Question 1

What is the cost of goods available for sale at Towpath Tennis & Recreation?

Accepted Answer

A) $145,000 
B) $150,000 
C) $90,000 
D) $177,000 
A) $145,000 
B) $150,000 
C) $90,000 
D) $177,000

Question 2

A company which is in the business of reselling tangible products purchased from supplier to businesses which resell the product is what type of company?

Accepted Answer

A) Manufacturing 
B) Service company 
C) Retailer 
D) Wholesaler 
A) Manufacturing 
B) Service company 
C) Retailer 
D) Wholesaler

Question 3

Manufacturing overhead costs for Comfy Furniture Company totaled

Accepted Answer

A) $324,000. 
B) $122,000. 
C) $228,000. 
D) $252,000. 
A) $324,000. 
B) $122,000. 
C) $228,000. 
D) $252,000.

Question 4

Redat a start up manufacturing company's bookkeeper left suddenly leaving rather incomplete
accounting records for the last month of his employment.You have been hired to sort out the puzzle.Assume Redat's raw materials inventory contains only direct materials.You have the following information available:
   
Find the following amounts:
A.Cost of goods sold in June.
B.Beginning raw materials inventory.
C.Ending finished goods inventory.

Accepted Answer

A.$41,000
B.$8,300
C.$15,800
C

Question 5

________ information is that which differs between alternatives and can affect the future.

Accepted Answer

A) Historical 
B) Irrelevant 
C) Predictable 
D) Relevant 
A) Historical 
B) Irrelevant 
C) Predictable 
D) Relevant

Question 6

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

Accepted Answer

A) They 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 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 7

What is the gross profit for the year at the Olde Tyme Beverage Company?

Accepted Answer

A) $147,000 
B) $143,000 
C) $67,000 
D) $195,000 
A) $147,000 
B) $143,000 
C) $67,000 
D) $195,000

Question 8

A product support hot line would be considered

Accepted Answer

A) customer service. 
B) distribution. 
C) production or purchases. 
D) marketing. 
A) customer service. 
B) distribution. 
C) production or purchases. 
D) marketing.

Question 9

Which of the following is an example of overhead in a factory?

Accepted Answer

A) Wages of machine operators 
B) Wages of factory maintenance personnel 
C) Wages of administrators in the corporate office 
D) Salaries of salespersons 
A) Wages of machine operators 
B) Wages of factory maintenance personnel 
C) Wages of administrators in the corporate office 
D) Salaries of salespersons

Question 10

The value chain helps companies control costs of products only.

Accepted Answer

A) True 
 B)False

Question 11

Match between columns
                        Premises: Cost of shipping goods to customers
Costs of developing a new produce
Cost of a commercial during a TV program
Cost of labour for machine operator in factory
Cost of making a prototype of a new product
Costs associated with repairing costs under warrantee

Accepted Answer

The Answer of Research and Development and Design and Production is...

Question 12

The owner of Willy's Wonderful Burger Stand is concerned because the stand has been averaging only 3,000 burger sales per month,the stand and staff can make 6,000 burgers per month.The variable cost of each burger ( buns,meat etc)is $2.50.Monthly fixed costs are ( taxes,licenses,space rent and salaries)are $7,500.The owner (Willy Wonderful)wants cost information about different volumes so that he can make some operating decisions.
Required: Fill in the following chart to provide Willy with the information he wants.

Accepted Answer

@#IMG-DLM&_TB1765_00_TB1765_00

Question 13

Describe service,merchandising,and manufacturing companies.

Accepted Answer

Service companies sell intangible servic

Question 14

What is gross profit at Readers Unlimited?

Accepted Answer

A) $32,000 
B) $82,000 
C) $85,000 
D) $119,000 
A) $32,000 
B) $82,000 
C) $85,000 
D) $119,000

Question 15

________ costs include all costs associated with the production of a product.

Accepted Answer

A) Direct 
B) Inventoriable 
C) Mixed 
D) Overhead 
A) Direct 
B) Inventoriable 
C) Mixed 
D) Overhead

Question 16

Selected information regarding a company's most recent quarter follows (all data in thousands).
 
What was the beginning finished goods inventory?

Accepted Answer

A) $1,740 
B) $250 
C) $1,060 
D) $860 
A) $1,740 
B) $250 
C) $1,060 
D) $860

Question 17

The promotion of products and services is known as

Accepted Answer

A) customer service. 
B) design. 
C) distribution. 
D) marketing. 
A) customer service. 
B) design. 
C) distribution. 
D) marketing.

Question 18

Which of the following is an example of direct labour?

Accepted Answer

A) Salary of a production manager 
B) Salary of the vice-president of operations 
C) Wages of assembly line personnel 
D) Wages of factory security 
A) Salary of a production manager 
B) Salary of the vice-president of operations 
C) Wages of assembly line personnel 
D) Wages of factory security

Question 19

What is the cost of goods available for sale at Readers Unlimited?

Accepted Answer

A) $105,000 
B) $82,000 
C) $87,000 
D) $102,000 
A) $105,000 
B) $82,000 
C) $87,000 
D) $102,000

Question 20

Rent on a factory building would be considered to be

Accepted Answer

A) a direct cost. 
B) a period cost. 
C) a product cost. 
D) administrative overhead. 
A) a direct cost. 
B) a period cost. 
C) a product cost. 
D) administrative overhead.

What is the cost of goods available for sale at Towpath Tennis & Recreation?

A company which is in the business of reselling tangible products purchased from supplier to businesses which resell the product is what type of company?

Manufacturing overhead costs for Comfy Furniture Company totaled

________ information is that which differs between alternatives and can affect the future.

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

What is the gross profit for the year at the Olde Tyme Beverage Company?

A product support hot line would be considered

Which of the following is an example of overhead in a factory?

The value chain helps companies control costs of products only.

Describe service,merchandising,and manufacturing companies.

What is gross profit at Readers Unlimited?

________ costs include all costs associated with the production of a product.

Selected information regarding a company's most recent quarter follows (all data in thousands). What was the beginning finished goods inventory?

The promotion of products and services is known as

Which of the following is an example of direct labour?

What is the cost of goods available for sale at Readers Unlimited?

Rent on a factory building would be considered to be

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

What is the cost of goods available for sale at Towpath Tennis & Recreation?

A company which is in the business of reselling tangible products purchased from supplier to businesses which resell the product is what type of company?

Manufacturing overhead costs for Comfy Furniture Company totaled

________ information is that which differs between alternatives and can affect the future.

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

What is the gross profit for the year at the Olde Tyme Beverage Company?

A product support hot line would be considered

Which of the following is an example of overhead in a factory?

The value chain helps companies control costs of products only.

Describe service,merchandising,and manufacturing companies.

What is gross profit at Readers Unlimited?

________ costs include all costs associated with the production of a product.

Selected information regarding a company's most recent quarter follows (all data in thousands). What was the beginning finished goods inventory?

The promotion of products and services is known as

Which of the following is an example of direct labour?

What is the cost of goods available for sale at Readers Unlimited?

Rent on a factory building would be considered to be

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