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.
-(direct labour + overhead)/units produced
(Multiple Choice)
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A company's beginning work-in-process inventory is $120,000,its ending work-in-process inventory is $160,000,its cost of goods manufactured is $400,000,and its direct materials used are $100,000.What are the conversion costs?
(Multiple Choice)
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ComPrint Co. had the following beginning and ending inventory balances for the year ended December 31: January 1 December 31 Materials \ 10,000 \ 8,000 Work in Process \ 18,000 \ 17,000 Finished Goods \ 21,000 \ 16,500
In addition, direct labour costs of $30,000 were incurred, overhead equalled $42,000, materials purchased were $27,000, and selling and administrative costs were $22,000. ComPrint Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit.
-Refer to the Figure.What was the amount of cost of goods sold for the year?
(Multiple Choice)
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Select the appropriate definition for each of the items listed below.
-The cost of units unfinished at the end of the current period
(Multiple Choice)
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The cost of maintenance personnel in a factory building would be classified as direct labour.
(True/False)
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Denim used when making jeans would normally be classified as a variable cost.
(True/False)
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Period costs are those costs associated with the manufacture of goods or the providing of services.
(True/False)
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Select the appropriate classification for each of the items listed below.
-Factory supervisor's salary
(Multiple Choice)
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Select the appropriate item for each of the definitions listed below.
-Number of units sold multiplied by sales price per unit
(Multiple Choice)
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TechCom Inc. manufactures laptops. Last month, direct materials (e.g., computer components) costing $600,000 were put into production. Direct labour of $900,000 was incurred, overhead equalled $500,000, and selling and administrative costs totalled $400,000. The company manufactured 10,000 laptops during the month. Assume the company had no beginning or ending work-in-process balances.
-Refer to the Figure.What was the per-unit conversion cost last month?
(Multiple Choice)
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Costs incurred to produce future benefits are usually liabilities.
(True/False)
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Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles.
-Cost of carbon frames used in the production process
(Multiple Choice)
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Select the appropriate definition for each of the items listed below.
-A benefit given up when one alternative is chosen over another
(Multiple Choice)
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Screws used in the manufacture of cabinets are an example of a variable cost.
(True/False)
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Select the appropriate definition of each of the items listed below.
-Gross margin − selling and administrative expenses
(Multiple Choice)
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