976878
Descrição
Quiz por smjackson7, atualizado more than 1 year ago
|
Criado por smjackson7
mais de 10 anos atrás
|
|
Questão 1
Questão
Product costs for a manufacturing company consists of direct materials, direct labor and overhead
Responda
- True
- False
Questão 2
Questão
Period cost and product cost are synonymous terms.
Responda
- True
- False
Questão 3
Questão
For a manufactured product, all costs are incurred to get the product ready for sale are included in the inventory value of the product.
Responda
- True
- False
Questão 4
Questão
Period costs are not considered when costing products for inventory.
Responda
- True
- False
Questão 5
Questão
The two primary types of cost behavior are fixed and variable.
Responda
- True
- False
Questão 6
Questão
Direct materials are the only materials in a product.
Responda
- True
- False
Questão 7
Questão
Wages of machine operators and other workers involved in actually shaping the product are classified as direct labor costs.
Responda
- True
- False
Questão 8
Questão
(Direct Materials + Direct Labor + Overhead) / Total Number of Units Produced = Product Unit Cost
Responda
- True
- False
Questão 9
Questão
At the end of an accounting period, the balance in the Finished Goods Inventory account is made up of the costs of products completed but not sold as of that d ate.
Responda
- True
- False
Questão 10
Questão
Under activity-based costing (ABC), a product's unit cost may include assigned overhead from several cost pools
Responda
- True
- False
Questão 11
Questão
Which of the following is not included in the purchase cost of merchandise inventory?
Responda
-
purchase discounts
-
overhead costs
-
freight-in costs
-
purchase returns and allowances
Questão 12
Questão
An example of a period cost is
Responda
-
advertising costs
-
indirect materials
-
product design costs
-
direct materials
Questão 13
Questão
Which of the following is a typical example of a variable cost?
Responda
-
sales commissions
-
rent
-
depreciation
-
salaries
Questão 14
Questão
Materials and supplies that cannot be traced conveniently to specific products are called
Responda
-
indirect materials
-
raw materials
-
minor materials
-
direct materials
Questão 15
Questão
When a company calculates its product unit cost using estimated costs, it is using which cost measurement method?
Responda
-
standard costing
-
actual costing
-
full costing
-
normal costing
Questão 16
Questão
Maintenance on factory building
Responda
-
(OH) Overhead
-
(DL) Direct Labor
-
(DM) Direct Materials
Questão 17
Questão
Cream
Responda
-
(DL) Direct Labor
-
(OH) Overhead
-
(DM) Direct Materials
Questão 18
Questão
In a process costing system, each product is assigned is the assigned the same amount of costs.
Responda
- True
- False
Questão 19
Questão
Companies that produce custom-made products usually use a process costing system.
Responda
- True
- False
Questão 20
Questão
The typical product costing system in a factory incorporates parts of both job order costing and process costing to create a hybrid system.
Responda
- True
- False
Questão 21
Questão
In a job order costing system, when the goods are sold, the Cost of Goods Sold account is increased, and the Finished Goods Inventory account is decreased for the selling price of the goods sold.
Responda
- True
- False
Questão 22
Questão
A zero balance in Finished Goods Inventory at the start of the period means all previously completed products have shipped
Responda
- True
- False
Questão 23
Questão
In a job order costing system, indirect labor costs are transferred to the Overhead account by increasing the Factory payroll account and decreasing the Overhead account.
Responda
- True
- False
Questão 24
Questão
In a job order costing system, when supplies are issued from inventory to production, the Overhead account is increased.
Responda
- True
- False
Questão 25
Questão
In a job order costing system, indirect labor costs incurred are charged to the Work in Process Inventory account.
Responda
- True
- False
Questão 26
Questão
To prepare financial statements at the end of the accounting period, the actual overhead cost for the period and the estimated overhead that was applied during the period must be reconciled in both job order and process costing systems.
Responda
- True
- False
Questão 27
Questão
If applied overhead exceeds actual overhead, cost of good sold must be reduced by the amount of the overcharge in a job costing system.
