Exam 1: Introduction to Cost Accounting

An industry that would most likely use process costing procedures is:

Dan Louis is the supervisor of the Assembly Department of Wiggerman Corporation.He has control over and is responsible for manufacturing costs traced to the department.The Assembly Department is an example of a(n):

According to the Institute of Management Accountants (IMA)Statement of Ethical Professional Practice,performing professional duties in accordance with relevant laws,regulations and technical standards is a component of which standard?

Which of the following production operations would be most likely to employ a job order system of cost accounting?

Selected data concerning the past fiscal year's operations (000's omitted)of the Stanley Manufacturing Company are presented below: Assuming Stanley does not use indirect materials,the cost of materials purchased during the year amounted to:

A(n)__________ requires estimating inventory balances during the year for interim financial statements and a formal count of all inventory items at the end of the year.

The following data were taken from the general ledger of Data Corp. ,a retailer of computers and accessories: Compute the cost of goods sold for the month of August.

The business entity that converts purchased raw materials into finished goods by using labor,technology,and facilities is a:

The following data were taken from Middletown Merchandisers on July 31,for the first month of its fiscal year: Compute the inventory at July 1.

Joey Bruce is a cost accountant at ABC Industries.Joey told Tanner Scott,his financial advisor,that he was working on a project to determine the feasibility of a merger of ABC Industries with Left Guard Company,a major competitor.Which of the Institute of Management Accountant's (IMA)ethical standards may have been violated?

The following data was taken from the general ledger and other records of Marwick Manufacturing Co.at January31,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.

Custom Cabinets Inc.manufactures goods on a job order basis.During the month of November,three jobs were started.(There was no work in process at the beginning of the month. )Jobs 401 and 402 were completed and sold for $14,500 and $19,000,respectively,during the month;Job 403 was still in process at the end of November. The following data are taken from the job cost sheets for each job.Factory overhead charges include a total of $900 of indirect materials and $600 of indirect labor.One work in process control account is used. Prepare a journal entry to record each of the following: a.Materials used b.Factory wages and salaries earned c.Factory Overhead transferred to Work in Process d.Jobs completed e.Jobs sold

Under a job order system of cost accounting,the dollar amount of the entry to transfer inventory from Work in Process to Finished Goods is the sum of the costs charged to all jobs:

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?

The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to the consumer is a:

According to the Institute of Management Accountants (IMA)Statement of Ethical Professional Practice,under the Integrity Standard,each member has the responsibility to:

The Lauren Company's payroll summary showed the following in November: What amount would be included in direct labor in November?