Question 1

In a company that supplies garlic bread to pizza restaurants, which of the following would NOT be considered an input?

Accepted Answer

A)  delivered garlic bread 
B)  flour 
C)  garlic 
D)  oil 
A)  delivered garlic bread 
B)  flour 
C)  garlic 
D)  oil A

Question 2

_______________ represents the resources given up that are expected to bring a current or future benefit to the organization.

Accepted Answer

A)  Cost 
B)  Expired cost 
C)  Expense 
D)  Loss 
A)  Cost 
B)  Expired cost 
C)  Expense 
D)  Loss A

Question 3

Period costs do NOT include

Accepted Answer

A)  order-getting costs. 
B)  order-making costs. 
C)  order-filling costs. 
D)  All of these are period costs. 
A)  order-getting costs. 
B)  order-making costs. 
C)  order-filling costs. 
D)  All of these are period costs. B

Question 4

Assume the following information:   What was the cost of goods manufactured during the year?

Accepted Answer

A)  $370,000 
B)  $365,000 
C)  $343,000 
D)  $333,000 
A)  $370,000 
B)  $365,000 
C)  $343,000 
D)  $333,000

Question 5

Classify the following costs incurred by a step railing manufacturing company as direct materials, direct labor, factory overhead, or period costs:

Accepted Answer

The answer of Classify the following costs incurred by a...

Question 6

Which is NOT a benefit of an activity-based cost management system?

Accepted Answer

A)  greater product costing accuracy 
B)  increased cost of implementing the system 
C)  improved decision making 
D)  enhanced strategic planning 
A)  greater product costing accuracy 
B)  increased cost of implementing the system 
C)  improved decision making 
D)  enhanced strategic planning

Question 7

Which of the following costs would NOT be included in operating product costs?

Accepted Answer

A)  research and development 
B)  production 
C)  marketing 
D)  all of these 
A)  research and development 
B)  production 
C)  marketing 
D)  all of these

Question 8

_______________ focuses on the management of activities with the objective of improving the value received by the customer and the profit received by providing this value.

Accepted Answer

A)  Activity-based management 
B)  Contemporary cost control 
C)  Functional-based cost management system 
D)  JIT 
A)  Activity-based management 
B)  Contemporary cost control 
C)  Functional-based cost management system 
D)  JIT

Question 9

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 10

A(n) _______________ is a computerized information system that strives to input data once and to make it available to people across the company for different purposes.

Accepted Answer

A)  cost management information system 
B)  enterprise resource planning system 
C)  internal accounting system 
D)  financial accounting information system 
A)  cost management information system 
B)  enterprise resource planning system 
C)  internal accounting system 
D)  financial accounting information system

Question 11

Which of the following is an example of a possible cost object?

Accepted Answer

A)  a product 
B)  a customer 
C)  a department 
D)  all of these 
A)  a product 
B)  a customer 
C)  a department 
D)  all of these

Question 12

Which of the following items is NEVER relevant to the cost flows of a service organization?

Accepted Answer

A)  finished goods inventory 
B)  materials inventory 
C)  work-in-process inventory 
D)  All of these are always relevant. 
A)  finished goods inventory 
B)  materials inventory 
C)  work-in-process inventory 
D)  All of these are always relevant.

Question 13

Define activity-based management.In your answer, present the activity-based management model in good form.

Accepted Answer

Activity-based management focuses on the

Question 14

Figure 2-12 Information from the records of the Scully Company for July 2011 was as follows:
    Scully Corporation produced 20,000 units.
-
Refer to Figure 2-12.What are the total variable costs per unit?

Accepted Answer

A)  $ 7.05 
B)  $ 9.55 
C)  $12.175 
D)  $ 6.25 
A)  $ 7.05 
B)  $ 9.55 
C)  $12.175 
D)  $ 6.25

Question 15

Which of the following is NOT an objective of the operational control system?

Accepted Answer

A)  increasing value to customers 
B)  increasing profit by providing value 
C)  Increasing post purchase costs 
D)  all of these 
A)  increasing value to customers 
B)  increasing profit by providing value 
C)  Increasing post purchase costs 
D)  all of these

Question 16

Which of the following costs would be included in value-chain product costs?

