

Sydney's Barbecue reported the following information:  
What is the amount of ending finished goods inventory for the period ending December 31,20XX?

Accepted Answer

A) $850,000 
B) $860,000 
C) $870,000 
D) $880,000 
E) $890,000 
A) $850,000 
B) $860,000 
C) $870,000 
D) $880,000 
E) $890,000

Question 9

Swirzoff 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 Swirzoff Company sells office supplies.The following information...

Question 10

Place the value chain elements in the correct order by numbering them from 1 to 6.

Accepted Answer

The answer of Place the value chain elements in the...

Question 11

Which of the following would not be considered a direct cost of a mattress?

Accepted Answer

A) Fabric 
B) Lumber 
C) Glue 
D) Steel 
A) Fabric 
B) Lumber 
C) Glue 
D) Steel

Question 12

Which of the following is an example of direct labor?

Accepted Answer

A) Wages of a managerial accountant 
B) Wages of a machine operator 
C) Salary of the vice-president of operations 
D) Wages of the CFO 
A) Wages of a managerial accountant 
B) Wages of a machine operator 
C) Salary of the vice-president of operations 
D) Wages of the CFO

Question 13

What is the cost of making one more unit called?

Accepted Answer

A) Unit cost 
B) Marginal cost 
C) Variable cost 
D) None of the above 
A) Unit cost 
B) Marginal cost 
C) Variable cost 
D) None of the above

Question 14

Which type of company has three categories of inventory?

Accepted Answer

A) A manufacturing company 
B) A merchandising company 
C) A service company 
D) All of these companies 
A) A manufacturing company 
B) A merchandising company 
C) A service company 
D) All of these companies

Question 15

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include:
 
Conversion costs for Rustic Living Furniture Company totaled

Accepted Answer

A) $126,000. 
B) $175,000. 
C) $294,000. 
D) $271,500. 
A) $126,000. 
B) $175,000. 
C) $294,000. 
D) $271,500.

Question 16

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include:
 
Conversion costs for Country Furniture Company totaled

Accepted Answer

A) $415,500. 
B) $250,500. 
C) $504,500. 
D) $352,500. 
A) $415,500. 
B) $250,500. 
C) $504,500. 
D) $352,500.

Question 17

Company X sells widgets.The following information summarizes the company's operating activities for the year:
 
What is gross profit?

Accepted Answer

A) $15,500 
B) $21,000 
C) $19,000 
D) $12,500 
A) $15,500 
B) $21,000 
C) $19,000 
D) $12,500

Question 18

What is the promotion of products and services known as?

Accepted Answer

A) Customer service 
B) Marketing 
C) Distribution 
D) Design 
A) Customer service 
B) Marketing 
C) Distribution 
D) Design

Question 19

A factory janitor's wages would be classified as ________ when determining the cost of a manufactured product.

Accepted Answer

A) an indirect cost 
B) a direct cost 
C) a period cost 
D) none of the above 
A) an indirect cost 
B) a direct cost 
C) a period cost 
D) none of the above

Question 20

To forecast total costs at a given level of production,management would use which of the following calculations?

Accepted Answer

A) Average cost × total units predicted 
B) Total fixed cost × total units predicted 
C) Total fixed cost + (variable cost per unit × total units predicted) 
D) Total fixed cost + variable cost per unit 
A) Average cost × total units predicted 
B) Total fixed cost × total units predicted 
C) Total fixed cost + (variable cost per unit × total units predicted) 
D) Total fixed cost + variable cost per unit

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

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

The income statement of a retailer would include which of the following?

Before operating income can be determined for a manufacturer,which of the following is calculated?

The cost of lighting the factory would be classified as ________ when determining the cost of a manufactured product.

You are trying to decide whether or not to sell back your accounting textbook at the end of the class.The cost you paid for the book is not relevant to your decision.

Sydney's Barbecue reported the following information: What is the amount of ending finished goods inventory for the period ending December 31,20XX?

Swirzoff 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.

Place the value chain elements in the correct order by numbering them from 1 to 6.

Which of the following would not be considered a direct cost of a mattress?

Which of the following is an example of direct labor?

What is the cost of making one more unit called?

Which type of company has three categories of inventory?

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include: Conversion costs for Rustic Living Furniture Company totaled

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Conversion costs for Country Furniture Company totaled

Company X sells widgets.The following information summarizes the company's operating activities for the year: What is gross profit?

What is the promotion of products and services known as?

A factory janitor's wages would be classified as ________ when determining the cost of a manufactured product.

To forecast total costs at a given level of production,management would use which of the following calculations?

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

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

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

The income statement of a retailer would include which of the following?

Before operating income can be determined for a manufacturer,which of the following is calculated?

The cost of lighting the factory would be classified as ________ when determining the cost of a manufactured product.

You are trying to decide whether or not to sell back your accounting textbook at the end of the class.The cost you paid for the book is not relevant to your decision.

Sydney's Barbecue reported the following information: What is the amount of ending finished goods inventory for the period ending December 31,20XX?

Swirzoff 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.

Place the value chain elements in the correct order by numbering them from 1 to 6.

Which of the following would not be considered a direct cost of a mattress?

Which of the following is an example of direct labor?

What is the cost of making one more unit called?

Which type of company has three categories of inventory?

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include: Conversion costs for Rustic Living Furniture Company totaled

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Conversion costs for Country Furniture Company totaled

Company X sells widgets.The following information summarizes the company's operating activities for the year: What is gross profit?

What is the promotion of products and services known as?

A factory janitor's wages would be classified as ________ when determining the cost of a manufactured product.

To forecast total costs at a given level of production,management would use which of the following calculations?

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