Exam 2: Basic Managerial Accounting Concepts
Exam 1: Introduction to Managerial Accounting66 Questions
Exam 2: Basic Managerial Accounting Concepts222 Questions
Exam 3: Cost Behaviour222 Questions
Exam 4: Costvolumeprofit Analysis: a Managerial Planning Tool161 Questions
Exam 5: Job-Order Costing177 Questions
Exam 6: Process Costing157 Questions
Exam 7: Activity-Based Costing and Management154 Questions
Exam 8: Absorption and Variable Costing, and Inventory Management97 Questions
Exam 9: Budgeting, production, cash, and Master Budget165 Questions
Exam 10: Standard Costing: a Managerial Control Tool173 Questions
Exam 11: Flexible Budgets and Overhead Analysis149 Questions
Exam 12: Performance Evaluation and Decentralization145 Questions
Exam 13: Short-Run Decision Making: Relevant Costing149 Questions
Exam 14: Capital Investment Decisions153 Questions
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Select the appropriate definition for each of the items listed below.
-A cost that is difficult to trace to a cost object
(Multiple Choice)
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Which of the following is an example of a tangible product?
(Multiple Choice)
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A cost object is any item,such as products,customers,departments,regions,and so on,for which costs are measured and assigned.
(True/False)
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Select the appropriate classification for each of the items listed below.
-Factory security costs
(Multiple Choice)
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Select the appropriate definition of each of the items listed below.
-The difference between sales revenue and cost of goods sold
(Multiple Choice)
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Which of the following is characteristic of indirect costs?
(Multiple Choice)
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What is the term for the cost of the partially completed goods at the end of the period?
(Multiple Choice)
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Select the appropriate classification of the items listed below.
-Salary of chief executive officer
(Multiple Choice)
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In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Overhead totalled $32,000 for the month. Information on inventories was as follows:
July 1 July 31 Materials \ 6,200 \ 7,100 Work in process \ 700 \ 1,200 Finished goods \ 3,300 \ 2,700
-Refer to the Figure.What was the cost of goods sold for July?
(Multiple Choice)
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List the types of inventory accounts that a service business,retailer,and manufacturer would have in their accounting records.
(Essay)
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Select the appropriate classification of the items listed below.
-Cost of shipping goods to customers
(Multiple Choice)
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Blue Water Inc.had a gross margin for the month of February totalling $92,000.The company sold 6,000 units during the month at a sales price of $30 per unit.What was the amount of cost of goods sold for the month?
(Multiple Choice)
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Select the appropriate definition for each of the items listed below.
-A cost that is not inventoried
(Multiple Choice)
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Select the appropriate definition of each of the items listed below.
-Cost of partially completed goods
(Multiple Choice)
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Allocation means that an indirect cost is assigned to a cost object using a reasonable and convenient method.
(True/False)
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See the following separate cases.
Required: Solve for the missing amounts (A,B,C,and D).
Case \#1 Case \#2 Purchase of materials \ 5,000 Materials inventory (beginning bal ance) 220 Materials inventory (ending balance) 1,000 350 Direct labour 7,000 4,250 Factory supervision 1,500 1,100 Factory supplies 1,250 900 Total manufacturing costs 14,500 Work-in-process inventory (beginning bal ance) 1,200 1,230 Work-in-process inventory (ending balance) B 650 Cost of goods manufactured 14,600 10,200
(Essay)
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Select the appropriate classification for each of the following costs.
-Product shipping costs
(Multiple Choice)
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Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles.
-Controller's salary costs
(Multiple Choice)
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Select the appropriate definition for each of the items listed below.
-(direct materials + direct labour)/units produced
(Multiple Choice)
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