Question 1

A budget:

Accepted Answer

A) is a monthly financial statement issued to a company's shareholders. 
B) is management's operating plan expressed in units and dollars. 
C) documents the production department's schedule. 
D) is the basis for the annual sales forecast. 
A) is a monthly financial statement issued to a company's shareholders. 
B) is management's operating plan expressed in units and dollars. 
C) documents the production department's schedule. 
D) is the basis for the annual sales forecast. B

Question 2

The following data were taken from the general ledger and other data of Price Fabricators on July 31:   Compute the cost of goods sold for Price Fabricators,selecting the appropriate items from the list provided.

Accepted Answer

The answer of The following data were taken from the...

Question 3

Which of the following is not a key element of the Sarbanes Oxley Act?

Accepted Answer

A) The establishment of the Public Company Accounting Oversight Board 
B) Requiring a company's annual report to contain an internal control report that includes management's opinion on the effectiveness of internal control 
C) Severe criminal penalties for retaliation against "whistleblowers" 
D) Requiring that the company's performance reports are prepared in accordance with generally accepted accounting principles 
A) The establishment of the Public Company Accounting Oversight Board 
B) Requiring a company's annual report to contain an internal control report that includes management's opinion on the effectiveness of internal control 
C) Severe criminal penalties for retaliation against "whistleblowers" 
D) Requiring that the company's performance reports are prepared in accordance with generally accepted accounting principles D

Question 4

Umberg Merchandise Company's cost of goods sold last month was $1,450,000.Merchandise Inventory at the beginning of the month was $250,000 and $325,000 at the end of the month.Umberg's merchandise purchases were:

Accepted Answer

A) $1,450,000 
B) $1,375,000 
C) $1,525,000 
D) $1,775,000 
A) $1,450,000 
B) $1,375,000 
C) $1,525,000 
D) $1,775,000

Question 5

A law firm wanting to track the costs of serving different clients may use a:

Accepted Answer

A) process cost system. 
B) job order cost system. 
C) cost control system. 
D) standard cost system. 
A) process cost system. 
B) job order cost system. 
C) cost control system. 
D) standard cost system.

Question 6

The following data are from Baker Company,a manufacturer,for the month of October:   ​ Total conversion costs are:

Accepted Answer

A) $177,500 
B) $114,500 
C) $150,500 
D) $138,000 
A) $177,500 
B) $114,500 
C) $150,500 
D) $138,000

Question 7

The following data was taken from the general ledger and other records of Martinez Manufacturing Co.at July 31,the end of the first month of operations in the current fiscal year:   
a.Prepare a statement of cost of goods manufactured.
b.Determine the cost of goods sold for the month.

Accepted Answer

The answer of The following data was taken from the...

Question 8

The balance in Electric Industries' Finished Goods account at December 31 was $325,000.Its December cost of goods manufactured was $1,350,000,its total manufacturing costs were $1,500,000 and its cost of goods sold in December was $1,455,000.What was the balance in Electric's Finished Goods at December 1?

Accepted Answer

A) $280,000 
B) $220,000 
C) $370,000 
D) $430,000 
A) $280,000 
B) $220,000 
C) $370,000 
D) $430,000

Question 9

Which of the following is not a cost that is accumulated in Work in Process?

Accepted Answer

A) Direct materials 
B) Administrative expense 
C) Direct labor 
D) Factory overhead 
A) Direct materials 
B) Administrative expense 
C) Direct labor 
D) Factory overhead

Question 10

In the financial statements,Materials should be categorized as:

Accepted Answer

A) Revenue. 
B) Expenses. 
C) Assets. 
D) Liabilities. 
A) Revenue. 
B) Expenses. 
C) Assets. 
D) Liabilities.

Question 11

The term "prime cost" refers to:

Accepted Answer

A) The sum of direct labor costs and all factory overhead costs. 
B) The sum of direct material costs and direct labor costs. 
C) All costs associated with manufacturing other than direct labor costs and direct material costs. 
D) Manufacturing costs incurred to produce units of output. 
A) The sum of direct labor costs and all factory overhead costs. 
B) The sum of direct material costs and direct labor costs. 
C) All costs associated with manufacturing other than direct labor costs and direct material costs. 
D) Manufacturing costs incurred to produce units of output.

