Question 1

The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

Accepted Answer

A) True 
 B)False

Question 2

The following are some of the costs incurred by Cupcake Company.Identify them as either:
-Depreciation expense-office

Accepted Answer

A) Prime costs 
B) Conversion costs 
C) Both prime and conversion costs 
D) Neither prime or conversion costs 
A) Prime costs 
B) Conversion costs 
C) Both prime and conversion costs 
D) Neither prime or conversion costs

Question 3

Product costs are not expensed until the product is sold.

Accepted Answer

A) True 
 B)False

Question 4

Managers used managerial information for all of the following except

Accepted Answer

A) to evaluate the company's stock performance 
B) to analyze the performance of a company's operations 
C) to support long-term planning decisions 
D) to determine the cost of manufacturing a product 
A) to evaluate the company's stock performance 
B) to analyze the performance of a company's operations 
C) to support long-term planning decisions 
D) to determine the cost of manufacturing a product

Question 5

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given.
-Manufacturing costs for wood and steel used in the bar stools

Accepted Answer

A) Direct 
B) Indirect 
A) Direct 
B) Indirect

Question 6

The Darwin Company reports the following information:   Period costs are

Accepted Answer

A) $24,500 
B) $30,300 
C) $29,200 
D) $35,000 
A) $24,500 
B) $30,300 
C) $29,200 
D) $35,000

Question 7

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given.
-Tires for the bicycles

Accepted Answer

A) Product 
B) Period 
A) Product 
B) Period

Question 8

Which of the following costs are conversion costs?

Accepted Answer

A) direct labor cost and factory overhead cost 
B) direct materials cost and direct labor cost 
C) factory overhead cost 
D) direct materials cost and factory overhead cost 
A) direct labor cost and factory overhead cost 
B) direct materials cost and direct labor cost 
C) factory overhead cost 
D) direct materials cost and factory overhead cost

Question 9

Which of the following is most associated with managerial accounting?

Accepted Answer

A) must follow GAAP 
B) may rely on estimates and forecasts 
C) is prepared for users outside the organization. 
D) always reports on the entire entity 
A) must follow GAAP 
B) may rely on estimates and forecasts 
C) is prepared for users outside the organization. 
D) always reports on the entire entity

Question 10

Match the items below for a bakery to the type of cost a-d.
-Factory rent

Accepted Answer

A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost 
A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost

Question 11

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given.
-Selling costs for the period

Accepted Answer

A) Product 
B) Period 
A) Product 
B) Period

Question 12

Jensen Company's period costs are

Accepted Answer

A) $345,000 
B) $250,000 
C) $400,000 
D) $175,000 
A) $345,000 
B) $250,000 
C) $400,000 
D) $175,000

Question 13

Factory overhead is an example of a product cost.

Accepted Answer

A) True 
 B)False

Question 14

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following items would not be classified as part of factory overhead?

Accepted Answer

A) direct labor used 
B) amortization of manufacturing patents 
C) production supervisors' salaries 
D) factory supplies used 
A) direct labor used 
B) amortization of manufacturing patents 
C) production supervisors' salaries 
D) factory supplies used

Question 16

Indirect labor and indirect materials are classified as

Accepted Answer

A) factory overhead and product costs 
B) factory overhead and period costs 
C) operating costs and period costs 
D) operating costs and product costs 
A) factory overhead and product costs 
B) factory overhead and period costs 
C) operating costs and period costs 
D) operating costs and product costs

Question 17

A company manufactured 50,000 units of a product at a cost of $450,000.It sold 45,000 units at $15 each.The gross profit is

Accepted Answer

A) $750,000 
B) $240,000 
C) $600,000 
D) $270,000 
A) $750,000 
B) $240,000 
C) $600,000 
D) $270,000

Question 18

Match the items below for a bakery to the type of cost a-d.
-Salesman commissions

Accepted Answer

A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost 
A) Direct materials 
B) Direct labor 
C) Factory overhead 
D) Non-manufacturing cost

Question 19

Another term for factory overhead is

Accepted Answer

A) surplus 
B) period cost 
C) supervisory cost 
D) factory burden 
A) surplus 
B) period cost 
C) supervisory cost 
D) factory burden

Question 20

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

Accepted Answer

A) improving 
B) controlling 
C) directing 
D) planning 
A) improving 
B) controlling 
C) directing 
D) planning

The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Depreciation expense-office

Product costs are not expensed until the product is sold.

Managers used managerial information for all of the following except

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -Manufacturing costs for wood and steel used in the bar stools

The Darwin Company reports the following information: Period costs are

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Tires for the bicycles

Which of the following costs are conversion costs?

Which of the following is most associated with managerial accounting?

Match the items below for a bakery to the type of cost a-d. -Factory rent

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Selling costs for the period

Jensen Company's period costs are

Factory overhead is an example of a product cost.

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Which of the following items would not be classified as part of factory overhead?

Indirect labor and indirect materials are classified as

A company manufactured 50,000 units of a product at a cost of $450,000.It sold 45,000 units at $15 each.The gross profit is

Match the items below for a bakery to the type of cost a-d. -Salesman commissions

Another term for factory overhead is

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Managerial Accounting Concepts and Principles

The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Depreciation expense-office

Product costs are not expensed until the product is sold.

Managers used managerial information for all of the following except

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -Manufacturing costs for wood and steel used in the bar stools

The Darwin Company reports the following information: Period costs are

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Tires for the bicycles

Which of the following costs are conversion costs?

Which of the following is most associated with managerial accounting?

Match the items below for a bakery to the type of cost a-d. -Factory rent

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Selling costs for the period

Jensen Company's period costs are

Factory overhead is an example of a product cost.

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Which of the following items would not be classified as part of factory overhead?

Indirect labor and indirect materials are classified as

A company manufactured 50,000 units of a product at a cost of $450,000.It sold 45,000 units at $15 each.The gross profit is

Match the items below for a bakery to the type of cost a-d. -Salesman commissions

Another term for factory overhead is

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters