1) GAAP was created by the Sarbanes-Oxley Act in 2002.
True or false
2) A cost object is not any activity or item for which a separate cost measurement
is desired.
True or false
3) The formula to calculate Predetermined Overhead Rate is to
divide 'Actual' Manufacturing Overhead by the Projected Number of Units.
True or false
4) Bad Apple, Inc., uses direct labor hours to allocate overhead costs. If Bad
Apple estimates $40,000 of overhead and 50,000 hours of direct labor this
period, the overhead applied when 4,500 direct labor hours are used should be:
a $3,520
.
b $3,600
.
c. $4,400
d $5,500
.
5) If you 'overapplied' manufacturing overhead the entry to correct it will increase
your expenses and decrease your Gross Margin
True or false
6) Some item or type of activity that is used to proportionately distribute
manufacturing overhead cost to the product being produced is known as:
a. a cost object
b. a cost pool
c. an allocation base
d. manufacturing overhead 7) When product costs reflect the actual direct material costs, actual direct labor
costs, and actual overhead costs, the cost system being used is a(n): a. direct cost system
b. normal costing system
c. actual cost system
d. common cost system 8) When product costs reflect the actual direct material costs, actual direct labor
costs, and estimated overhead costs, the cost system being used is a(n):
a. actual cost system
b. normal cost system
c. actual-estimated cost system
d. direct-common cost system 9) A cost that is easily traced to an individual cost object is called a(n):
a common cost
.
b period cost
.
c. direct cost
d indirect cost
.
10) A debit will increase which one of the following accounts?
a. Sales
b. Accounts Payable
c. Work-in-Process Inventory
d. Wages Payable 11) IFRS stands for Individual Financial Reporting Standards.
True or false 12) Goods purchased but which have not yet entered into the production process
are known as:
a merchandise inventory
.
b raw materials inventory
.
c. work-in-process inventory
d finished goods inventory
. 13) IFRS reports directly to the FASB.
True or false
14) Assume that the equivalent units of production this month for Alabama Red's
Hot Sauces are 8,350. If the costs in beginning inventory were $450.00 and
current manufacturing costs were $5,311.50, then the cost assigned to the 8,000
units completed would be:
a. None of these answers is correct
b. $5,761.50
c. $5,120.00
d. $5,520.00 15) Minnow Manufacturing uses direct labor hours to allocate manufacturing
overhead. Based on overhead cost of $40,000 and 10,000 hours of labor, the
overhead cost allocated for each hour of labor would be:
a. $0.25
b. $1.00
c. $4.00
d. $5.00 16) Cost are the resources forfeited used to receive some goods or services.
True or false 17) The correct journal entry to record the transfer of $120,000 of raw materials
into production is:
a. Direct Materials Expense
120,000
Work-In-Process Inventory
120,000
b. Work-In-Process Inventory
120,000
Accounts Payable
120,000
c. Work-In-Process Inventory
120,000
Raw Materials Inventory
120,000
d. Accounts Payable
120,000
Direct Materials Expense
120,000 18) A cost object is identified to:
a determine the cost of that particular object
.
b determine the range of costs for that corporation
.
c. determine if a product line should be improved due to technological change
d none of the answers is correct
.
19) Period costs are all costs incurred by a company that are not considered
product cost, which would include selling and administrative costs.
True or false
20) A cost that is common to more than one cost objective is a(n):
a indirect cost
.
b product cost
.
c. direct cost
d period cost
.
21) Job Order costing is a costing method that accumulates costs by a multiple
units or production or batch of units.
True or False 22) The process of assigning manufacturing costs to manufactured products is
called:
a. allocation accounting
b. management accounting
c. financial accounting
d. cost accounting 23) CPA stands for Certified Private Accountant.
True or false
24) Cost accounting has as a primary responsibility the filing of financial reports
to the SEC.
True or false
25) Any activity or item for which a separate cost measurement is desired by
management is called a(n):
a cost object
.
b direct cost
.
c. indirect cost
d common cost
.
26) Which of the following accounts would be decreased by a credit entry?
a. Sales
b. Accounts Payable
c. Notes Payable
d. Finished Goods Inventory 27) A firm completed 5,000 units of X this period and is still working on 800 at the
end of the period. If the units remaining are 30% complete, the equivalent units
of production this period is:
a. 5,240 b. 5,000
c. 800
d. 5,800
28) Management accounting is the branch of accounting designed to provide
information to the firm's internal economic decision makers.
True or False
29)The general formula to allocate cost is:
a. estimated overhead cost divided by cost pool
b. cost pool divided by estimated overhead pool
c. cost to be allocated divided by total occurrences of the allocation base
d. cost base divided by estimated overhead pool 30) The narrow application of management accounting that deals with costing
products is known as:
a. cost allocation distribution
b. cost accounting
c. allocation accounting
d. financial accounting 31) The Sexton Company allocates manufacturing overhead to production based
on direct labor hours. The following information is available:
Estimated manufacturing overhead
$227,520
Actual manufacturing overhead
$225,760
Estimated direct labor hours
18,000
Actual direct labor hours
17,000 The company's overhead application rate should be:
a. $12.64
b. $13.28
c. $12.95
d. None of these answers is correct 32) A product held for sale by a retailer is known as a(n):
a common cost
.
b indirect cost
.
c. liability
d asset
. 33) The correct journal entry to record the purchase of $320,000 of raw materials
on account is:
a Direct Materials Expense
320,000
.
Accounts Payable
320,000
b Raw Materials Inventory
320,000
.
Accounts Payable
320,000
c. Accounts Payable
320,000
Raw Materials Inventory
320,000
d Accounts Payable
320,000
.
Direct Materials Expense
320,000
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