Question 1

The following information has been provided by Squash Corporation:
 
The beginning balance of Work-in-Process Inventory account was ________.

Accepted Answer

A) $9,900 
B) $9,690 
C) $26,310 
D) $9,510 
A) $9,900 
B) $9,690 
C) $26,310 
D) $9,510

Question 2

Knowing the unit cost per item helps managers set appropriate selling prices.

Accepted Answer

A) True 
 B)False

Question 3

ERP systems can integrate all of a company's functions,departments,and data into a single system.

Accepted Answer

A) True 
 B)False

Question 4

Samson,Inc.reported the following information for the year:
 
How much was the unit cost per service? (Round your answer to the nearest cent. )

Accepted Answer

A) $3.33 
B) $1.46 
C) $1.88 
D) $5.21 
A) $3.33 
B) $1.46 
C) $1.88 
D) $5.21

Question 5

In manufacturing,the cost objects are often units of product.

Accepted Answer

A) True 
 B)False

Question 6

Service companies sell their time,skills,and knowledge.

Accepted Answer

A) True 
 B)False

Question 7

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Accepted Answer

A) True 
 B)False

Question 8

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year:
 
How much was the unit cost per item of product sold? (Round your answer to the nearest cent. )

Accepted Answer

A) $5.48 
B) $6.13 
C) $2.61 
D) $100.65 
A) $5.48 
B) $6.13 
C) $2.61 
D) $100.65

Question 9

Which of the following will be classified as a conversion cost?

Accepted Answer

A) cost of direct materials used 
B) depreciation on factory equipment 
C) salary of sales personnel 
D) depreciation on office furniture 
A) cost of direct materials used 
B) depreciation on factory equipment 
C) salary of sales personnel 
D) depreciation on office furniture

Question 10

Daryl Corporation reports costs for the year as follows:
 
How much is the total product costs for the year?

Accepted Answer

A) $785,000 
B) $1,400,000 
C) $1,453,500 
D) $615,000 
A) $785,000 
B) $1,400,000 
C) $1,453,500 
D) $615,000

The following information has been provided by Squash Corporation: The beginning balance of Work-in-Process Inventory account was ________.

Knowing the unit cost per item helps managers set appropriate selling prices.

ERP systems can integrate all of a company's functions,departments,and data into a single system.

Samson,Inc.reported the following information for the year: How much was the unit cost per service? (Round your answer to the nearest cent. )

In manufacturing,the cost objects are often units of product.

Service companies sell their time,skills,and knowledge.

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year: How much was the unit cost per item of product sold? (Round your answer to the nearest cent. )

Which of the following will be classified as a conversion cost?

Daryl Corporation reports costs for the year as follows: How much is the total product costs for the year?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

Filters

Exam 18: Introduction to Managerial Accounting

The following information has been provided by Squash Corporation: The beginning balance of Work-in-Process Inventory account was ________.

Knowing the unit cost per item helps managers set appropriate selling prices.

ERP systems can integrate all of a company's functions,departments,and data into a single system.

Samson,Inc.reported the following information for the year: How much was the unit cost per service? (Round your answer to the nearest cent. )

In manufacturing,the cost objects are often units of product.

Service companies sell their time,skills,and knowledge.

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year: How much was the unit cost per item of product sold? (Round your answer to the nearest cent. )

Which of the following will be classified as a conversion cost?

Daryl Corporation reports costs for the year as follows: How much is the total product costs for the year?

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

Filters