Question 1

The cost of units completed during a period is called

Accepted Answer

A)  cost of goods sold. 
B)  cost of goods manufactured. 
C)  current manufacturing costs. 
D)  finished goods inventory. 
A)  cost of goods sold. 
B)  cost of goods manufactured. 
C)  current manufacturing costs. 
D)  finished goods inventory.

Question 2

The sum of direct labor and factory overhead is referred to as

Accepted Answer

A)  period costs. 
B)  conversion costs. 
C)  prime costs. 
D)  direct product costs. 
A)  period costs. 
B)  conversion costs. 
C)  prime costs. 
D)  direct product costs.

Question 3

Work in process consists of all partially completed units found in production at a given point in time.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following costs is a product cost?

Accepted Answer

A)  lease payments on cars used by salespersons 
B)  president's salary 
C)  property taxes on factory building 
D)  depreciation on office equipment 
A)  lease payments on cars used by salespersons 
B)  president's salary 
C)  property taxes on factory building 
D)  depreciation on office equipment

Question 5

The most likely method to assign the cost of an assembly-line supervisor when the assembly line is the cost object is the:

Accepted Answer

A)  driver tracing method 
B)  arbitration method 
C)  allocation method 
D)  direct tracing method 
A)  driver tracing method 
B)  arbitration method 
C)  allocation method 
D)  direct tracing method

Question 6

When calculating the absorption-costing income for external reporting, all

Accepted Answer

A)  manufacturing costs ultimately become nonmanufacturing costs. 
B)  manufacturing costs are product costs and product costs are never expensed. 
C)  costs of selling manufactured products are classified as product costs. 
D)  selling and administrative costs are classified as nonmanufacturing costs. 
A)  manufacturing costs ultimately become nonmanufacturing costs. 
B)  manufacturing costs are product costs and product costs are never expensed. 
C)  costs of selling manufactured products are classified as product costs. 
D)  selling and administrative costs are classified as nonmanufacturing costs.

Question 7

Assume the following data for Rodriguez Services, an accounting firm, for November:

Accepted Answer

The answer of Assume the following data for Rodriguez Services,...

Question 8

With regards to products, perishability can be defined as

Accepted Answer

A)  buyers of products who cannot see, feel, hear or taste the product before it is bought. 
B)  services that cannot be stored. 
C)  buyers and sellers who must be in direct contact for the sale to take place. 
D)  buyers of the product who do not need direct contact with the manufacturer of the product. 
A)  buyers of products who cannot see, feel, hear or taste the product before it is bought. 
B)  services that cannot be stored. 
C)  buyers and sellers who must be in direct contact for the sale to take place. 
D)  buyers of the product who do not need direct contact with the manufacturer of the product.

Question 9

In a functional-based management system, one is NOT likely to find

Accepted Answer

A)  unit- and non-unit-based cost drivers. 
B)  maximization of individual unit performance. 
C)  narrow and rigid product costing. 
D)  allocation intensive cost assignment. 
A)  unit- and non-unit-based cost drivers. 
B)  maximization of individual unit performance. 
C)  narrow and rigid product costing. 
D)  allocation intensive cost assignment.

Question 10

The cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers relative to their control of activities is the information system.

Accepted Answer

The answer of The cost management subsystem designed to provide...

Question 11

Which of the following methods of assigning costs is based on convenience or some assumed linkage, and reduces the overall accuracy of the cost assignments?

Accepted Answer

A)  direct tracing 
B)  driver tracing 
C)  allocation 
D)  all of the above 
A)  direct tracing 
B)  driver tracing 
C)  allocation 
D)  all of the above

Question 12

In a cost management system, the process view does NOT include

Accepted Answer

A)  resources. 
B)  activities. 
C)  driver analysis. 
D)  performance analysis. 
A)  resources. 
B)  activities. 
C)  driver analysis. 
D)  performance analysis.

Question 13

Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product?

Accepted Answer

A)  the wages paid to assembly-line production workers 
B)  the tires for buses 
C)  the windshields for buses 
D)  the depreciation on factory building 
A)  the wages paid to assembly-line production workers 
B)  the tires for buses 
C)  the windshields for buses 
D)  the depreciation on factory building

Question 14

Period costs do NOT include

Accepted Answer

A)  order-getting costs. 
B)  order-filling costs. 
C)  order-making costs. 
D)  all of the above are period costs. 
A)  order-getting costs. 
B)  order-filling costs. 
C)  order-making costs. 
D)  all of the above are period costs.

Question 15

In an accounting information system, which of the following is NOT a transformation process?