Responda
- True
- False
Questão 28
Questão
Job costing and process costing are systems of
Responda
-
inventory costing
-
cost flow assumptions
-
product costing
-
product pricing
Questão 29
Questão
Product costs appear on the income statement in the form of
Responda
-
cost of goods sold
-
material inventory
-
sales commissions
-
none of these
Questão 30
Questão
A company should use process costing rather than job order costing if
Responda
-
production is only partially completed during the accounting period
-
the produce is produced in bathes only as orders are received
-
the product is composted of mass-produced homogenous units
-
the product goes through several stages of production
Questão 31
Questão
Which of the following characteristics applies to process costing, but does not apply to job order costing?
Responda
-
the need for averaging
-
the use of equivalent units
-
separate, identifiable jobs
-
the use of predetermined overhead rates
Questão 32
Questão
The basic document for keeping track of costs in a job order costing system is a
Responda
-
job order cost card
-
labor time card
-
process cost report
-
materials requisition form
Questão 33
Questão
Cost behavior is defined as the manner in which cost respond to changes in volume or activity.
Responda
- True
- False
Questão 34
Questão
Total variable and fixed costs will be the same regardless of how many units are produced.
Responda
- True
- False
Questão 35
Questão
Fixed costs always remain constant.
Responda
- True
- False
Questão 36
Questão
Normal capacity is the average annual level of operating capacity needed to meet expected sales demand, adjusted for seasonal changes and industry and economic cycles.
Responda
- True
- False
Questão 37
Questão
Regression analysis can be performed using one or more activities to predict costs.
Responda
- True
- False
Questão 38
Questão
Cost-volume profit analysis assumes a constant sales mix.
Responda
- True
- False
Questão 39
Questão
The contribution margin equals total fixed costs at the breakeven point.
Responda
- True
- False
Questão 40
Questão
If revenue was $120,000,000, variable costs were $90,000,000, and fixed costs were $15,000,000, then the contribution margin ratio was 25%.
Responda
- True
- False
Questão 41
Questão
If targeted sales are 12,000 units, the sales price/unit is $70, fixed costs are #130,000, and variable costs are $40/unit, then planned profit must be $230,000.
Responda
- True
- False
Questão 42
Questão
For profit planning purposes, the following equation is used: Target Sales Units = (FC + P) divided by CM per Unit.
Responda
- True
- False
Questão 43
Questão
Which of the following statements most accurately explains the behavior of costs?
Responda
-
there is no norm; rather costs can be fixed, variable or a combination of both
-
the majority of costs are variable per unit of production
-
the majority of costs are fixed per unit of production
-
costs can be fixed or variable, but usually not a combination of both
Questão 44
Questão
An insurance company pays its employees a commission of 6% on each sale. What is the proper classification of the cost of sales commissions?
Responda
-
constant cost
-
variable cost
-
mixed cost
-
fixed cost
Questão 45
Questão
Suppose a company rents a building for $250,000/year for the purpose of manufacturing between 80,000 and 140,000 units (the relevant range of activity). The rental cost per unit of production will __________________ as production levels increase.
Responda
-
behave in a nonlinear fashion
-
increase
-
decrease
-
remain fixed
Questão 46
Questão
When fixed costs are $18,000 and the contribution margin per unit is $4, the breakeven point is
Responda
-
4,500 units
-
2,230 units
-
$22,300
-
$72,000
Questão 47
Questão
If the contribution margin on a new product line is $15, fixed costs are $165,000, and the total market for the product is 22,000 units, then the breakeven analysis would recommend that the company.
