Question 1

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
The combination of direct materials and direct labour
Costs that change in total in direct proportion to changes in volume

Accepted Answer

The Answer of Prime costs and The combination of direct is...

Question 2

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

Question 3

When manufacturing products,which of the following is an example of a period cost?

Accepted Answer

A) Advertising expense 
B) Depreciation expense on factory equipment 
C) Indirect materials used in the factory 
D) Property taxes on the plant 
A) Advertising expense 
B) Depreciation expense on factory equipment 
C) Indirect materials used in the factory 
D) Property taxes on the plant

Question 4

Dino Company sells collectibles.The following information summarizes Dino's operating activities for the most recent year:
   
Required: Prepare an income statement for the most recent year.

Accepted Answer

@#IMG-DLM&_TB1765_00_TB1765_00

Question 5

Which of the following describes the way in which total fixed costs behave?

Accepted Answer

A) They will remain the same as production levels change. 
B) They will decrease as production decreases. 
C) They will decrease as production increases. 
D) They will increase as production decreases. 
A) They will remain the same as production levels change. 
B) They will decrease as production decreases. 
C) They will decrease as production increases. 
D) They will increase as production decreases.

Question 6

Which of the following is a period cost for a manufacturer?

Accepted Answer

A) direct labour 
B) direct materials 
C) freight out 
D) manufacturing overhead 
A) direct labour 
B) direct materials 
C) freight out 
D) manufacturing overhead

Question 7

Product costs for First Sporting Equipment totaled

Accepted Answer

A) $620,000. 
B) $732,000. 
C) $755,000. 
D) $827,000. 
A) $620,000. 
B) $732,000. 
C) $755,000. 
D) $827,000.

Question 8

Costs can be either direct or indirect,depending upon the cost object.

Accepted Answer

A) True 
 B)False

Question 9

What were the inventoriable costs at the Uniquely Me Shoppe?

Accepted Answer

A) $99,000 
B) $116,000 
C) $17,000 
D) $169,000 
A) $99,000 
B) $116,000 
C) $17,000 
D) $169,000

Question 10

What is operating income at Readers Unlimited?

Accepted Answer

A) $32,000 
B) $87,000 
C) $93,000 
D) $29,000 
A) $32,000 
B) $87,000 
C) $93,000 
D) $29,000

Question 11

For a manufactured product,indirect materials and indirect labour are

Accepted Answer

A) overhead and period costs. 
B) overhead and product costs. 
C) operating and period costs. 
D) operating and product costs. 
A) overhead and period costs. 
B) overhead and product costs. 
C) operating and period costs. 
D) operating and product costs.

Question 12

Period costs are

Accepted Answer

A) always considered part of the inventory. 
B) always recorded as an expense. 
C) expensed only when the inventory is sold. 
D) the same as indirect costs. 
A) always considered part of the inventory. 
B) always recorded as an expense. 
C) expensed only when the inventory is sold. 
D) the same as indirect costs.

Question 13

What is the total cost for the marketing category of the value chain at Sunnybrook Orange Groves?

Accepted Answer

A) $29,000 
B) $33,000 
C) $31,000 
D) $27,000 
A) $29,000 
B) $33,000 
C) $31,000 
D) $27,000

Question 14

Differentiate between fixed and variable costs and give an example of each.

Accepted Answer

Fixed costs stay constant in total over

Question 15

What is the total cost for the distribution category of the value chain at Farm Fresh Dairy?

Accepted Answer

A) $19,000 
B) $17,000 
C) $21,000 
D) $29,000 
A) $19,000 
B) $17,000 
C) $21,000 
D) $29,000

Question 16

Describe a company that has some elements of all three types of companies.It is part service company,part manufacturer,and part merchandiser.

Accepted Answer

Many restaurants fall into this category

Question 17

The main difference in the balance sheets of manufacturing vs.service business is in

Accepted Answer

A) current assets. 
B) current liabilities. 
C) investments. 
D) equity. 
A) current assets. 
B) current liabilities. 
C) investments. 
D) equity.

