Exam 1: Introduction to Cost Accounting

Selected data concerning the past fiscal year's operations (000's omitted)of Kraig Fabricators are presented below: The cost of goods manufactured during the year was:

Cost accounting differs from financial accounting in that financial accounting:

A standard cost system is one:

Following is a list of costs incurred by the Sitka Products Co.during the month of June: Prepare the journal entries necessary to record the issuance of materials,the distribution of labor cost,the recording of factory overhead,and the entry transferring Factory Overhead to Work in Process.

The wages of which of the following employees would not be included in the product cost for a manufacturer of custom-built home cooking appliances?

For a manufacturer,manufacturing costs incurred to date for goods in various stages of production,but not yet completed is:

Responsibility accounting would most likely hold a manager of a manufacturing unit responsible for:

Which of the following statements characterizes a performance report prepared for use by a production line department head?

Chen Corp.had finished goods inventory of $60,000 and $70,000 at May 1 and May 31,respectively,and cost of goods manufactured of $175,000.Cost of goods sold in May was:

The process of establishing objectives or goals for the firm and determining the means by which they will be met is:

Taylor Logan is an accountant with the Tanner Corporation.Taylor's duties include preparing reports that focus on both historical and estimated data needed to conduct ongoing operations and do long-range planning.Taylor is a(n)

A typical factory overhead cost is:

Payroll is debited and Wages Payable is credited to:

The following data were taken from Mansfield Merchandisers on January 31: What was the Cost of goods sold in January?

Joshua Company prepares monthly performance reports for each department.The budgeted amounts of wages for the Finishing Department for the month of August and for the eight-month period ended August 31 were $12,000 and $100,000,respectively.Actual wages paid through July were $91,500,and wages for the month of August were $11,800.The month and year-to-date variances,respectively,for wages on the August performance report would be:

The term "conversion costs" refers to:

The Shiplett Company's payroll summary showed the following in November: What is total factory overhead for November?

Which of the following costs would be least likely to appear on a responsibility accounting report for the supervisor of an assembly line in a large manufacturing situation?

When should process costing techniques be used in assigning costs to products?

Witt Company maintains a continuous record of purchases,materials issued into production and balances of all goods in stock,so that inventory valuation data is available at any time.This is an example of a(n)