CASCADIA COMMUNITY COLLEGE ACCT203 QUIZ

| November 9, 2018

Question
1. Costs
that flow directly to the current income statement are called:
Award: 1
out of 1.00 point
Period
costs.
Balance
sheet costs.
Product
costs.
Capitalized
costs.
General
costs.
2. Which
of the following items are management concepts that were created to improve
companies’ performances?
Award: 1
out of 1.00 point
Total
quality management.
Customer
orientation.
Continuous
improvement.
Just-in-time
manufacturing.
All
of the above are ways that management can improve companies’ performances.
3. Factory
overhead costs normally include all of the following except:
Award: 1
out of 1.00 point
Factory
rent.
Indirect
material costs.
Machinery
oil.
Selling
costs.
Indirect
labor costs.
4. Which
of the following costs would not be classified as factory overhead?
Award: 1
out of 1.00 point
Property
taxes on maintenance machinery.
Metal
doorknobs used on wood cabinets produced.
Wages
of the factory janitor.
Expired
insurance on factory equipment.
Small
tools used in production.
5. The
three major cost components of a manufactured product are:
Award: 1
out of 1.00 point
General,
selling, and administrative costs.
Direct
materials, direct labor, and factory overhead.
Differential
costs, opportunity costs, and sunk costs.
Marketing,
selling, and administrative costs.
Indirect
labor, indirect materials, and miscellaneous factory expenses.
6. Managerial
accounting is different from financial accounting in that:
Award: 1
out of 1.00 point
Managerial
accounting includes many projections and estimates whereas financial accounting
has a minimum of predictions.
Managerial
accounting is used extensively by investors, whereas financial accounting is
used only by creditors.
Managerial
accounting is more focused on the organization as a whole and financial
accounting is more focused on subdivisions of the organization.
Managerial
accounting is mainly used to set stock prices.
Managerial
accounting never includes nonmonetary information.
7. Which
of the following statements is correct concerning the Days’ sales in raw
materials inventory?
Award: 1
out of 1.00 point
Most
companies generally prefer a high ratio.
Reveals
how much raw materials inventory is available in terms of the number of days’
sales.
Reveals
how many times a company turns over its raw materials inventory in a period.
The
ratio does not need to be calculated as it is not important for a manufacturer.
Is
calculated by taking the Raw materials used/Average raw materials inventory.
8. A
manufacturing firm’s cost of goods manufactured is equivalent to a
merchandising firm’s:
Award: 1
out of 1.00 point
Cost
of goods purchased.
Ending
merchandise inventory.
Cost
of goods sold.
Beginning
merchandise inventory.
Cost
of goods available.
9. A
financial report that summarizes the amounts and types of costs that were
incurred in the manufacturing process during the period is a:
Award: 1
out of 1.00 point
Managerial
statement.
Manufacturing
statement.
Merchandise
statement.
Materiality
statement.
Monetary
statement.
10.
Materials that are used in support of the production process but are not
clearly identified with units or batches of product are called:
Award: 1
out of 1.00 point
General
materials.
Indirect
materials.
Direct
materials.
Secondary
materials.
Materials
inventory.
11.
An internal control system consists of the policies and procedures managers use
to do all of the following except:
Award: 1
out of 1.00 point
Protect
assets.
Ensure
reliable accounting.
Urge
adherence to company policies.
Determine
pricing for products.
Promote
efficient operations.
12.
Period costs for a manufacturing company would flow directly to:
Award: 1
out of 1.00 point
Factory
overhead.
The
current balance sheet.
The
current manufacturing statement.
The
current income statement.
Job
cost sheet.
13.
Labor costs that are or batches of product because the labor is used to convert
raw materials into finished products called are:
Award: 1
out of 1.00 point
Finished
labor.
Direct
labor.
Sunk
labor.
Indirect
labor.
All
labor.
14.
Another title for goods in process inventory is:
Award: 1
out of 1.00 point
Indirect
materials inventory.
Conversion
costs.
Direct
materials inventory.
Raw
materials inventory.
Work
in process inventory.
15.
Managerial accounting information:
Award: 1
out of 1.00 point
Is
used mainly by external users.
Has
little to do with controlling costs.
Can
be used for control purposes but not for planning purposes.
Involves
gathering information about costs for planning and control decisions.
Is
generally the only accounting information available to managers.
16.
Total manufacturing costs incurred during the year do not include:
Award: 1
out of 1.00 point
Direct
labor.
Direct
materials used.
Depreciation
of machinery.
Goods
in process inventory, beginning balance.
Factory
supplies used.
17.
A classification of costs that is useful for assigning responsibility to and
evaluating managers is:
Award: 0
out of 1.00 point
Classification
by controllability.
Classification
by relevance.
Classification
by behavior.
Classification
by function.
Classification
by traceability.
18.
A mixed cost:
Award: 1
out of 1.00 point
Requires
the future outlay of cash and is relevant for future decision making.
Does
not change with changes in the volume of activity within the relevant range.
Contains
a combination of fixed costs and variable costs.
Has
already been incurred and cannot be avoided so it is irrelevant for decision
making.
Is
directly traceable to a cost object.
19.
The model whose goal is to eliminate waste while satisfying the customer and
providing a positive return to the company is:
Award: 1
out of 1.00 point
Continuous
improvement.
Managerial
accounting.
Lean
business model.
Customer
orientation.
Total
quality management.
20.
Product costs:
Award: 1
out of 1.00 point
Are
expenditures necessary and integral to finished products.
Include
selling and administrative expenses.
Are
costs that do not vary with the volume of activity.
Are
costs that vary with the volume of activity.
Are
expenditures identified more with a time period rather than with finished
products.

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