Question 12

Under a job order cost system of accounting,the entry to distribute payroll to the appropriate accounts would be:

Accepted Answer

A) Debit-Payroll Credit-Wages Payable 
B) Debit-Work in Process Debit-Factory Overhead
Debit-Selling and Administrative Expense
Credit-Payroll 
C) Debit-Work in Process Debit-Finished Goods
Debit-Cost of Goods Sold
Credit-Payroll 
D) Debit-Work in Process Debit-Factory Overhead
Debit-Selling and Administrative Expense
Credit-Wages Payable 
A) Debit-Payroll Credit-Wages Payable 
B) Debit-Work in Process Debit-Factory Overhead
Debit-Selling and Administrative Expense
Credit-Payroll 
C) Debit-Work in Process Debit-Finished Goods
Debit-Cost of Goods Sold
Credit-Payroll 
D) Debit-Work in Process Debit-Factory Overhead
Debit-Selling and Administrative Expense
Credit-Wages Payable

Question 13

The entry to record depreciation of the production equipment would be:

Accepted Answer

A) Debit - Depreciation Expense - Equipment Credit - Accumulated Depreciation - Equipment 
B) Debit - Depreciation Expense - Equipment Credit - Factory Overhead 
C) Debit - Factory Overhead Credit - Accumulated Depreciation - Equipment 
D) Debit - Work-in-Process Credit - Accumulated Depreciation - Equipment 
A) Debit - Depreciation Expense - Equipment Credit - Accumulated Depreciation - Equipment 
B) Debit - Depreciation Expense - Equipment Credit - Factory Overhead 
C) Debit - Factory Overhead Credit - Accumulated Depreciation - Equipment 
D) Debit - Work-in-Process Credit - Accumulated Depreciation - Equipment

Question 14

For a manufacturer,the total cost of manufactured goods completed but still on hand is:

Accepted Answer

A) Merchandise Inventory. 
B) Finished Goods. 
C) Work in Process. 
D) Raw Materials. 
A) Merchandise Inventory. 
B) Finished Goods. 
C) Work in Process. 
D) Raw Materials.

Question 15

ISO 9000 is a set of international standards for:

Accepted Answer

A) determining the selling price of a product. 
B) cost control. 
C) quality management. 
D) delivering product, 
A) determining the selling price of a product. 
B) cost control. 
C) quality management. 
D) delivering product,

Question 16

In job order costing,the basic document for accumulating the cost of each job is the:

Accepted Answer

A) Job cost sheet. 
B) Requisition sheet. 
C) Purchase order. 
D) Invoice. 
A) Job cost sheet. 
B) Requisition sheet. 
C) Purchase order. 
D) Invoice.

Question 17

Inventory accounts for a manufacturer include all of the following except:

Accepted Answer

A) Merchandise Inventory. 
B) Finished Goods. 
C) Work in Process. 
D) Raw Materials. 
A) Merchandise Inventory. 
B) Finished Goods. 
C) Work in Process. 
D) Raw Materials.

Question 18

Mountain Company produced 20,000 blankets in June to be sold during the holiday season.The manufacturing costs were:   Management has decided that the mark-on percentage necessary to cover the product's share of selling and administrative expenses and to earn a satisfactory profit is 30%.The selling price per blanket should be:

Accepted Answer

A) $12.00. 
B) $15.60. 
C) $23.60. 
D) $31.20. 
A) $12.00. 
B) $15.60. 
C) $23.60. 
D) $31.20.

Question 19

The business entity that purchases finished goods for resale is a:

Accepted Answer

A) Manufacturer. 
B) Merchandiser. 
C) Service business. 
D) Wholesaler. 
A) Manufacturer. 
B) Merchandiser. 
C) Service business. 
D) Wholesaler.

