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10 points QUESTION
1
Managerial
accounting applies to each of the following types of businesses except
service firms.
merchandising
firms.
manufacturing
firms.
managerial
accounting applies to all types of firms.
10 points QUESTION
2
Managerial
accounting does not encompass
calculating product
cost.
calculating
earnings per share.
determining cost
behavior.
profit planning.
10 points QUESTION
3
What activities and
responsibilities are not associated with management’s functions?
Planning
Accountability
Controlling
Directing
10 points QUESTION
4
A materials
requisition slip showed that direct materials requested were $66,000 and
indirect materials requested were $9,000. The entry to record the transfer of
materials from the storeroom is
Work In Process
Inventory 66,000 Raw Materials Inventory 66,000
Direct Materials
66,000 Indirect Materials 9,000 Work in Process Inventory 75,000
Manufacturing
Overhead 75,000 Raw Materials Inventory 75,000
Work In Process
Inventory 66,000 Manufacturing Overhead 9,000 Raw Materials Inventory 75,000
10 points QUESTION
5
Which one of the
following is a source document that impacts the job cost sheet?
Raw materials
receiving slips.
Materials purchase
orders.
Labor time tickets.
Finished goods
shipping documents.
10 points QUESTION
6
Equivalent units
are calculated by
multiplying the
percentage of work done by the equivalent units of output.
dividing physical
units by the percentage of work done.
multiplying the
percentage of work done by the physical units.
dividing equivalent
units by the percentage of work done.
10 points QUESTION
7
In a process cost
system, product costs are summarized:
on job cost sheets.
on production cost
reports.
after each unit is
produced.
when the products
are sold.
10 points QUESTION
8
In traditional
costing systems, overhead is generally applied based on
direct labor.
machine hours.
direct material
dollars.
units of
production.
10 points QUESTION
9
Fixed costs
normally will not include
property taxes.
direct labor.
supervisory
salaries.
depreciation on
buildings and equipment.
10 points QUESTION
10
Companies recognize
fixed manufacturing overhead costs as period costs (expenses) when incurred
when using
full costing.
absorption costing.
product costing.
variable costing.
