Question 1

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period.

Accepted Answer

A) True 
 B)False

Question 2

Product costs that are not attached to units that are sold are reported as:

Accepted Answer

A)  selling expenses on the income statement. 
B)  costs of goods sold on the balance sheet. 
C)  administrative costs on the income statement. 
D)  inventory on the balance sheet. 
A)  selling expenses on the income statement. 
B)  costs of goods sold on the balance sheet. 
C)  administrative costs on the income statement. 
D)  inventory on the balance sheet.

Question 3

Which of the following can be found on the income statements of both a manufacturing and service organization?

Accepted Answer

A)  revenues 
B)  operating income 
C)  administrative expenses 
D)  all of these can be found on both. 
A)  revenues 
B)  operating income 
C)  administrative expenses 
D)  all of these can be found on both.

Question 4

Materials that become part of a product usually are classified as _______________.

Accepted Answer

The answer of Materials that become part of a product...

Question 5

A fixed cost is a cost that does not increase in total as output increases and does not decrease in total as output decreases.

Accepted Answer

A) True 
 B)False

Question 6

During the month of January, Robinson & Green Inc.had total manufacturing costs of $121,000.It incurred $44,000 of direct labor cost and $33,000 of manufacturing overhead cost during the month.If the materials inventory on January 1 was $3,300 less that the materials inventory on January 31, what was the cost of materials purchased during the month?

Accepted Answer

A)  $37,000 
B)  $47,300 
C)  $40,000 
D)  None of these 
A)  $37,000 
B)  $47,300 
C)  $40,000 
D)  None of these

Question 7

Select the appropriate classification of the items listed below.
-Glue used in the manufacture of furniture

Accepted Answer

A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead 
A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead

Question 8

Rocha & Noel Inc.had cost of goods sold of $123,200 for the current year ended December 31.The finished goods inventory on January 1 was $30,800, and the finished goods inventory on December 31 was $18,700.What was the amount of cost of goods manufactured for the year?

Accepted Answer

A)  $129,000 
B)  $111,100 
C)  $67,000 
D)  $113,000 
A)  $129,000 
B)  $111,100 
C)  $67,000 
D)  $113,000

Question 9

Select the appropriate classification of the items listed below.
-Salary of chief executive officer

Accepted Answer

A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead 
A) selling expense 
B) administrative expense 
C) direct materials 
D) direct labor 
E) overhead

Question 10

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles.
-factory security costs

Accepted Answer

A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense 
A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense

Question 11

Select the appropriate definition of each of the items listed below.
-Cost of partially completed goods

Accepted Answer

A) Income Statement 
B) Cost of goods manufactured 
C) Work in process 
D) Gross margin 
E) Operating income 
A) Income Statement 
B) Cost of goods manufactured 
C) Work in process 
D) Gross margin 
E) Operating income

Question 12

A variable cost is one that does not increase in total as output increase and does not decrease in total as output decreases.

Accepted Answer

A) True 
 B)False

Question 13

Hill & Scott Company makes financial calculators.During the current year, Hill & Scott manufactured 106,700 financial calculators.Finished goods inventory had the following units on hand: 
 
- If each financial calculator had a per-unit product cost of $130, what was the cost of goods sold in the current year?

Accepted Answer

A)  $10,864,000 
B)  $10,839,360 
C)  $11,005,120 
D)  $13,902,460 
A)  $10,864,000 
B)  $10,839,360 
C)  $11,005,120 
D)  $13,902,460

Question 14

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles.
-general accounting costs

Accepted Answer

A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense 
A) direct materials 
B) direct labor 
C) overhead 
D) selling expense 
E) administrative expense

Question 15

Select the appropriate classification of the output generated by each of the following industries.
-Bowling alley

Accepted Answer

A) Tangible 
B) Intangible 
A) Tangible 
B) Intangible

Question 16

Select the appropriate definition of each of the items listed below.
-The total cost of goods completed during the current period

Accepted Answer

A) Income Statement 
B) Cost of goods manufactured 
C) Work in process 
D) Gross margin 
E) Operating income 
A) Income Statement 
B) Cost of goods manufactured 
C) Work in process 
D) Gross margin 
E) Operating income

Question 17

In July, Greenwood Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows: 
 What was the cost of direct materials used in production for the month of July?

Accepted Answer

A)  $21,000 
B)  $22,110 
C)  $21,900 
D)  $20,500 
A)  $21,000 
B)  $22,110 
C)  $21,900 
D)  $20,500

Question 18

Which of the following would not be included in overhead?

Accepted Answer

A)  marketing costs 
B)  property taxes on the factory 
C)  factory utility costs 
D)  deprecation on factory machinery 
A)  marketing costs 
B)  property taxes on the factory 
C)  factory utility costs 
D)  deprecation on factory machinery

Question 19

Non-manufacturing costs include

Accepted Answer

A)  marketing and administration. 
B)  direct materials. 
C)  indirect materials. 
D)  overhead. 
A)  marketing and administration. 
B)  direct materials. 
C)  indirect materials. 
D)  overhead.

Question 20

Select the appropriate classification for each of the items listed below.
-Sugar used in soft drink production

Accepted Answer

A) Product cost 
B) Period cost 
A) Product cost 
B) Period cost

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period.

Product costs that are not attached to units that are sold are reported as:

Which of the following can be found on the income statements of both a manufacturing and service organization?

Materials that become part of a product usually are classified as _______________.

A fixed cost is a cost that does not increase in total as output increases and does not decrease in total as output decreases.

Select the appropriate classification of the items listed below. -Glue used in the manufacture of furniture

Rocha & Noel Inc.had cost of goods sold of $123,200 for the current year ended December 31.The finished goods inventory on January 1 was $30,800, and the finished goods inventory on December 31 was $18,700.What was the amount of cost of goods manufactured for the year?

Select the appropriate classification of the items listed below. -Salary of chief executive officer

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -factory security costs

Select the appropriate definition of each of the items listed below. -Cost of partially completed goods

A variable cost is one that does not increase in total as output increase and does not decrease in total as output decreases.

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -general accounting costs

Select the appropriate classification of the output generated by each of the following industries. -Bowling alley

Select the appropriate definition of each of the items listed below. -The total cost of goods completed during the current period

In July, Greenwood Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows: What was the cost of direct materials used in production for the month of July?

Which of the following would not be included in overhead?

Non-manufacturing costs include

Select the appropriate classification for each of the items listed below. -Sugar used in soft drink production

Introduction to Managerial Accounting

Cost Behavior, Cost Forecasting, and Segmented Income Statements

Job-Order Costing and Normal Cost Overhead Application

Activity-Based Costing and Management

Process Costing

Cost-Volume-Profit Analysis

Tactical Decision-Making and Relevant Costing

Profit Planning and Flexible Budgets

Standard Costing and Variance Analysis

Performance Evaluation and Decentralization

Capital Investment Decisions

Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

Statement of Cash Flows

Financial Statement Analysis

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Exam 2: Basic Managerial Accounting Concepts

Cost of goods manufactured represents the cost of direct materials, direct labor, and overhead incurred during the current accounting period.

Product costs that are not attached to units that are sold are reported as:

Which of the following can be found on the income statements of both a manufacturing and service organization?

Materials that become part of a product usually are classified as _______________.

A fixed cost is a cost that does not increase in total as output increases and does not decrease in total as output decreases.

Select the appropriate classification of the items listed below. -Glue used in the manufacture of furniture

Rocha & Noel Inc.had cost of goods sold of $123,200 for the current year ended December 31.The finished goods inventory on January 1 was $30,800, and the finished goods inventory on December 31 was $18,700.What was the amount of cost of goods manufactured for the year?

Select the appropriate classification of the items listed below. -Salary of chief executive officer

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -factory security costs

Select the appropriate definition of each of the items listed below. -Cost of partially completed goods

A variable cost is one that does not increase in total as output increase and does not decrease in total as output decreases.

Select the appropriate classification for each of the costs incurred by a manufacturer of automobiles. -general accounting costs

Select the appropriate classification of the output generated by each of the following industries. -Bowling alley

Select the appropriate definition of each of the items listed below. -The total cost of goods completed during the current period

In July, Greenwood Company purchased materials costing $23,100 and incurred direct labor cost of $19,800.Manufacturing overhead totaled $35,200 for the month.Information on inventories was as follows: What was the cost of direct materials used in production for the month of July?

Which of the following would not be included in overhead?

Non-manufacturing costs include

Select the appropriate classification for each of the items listed below. -Sugar used in soft drink production

Introduction to Managerial Accounting

Cost Behavior, Cost Forecasting, and Segmented Income Statements

Job-Order Costing and Normal Cost Overhead Application

Activity-Based Costing and Management

Process Costing

Cost-Volume-Profit Analysis

Tactical Decision-Making and Relevant Costing

Profit Planning and Flexible Budgets

Standard Costing and Variance Analysis

Performance Evaluation and Decentralization

Capital Investment Decisions

Emerging Topics in Managerial Accounting: Sustainability, Quality Cost, Lean Accounting, International Issues, Enterprise Risk Management, the Managerial Accountant in Forensicfraud Accounting

Statement of Cash Flows

Financial Statement Analysis

Filters