Question 20

Prepare a performance report showing both month and year-to-date data for Post Manufacturing's Machining Department for February,201X using the following data:

Accepted Answer

​
Post Manufacturing - Machini

A budget:

The following data were taken from the general ledger and other data of Price Fabricators on July 31: Compute the cost of goods sold for Price Fabricators,selecting the appropriate items from the list provided.

Which of the following is not a key element of the Sarbanes Oxley Act?

Umberg Merchandise Company's cost of goods sold last month was $1,450,000.Merchandise Inventory at the beginning of the month was $250,000 and $325,000 at the end of the month.Umberg's merchandise purchases were:

A law firm wanting to track the costs of serving different clients may use a:

The following data are from Baker Company,a manufacturer,for the month of October: Total conversion costs are:

The following data was taken from the general ledger and other records of Martinez Manufacturing Co.at July 31,the end of the first month of operations in the current fiscal year: a.Prepare a statement of cost of goods manufactured. b.Determine the cost of goods sold for the month.

Which of the following is not a cost that is accumulated in Work in Process?

In the financial statements,Materials should be categorized as:

The term "prime cost" refers to:

Under a job order cost system of accounting,the entry to distribute payroll to the appropriate accounts would be:

The entry to record depreciation of the production equipment would be:

For a manufacturer,the total cost of manufactured goods completed but still on hand is:

ISO 9000 is a set of international standards for:

In job order costing,the basic document for accumulating the cost of each job is the:

Inventory accounts for a manufacturer include all of the following except:

The business entity that purchases finished goods for resale is a:

Prepare a performance report showing both month and year-to-date data for Post Manufacturing's Machining Department for February,201X using the following data:

Accounting for Materials

Accounting for Labor

Accounting for Factory Overhead

Process Cost Accounting--General Procedures

Process Cost Accounting--Additional Procedures

Master Budget and Flexible Budgeting

Standard Cost Accounting--Materials, labor, and Factory Overhead

Cost Accounting for Service Businesses

Cost Analysis for Management Decision Making

Filters

Exam 1: Introduction to Cost Accounting

A budget:

The following data were taken from the general ledger and other data of Price Fabricators on July 31: Compute the cost of goods sold for Price Fabricators,selecting the appropriate items from the list provided.

Which of the following is not a key element of the Sarbanes Oxley Act?

Umberg Merchandise Company's cost of goods sold last month was $1,450,000.Merchandise Inventory at the beginning of the month was $250,000 and $325,000 at the end of the month.Umberg's merchandise purchases were:

A law firm wanting to track the costs of serving different clients may use a:

The following data are from Baker Company,a manufacturer,for the month of October: ​ Total conversion costs are:

The following data was taken from the general ledger and other records of Martinez Manufacturing Co.at July 31,the end of the first month of operations in the current fiscal year: a.Prepare a statement of cost of goods manufactured. b.Determine the cost of goods sold for the month.

Which of the following is not a cost that is accumulated in Work in Process?

In the financial statements,Materials should be categorized as:

The term "prime cost" refers to:

Under a job order cost system of accounting,the entry to distribute payroll to the appropriate accounts would be:

The entry to record depreciation of the production equipment would be:

For a manufacturer,the total cost of manufactured goods completed but still on hand is:

ISO 9000 is a set of international standards for:

In job order costing,the basic document for accumulating the cost of each job is the:

Inventory accounts for a manufacturer include all of the following except:

The business entity that purchases finished goods for resale is a:

Prepare a performance report showing both month and year-to-date data for Post Manufacturing's Machining Department for February,201X using the following data:

Accounting for Materials

Accounting for Labor

Accounting for Factory Overhead

Process Cost Accounting--General Procedures

Process Cost Accounting--Additional Procedures

Master Budget and Flexible Budgeting

Standard Cost Accounting--Materials, labor, and Factory Overhead

Cost Accounting for Service Businesses

Cost Analysis for Management Decision Making

Filters

The following data are from Baker Company,a manufacturer,for the month of October: Total conversion costs are: