Question 1

Which of the following is a part of manufacturing overhead?

Accepted Answer

A)  cost of raw materials 
B)  wages of assembly line workers 
C)  factory insurance 
D)  depreciation on office furniture 
A)  cost of raw materials 
B)  wages of assembly line workers 
C)  factory insurance 
D)  depreciation on office furniture

Question 2

Define indirect cost.

Accepted Answer

An indirect cost is

Question 3

Arturo Manufacturing, Inc. provided the following information for the year: $$\begin{array} { | l | r } 
\hline \text { Beginning Balance - Work-in-Process Inventory } & \$ 150,000 \
\hline \text { Ending Balance - Work-in-Process Inventory } & 62,500 \
\hline \text { Beginning Balance - Direct Materials } & 269,000 \
\hline \text { Ending Balance - Direct Materials } & 53,700 \
\hline \text { Purchases - Direct Materials } & 133,000 \
\hline \text { Direct Labor } & 74,380 \
\hline \text { Indirect Materials } & 52,350 \
\hline \text { Indirect Labor } & 132,500 \
\hline \text { Depreciation on Factory Plant and Equipment } & 72,160 \
\hline \text { Plant Utilities and Insurance } & 70,980 \
\hline
\end{array}$$ How much is the cost of goods manufactured?

Accepted Answer

A)  $838,170 
B)  $750,670 
C)  $900,670 
D)  $766,010 
A)  $838,170 
B)  $750,670 
C)  $900,670 
D)  $766,010

Question 4

Anything for which managers want a separate measurement of cost is called a ________.

Accepted Answer

A)  responsibility center 
B)  cost object 
C)  profit object 
D)  conversion cost 
A)  responsibility center 
B)  cost object 
C)  profit object 
D)  conversion cost

Question 5

The cost of goods manufactured includes selling expenses, administrative expenses, and manufacturing overhead.

Accepted Answer

A) True 
 B)False

Which of the following is a part of manufacturing overhead?

Define indirect cost.

Anything for which managers want a separate measurement of cost is called a ________.

The cost of goods manufactured includes selling expenses, administrative expenses, and manufacturing overhead.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based Just-In-Time

Cost Volume Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Understanding Accounting Information Systems and their Components

Filters

Exam 16: Introduction to Managerial Accounting

Which of the following is a part of manufacturing overhead?

Define indirect cost.

Anything for which managers want a separate measurement of cost is called a ________.

The cost of goods manufactured includes selling expenses, administrative expenses, and manufacturing overhead.

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Internal Control and Cash

Receivables

Plant Assets, Natural Resources, and Intangibles

Investments

Current Liabilities and Payroll

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost Management Systems: Activity-Based Just-In-Time

Cost Volume Profit Analysis

Variable Costing

Master Budgets

Flexible Budgets and Standard Cost Systems

Responsibility Accounting and Performance Evaluation

Short-Term Business Decisions

Capital Investment Decisions

Understanding Accounting Information Systems and their Components

Filters