Accepted Answer

A)  collecting data 
B)  performance reports 
C)  analyzing data 
D)  summarizing data 
A)  collecting data 
B)  performance reports 
C)  analyzing data 
D)  summarizing data

Question 16

The resources given up that are expected to bring a current or future benefit to the organization are represented by:

Accepted Answer

A)  Costs 
B)  Expired costs 
C)  Expenses 
D)  Losses 
A)  Costs 
B)  Expired costs 
C)  Expenses 
D)  Losses

Question 17

The records for the previous year for Sarasota Boat Builders, Inc., shows the following data::   The cost of goods sold is

Accepted Answer

A)  $1,630,000. 
B)  $1,880,000. 
C)  $1,600,000. 
D)  $1,650,000. 
A)  $1,630,000. 
B)  $1,880,000. 
C)  $1,600,000. 
D)  $1,650,000.

Question 18

Services differ from tangible products on three dimension: intangibility, perishability, and inseparability.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following costs would NOT be included in calculating inventory values under the absorption-costing basis?

Accepted Answer

A)  direct materials 
B)  fixed overhead 
C)  selling and administrative expenses 
D)  direct labor 
A)  direct materials 
B)  fixed overhead 
C)  selling and administrative expenses 
D)  direct labor

Question 20

A subsystem of the accounting information system designed to satisfy costing, controlling and decision making objectives is called the system.

Accepted Answer

The answer of A subsystem of the accounting information system...

The cost of units completed during a period is called

The sum of direct labor and factory overhead is referred to as

Work in process consists of all partially completed units found in production at a given point in time.

Which of the following costs is a product cost?

The most likely method to assign the cost of an assembly-line supervisor when the assembly line is the cost object is the:

When calculating the absorption-costing income for external reporting, all

Assume the following data for Rodriguez Services, an accounting firm, for November:

With regards to products, perishability can be defined as

In a functional-based management system, one is NOT likely to find

The cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers relative to their control of activities is the information system.

Which of the following methods of assigning costs is based on convenience or some assumed linkage, and reduces the overall accuracy of the cost assignments?

In a cost management system, the process view does NOT include

Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product?

Period costs do NOT include

In an accounting information system, which of the following is NOT a transformation process?

The resources given up that are expected to bring a current or future benefit to the organization are represented by:

The records for the previous year for Sarasota Boat Builders, Inc., shows the following data:: The cost of goods sold is

Services differ from tangible products on three dimension: intangibility, perishability, and inseparability.

Which of the following costs would NOT be included in calculating inventory values under the absorption-costing basis?

A subsystem of the accounting information system designed to satisfy costing, controlling and decision making objectives is called the system.

Introduction to Cost Management

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility, Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters

Exam 2: Basic Cost Management Concepts

The cost of units completed during a period is called

The sum of direct labor and factory overhead is referred to as

Work in process consists of all partially completed units found in production at a given point in time.

Which of the following costs is a product cost?

The most likely method to assign the cost of an assembly-line supervisor when the assembly line is the cost object is the:

When calculating the absorption-costing income for external reporting, all

Assume the following data for Rodriguez Services, an accounting firm, for November:

With regards to products, perishability can be defined as

In a functional-based management system, one is NOT likely to find

The cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers relative to their control of activities is the information system.

Which of the following methods of assigning costs is based on convenience or some assumed linkage, and reduces the overall accuracy of the cost assignments?

In a cost management system, the process view does NOT include

Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product?

Period costs do NOT include

In an accounting information system, which of the following is NOT a transformation process?

The resources given up that are expected to bring a current or future benefit to the organization are represented by:

The records for the previous year for Sarasota Boat Builders, Inc., shows the following data:: The cost of goods sold is

Services differ from tangible products on three dimension: intangibility, perishability, and inseparability.

Which of the following costs would NOT be included in calculating inventory values under the absorption-costing basis?

A subsystem of the accounting information system designed to satisfy costing, controlling and decision making objectives is called the system.

Introduction to Cost Management

Cost Behavior

Activity-Based Costing

Product and Service Costing: Job-Order System

Process Costing

Allocating Costs of Support Departments and Joint Products

Budgeting for Planning and Control

Standard Costing: a Functional-Based Control Approach

Decentralization: Responsibility, Accounting, Performance Evaluation, and Transfer Pricing

Strategic Cost Management

Activity-Based Management

The Balanced Scorecard: Strategic-Based Control

Quality and Environmental Cost Management

Lean Accounting and Productivity Measurement

Cost-Volume-Profit Analysis

Activity Resource Usage Model and Tactical Decision Making

Pricing and Profitability Analysis

Capital Investment

Inventory Management: Economic Order Quantity, Jit, and the Theory of Constraints

Filters