Accepted Answer

A)  research and development 
B)  production 
C)  customer service 
D)  all of these 
A)  research and development 
B)  production 
C)  customer service 
D)  all of these

Question 17

Which of the following costs would be included as part of factory overhead?

Accepted Answer

A)  depreciation of plant equipment 
B)  paint used for product finish 
C)  depreciation on the corporation's office building 
D)  paper used in the production of books 
A)  depreciation of plant equipment 
B)  paint used for product finish 
C)  depreciation on the corporation's office building 
D)  paper used in the production of books

Question 18

Which of the following is a cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control of activities?

Accepted Answer

A)  financial accounting information system 
B)  operational control information system 
C)  cost accounting information system 
D)  all of these 
A)  financial accounting information system 
B)  operational control information system 
C)  cost accounting information system 
D)  all of these

Question 19

With regards to products, perishability can be defined as

Accepted Answer

A)  buyers of products who can not 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 can not 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 20

Product costs are converted from cost to expense when

Accepted Answer

A)  units are completed. 
B)  materials are purchased. 
C)  units are sold. 
D)  materials are requisitioned. 
A)  units are completed. 
B)  materials are purchased. 
C)  units are sold. 
D)  materials are requisitioned.

In a company that supplies garlic bread to pizza restaurants, which of the following would NOT be considered an input?

_______________ represents the resources given up that are expected to bring a current or future benefit to the organization.

Period costs do NOT include

Assume the following information: What was the cost of goods manufactured during the year?

Classify the following costs incurred by a step railing manufacturing company as direct materials, direct labor, factory overhead, or period costs:

Which is NOT a benefit of an activity-based cost management system?

Which of the following costs would NOT be included in operating product costs?

_______________ focuses on the management of activities with the objective of improving the value received by the customer and the profit received by providing this value.

The cost of units completed during a period is called

A(n) _______________ is a computerized information system that strives to input data once and to make it available to people across the company for different purposes.

Which of the following is an example of a possible cost object?

Which of the following items is NEVER relevant to the cost flows of a service organization?

Define activity-based management.In your answer, present the activity-based management model in good form.

Figure 2-12 Information from the records of the Scully Company for July 2011 was as follows: Scully Corporation produced 20,000 units. - Refer to Figure 2-12.What are the total variable costs per unit?

Which of the following is NOT an objective of the operational control system?

Which of the following costs would be included in value-chain product costs?

Which of the following costs would be included as part of factory overhead?

Which of the following is a cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control of activities?

With regards to products, perishability can be defined as

Product costs are converted from cost to expense when

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

In a company that supplies garlic bread to pizza restaurants, which of the following would NOT be considered an input?

_______________ represents the resources given up that are expected to bring a current or future benefit to the organization.

Period costs do NOT include

Assume the following information: What was the cost of goods manufactured during the year?

Classify the following costs incurred by a step railing manufacturing company as direct materials, direct labor, factory overhead, or period costs:

Which is NOT a benefit of an activity-based cost management system?

Which of the following costs would NOT be included in operating product costs?

_______________ focuses on the management of activities with the objective of improving the value received by the customer and the profit received by providing this value.

The cost of units completed during a period is called

A(n) _______________ is a computerized information system that strives to input data once and to make it available to people across the company for different purposes.

Which of the following is an example of a possible cost object?

Which of the following items is NEVER relevant to the cost flows of a service organization?

Define activity-based management.In your answer, present the activity-based management model in good form.

Figure 2-12 Information from the records of the Scully Company for July 2011 was as follows: Scully Corporation produced 20,000 units. - Refer to Figure 2-12.What are the total variable costs per unit?

Which of the following is NOT an objective of the operational control system?

Which of the following costs would be included in value-chain product costs?

Which of the following costs would be included as part of factory overhead?

Which of the following is a cost management subsystem designed to provide accurate and timely feedback concerning the performance of managers and others relative to their planning and control of activities?

With regards to products, perishability can be defined as

Product costs are converted from cost to expense when

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