Responda
-
abandon the new product line
-
decrease the sales price per unit
-
increase the fixed costs (such as advertising) to lower the breakeven units
-
adopt the new product line
Questão 48
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Direct Materials
Responda
-
FC
-
VC
-
MC
Questão 49
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Electricity
Responda
-
FC
-
VC
-
MC
Questão 50
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Factory building rent
Responda
-
FC
-
VC
-
MC
Questão 51
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Advertising Expense
Responda
-
FC
-
VC
-
MC
Questão 52
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Shipping Expense
Responda
-
FC
-
VC
-
MC
Questão 53
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Insurance on the factory building
Responda
-
FC
-
VC
-
MC
Questão 54
Questão
Identify the following as fixed costs (FC), variable costs (VC), or mixed costs (MC):
Costs of Good Sold
Responda
-
FC
-
VC
-
MC
Questão 55
Questão
A performance management and evaluation system is mainly utilized to account for and report on financial performance.
Responda
- True
- False
Questão 56
Questão
A performance management and evaluation system allows a company to identify how well it is doing, where it is going, and what improvements will make it more profitable.
Responda
- True
- False
Questão 57
Questão
A responsibility center whose manager is held accountable for both revenues and costs and for the resulting operating income is called a profit center.
Responda
- True
- False
Questão 58
Questão
A flexible budget is derived by multiplying actual unit output by the standard unit costs.
Responda
- True
- False
Questão 59
Questão
When calculating ROI, assets invested represent the average of the beginning and ending asset balances for a given period.
Responda
- True
- False
Questão 60
Questão
How effective a performance management and evaluation system is depends on how well the goals of the entire compare coordinated rather than on how well the goals of responsibility centers, managers, and the entire organizations will be well coordinated.
Responda
- True
- False
Questão 61
Questão
Tying compensation incentives to performance targets decreases the likelihood that the goals of responsibility centers, managers, and the entire organization will be well coordinated.
Responda
- True
- False
Questão 62
Questão
Incentive awards are utilized mainly to encourage long-term performance.
Responda
- True
- False
Questão 63
Questão
A manager can improve the economic value of an investment center by decreasing assets.
Responda
- True
- False
Questão 64
Questão
Cost of capital is the maximum desired rate of return on a particular investment.
Responda
- True
- False
Questão 65
Questão
A performance management and evaluation system is a set of procedure that account for and report on
Responda
-
qualitative performance
-
quantitative performance
-
employee performance
-
qualitative and quantitative performance
Questão 66
Questão
Which of the following is an example of a performance measurement?
Responda
-
product quality
-
number of customer complaints
-
customer satisfaction
-
all of these choices
Questão 67
Questão
The manager of Center A is responsible for generating cash inflows and incurring costs with the goal of making money for the company. The manager has no responsibility for assets. What type of responsibility center is Center A.
Responda
-
cost center
-
discretionary cost center
-
profit center
-
revenue center
Questão 68
Questão
In developing performance measures, management must consider which of the following?
Responda
-
how should we measure?
-
how can managers monitor financial performance?
-
what should we measure?
-
all of these choices.
Questão 69
Questão
Budgeting is the process of identifying, gathering, summarizing, and communicating financial and nonfinancial information about an organization's future activities.
Responda
- True
- False
Questão 70
Questão
A budget can contain nonfinancial information.
Responda
- True
- False
Questão 71
Questão
Participating budgeting involves only personnel at top levels of the organization.
Responda
- True
- False
Questão 72
Questão
The short-term plan or budget involves every part of the enterprise and is much more detailed than the long-term plan.
Responda
- True
- False
Questão 73
Questão
Projected financial statements are the final product of the budgeting process.
Responda
- True
- False
Questão 74
Questão
Operating budgets are plans used in daily operations.
Responda
- True
- False
Questão 75
Questão
The direct materials purchases budget reflect both the quantity and cost of direct materials purchases.
Responda
- True
- False
Questão 76
Questão
The overhead budget must be separate into variable and fixed cost segments.
Responda
- True
- False
Questão 77
Questão
The direct labor budget is needed to prepare the production budget.
Responda
- True
- False
Questão 78
Questão
A company seeks to have as much cash as possible on hand. Cash budgeting helps to accomplish this.
Responda
- True
- False
Questão 79
Questão
A company seeks to have as much cash as possible on hand. Cash budgeting helps to accomplish this.
Responda
- True
- False
Questão 80
Questão
A company seeks to have as much cash as possible on hand. Cash budgeting helps to accomplish this.
Responda
- True
- False
Questão 81
Questão
Budgets
Responda
-
should contain both revenues and expenses
-
contain as much information as possible
-
are presented in dollars only; nondollar data should be excluded
-
are synonymous with managing an organization
Questão 82
Questão
Which type of budgeting utilizes employes at all levels of the company?
Responda
-
group budgeting
-
selective budgeting
-
target budgeting
-
participative budgeting
Questão 83
Questão
A master budget is a compilation of forecasts for the coming year or operating cycle by various departments or functions within an organization. What is the most basic forecast made in a master budget?
Responda
-
sales forecast
-
production forecast
-
labor forecast
-
materials forecast
Questão 84
Questão
A master budget is a compilation of forecasts for the coming year or operating cycle by various departments or functions within an organization. What is the most basic forecast made in a master budget?
Responda
-
sales forecast
-
production forecast
-
labor forecast
-
materials forecast
Questão 85
Questão
The first budget to be prepared when making a master budget is the
Responda
-
sales budget
-
production budget
-
cash budget
-
direct labor budget
Questão 86
Questão
Which of the following would most likely be considered a short-term goal?
Responda
-
modernization and expansion of the plant
-
a product line change
-
a unit sales forecast
-
a marketing plan to gain a higher percentage of control of the market in five years.
Questão 87
Questão
Once standard costs for direct materials, direct labor and variable and fixed overhead have been developed, a total standard unit cost can be determined over time.
Responda
- True
- False
Questão 88
Questão
Variance analysis involves computing the difference between standard and actual costs.
Responda
- True
- False
Questão 89
Questão
The final step in variance analysis is determining the cause of the variance.
Responda
- True
- False
Questão 90
Questão
The flexible budget formula is an equation that determines unexpected costs at any level of output.
Responda
- True
- False
Questão 91
Questão
The "flex" in the flexible budget formula occurs in the variable cost segment.
Responda
- True
- False
Questão 92
Questão
Another name for a flexible budget is a variable budget.
Responda
- True
- False
Questão 93
Questão
Comparing "what did happen" with "what should have happened" aids in the performance evaluation of a company.
Responda
- True
- False
Questão 94
Questão
A production manager usually is responsible for direct material used and direct labor hours used.
Responda
- True
- False
Questão 95
Questão
It is not necessary to provide an area on the performance report for a manager's reasons for variances.
Responda
- True
- False
Questão 96
Questão
Variance analysis includes all of the following except:
Responda
-
taking corrective action
-
investigating all variances
-
developing performance measures to track activities causing the variance
-
identification of the cause
Questão 97
Questão
A summary of expected costs for a range of activity levels that is geared to changes in the level of productive output is the definition of a
Responda
-
continuous budget
-
flexible budget
-
master budget
-
period budget
Questão 98
Questão
The primary difference between a fixed (static) budget and a flexible budget is that a fixed budget
Responda
-
cannot be change after the period begins, whereas a flexible budget can be changed after the period ends
-
is concerned only with future acquisitions of fixed assets, whereas a flexible budget is concerned with expenses that vary with sales.
-
is a plan for a simple level of production, whereas a flexible budget is several plans (one for each of several production levels)
-
includes only fixed costs, whereas a flexible budget includes only variable costs
Questão 99
Questão
If a company's flexible budget formula is $9.50 per unit plus $68,550, what would be the total budget for evaluating operating performance if 23,850 units were sold and 28,460 units were produced.
Responda
-
$295,125
-
$338,920
-
$309,985
-
$226,575
Questão 100
Questão
A flexible budget is most useful
Responda
-
for budgeting and planning purposes
-
when actual output equals budget output
-
as a cost control tool to help evaluate performance
-
when a product's cost structure includes variable costs only
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