Question 18

The schedule of cost of goods manufactured is prepared before the income statement for a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 19

Match between columns
                        Premises: Cost of insurance on a new vehicle whenevaluating purchase of new vehicle
Original cost of old equipment that is being evaluated for replacement
Cost of new equipment that is under evaluation to replace used equipment
Cost of previous year's insurance policy on old equipment being evaluated for replacement
Accumulated depreciation on old equipment being evaluated for replacement
Cost of roof repair made on rental property last year when evaluating sale of rental property

Accepted Answer

The Answer of Relevant and Irrelevant is...

Question 20

Certain item descriptions and amounts are missing from the monthly schedule of cost of goods
manufactured below and the income statement of Schredlink Manufacturing.Fill in the missing
items.

Accepted Answer

@#IMG-DLM&_TB1765_00_TB1765_00_TB1765_00

A company's total costs are calculated by

When manufacturing products,which of the following is an example of a period cost?

Dino Company sells collectibles.The following information summarizes Dino's operating activities for the most recent year: Required: Prepare an income statement for the most recent year.

Which of the following describes the way in which total fixed costs behave?

Which of the following is a period cost for a manufacturer?

Product costs for First Sporting Equipment totaled

Costs can be either direct or indirect,depending upon the cost object.

What were the inventoriable costs at the Uniquely Me Shoppe?

What is operating income at Readers Unlimited?

For a manufactured product,indirect materials and indirect labour are

Period costs are

What is the total cost for the marketing category of the value chain at Sunnybrook Orange Groves?

Differentiate between fixed and variable costs and give an example of each.

What is the total cost for the distribution category of the value chain at Farm Fresh Dairy?

Describe a company that has some elements of all three types of companies.It is part service company,part manufacturer,and part merchandiser.

The main difference in the balance sheets of manufacturing vs.service business is in

The schedule of cost of goods manufactured is prepared before the income statement for a manufacturing company.

Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured below and the income statement of Schredlink Manufacturing.Fill in the missing items.

Introduction to Managerial Accounting

Job Costing

Activity Based Costing

Process Costing

Cost Behaviour

Cost-Volume-Profit Analysis

Short-Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Filters

Exam 2: Building Blocks of Managerial Accounting

A company's total costs are calculated by

When manufacturing products,which of the following is an example of a period cost?

Dino Company sells collectibles.The following information summarizes Dino's operating activities for the most recent year: Required: Prepare an income statement for the most recent year.

Which of the following describes the way in which total fixed costs behave?

Which of the following is a period cost for a manufacturer?

Product costs for First Sporting Equipment totaled

Costs can be either direct or indirect,depending upon the cost object.

What were the inventoriable costs at the Uniquely Me Shoppe?

What is operating income at Readers Unlimited?

For a manufactured product,indirect materials and indirect labour are

Period costs are

What is the total cost for the marketing category of the value chain at Sunnybrook Orange Groves?

Differentiate between fixed and variable costs and give an example of each.

What is the total cost for the distribution category of the value chain at Farm Fresh Dairy?

Describe a company that has some elements of all three types of companies.It is part service company,part manufacturer,and part merchandiser.

The main difference in the balance sheets of manufacturing vs.service business is in

The schedule of cost of goods manufactured is prepared before the income statement for a manufacturing company.

Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured below and the income statement of Schredlink Manufacturing.Fill in the missing items.

Introduction to Managerial Accounting

Job Costing

Activity Based Costing

Process Costing

Cost Behaviour

Cost-Volume-Profit Analysis

Short-Term Business Decisions

The Master Budget and Responsibility Accounting

Flexible Budgets and Standard Costs

Performance Evaluation and the Balanced Scorecard

Capital Investment Decisions and the Time Value of Money

Filters