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Teaching Since:	May 2017
Last Sign in:	402 Weeks Ago, 2 Days Ago
Questions Answered:	66690
Tutorials Posted:	66688

Education

MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

Experience

Professor
Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 13 Jul 2017 My Price 15.00

objective financial information

provides objective financial information
		must adhere to GAAP
		has no mandatory rules
		none of the other statements are true

4 points

Question 2

Activity-based costingAnswer

is a traditional costing method

encourages process value analysis

always results in a lower cost assigned to goods or services

all of these

4 points

Question 3

The controller of an organization participates inAnswer

planning

controlling

decision making

all of these

4 points

Question 4

The objective of profit maximizationAnswer

		should be the only goal of an organization
		is an objective of Financial accounting but not Management accounting
		should be achieved through legal and ethical means
		should outweigh the goal of product quality

4 points

Question 5

Which of the following areas is notemphasized on the CMA examination?Answer

external auditing and business law

economics, finance, and management

decision analysis and information systems

financial accounting and reporting

4 points

Question 6

An indirect costAnswer

can be easily and accurately traced to a cost object.

is hard to trace.

should never be assigned to a cost object.

do none of these.

4 points

Question 7

Which of the following is an example of an intangible product?Answer

hamburgers

computers

automobiles

dental care

4 points

Question 8

Which of the following is an example of direct labor?Answer

chef in a restaurant

janitor in a production plant

security guard for the factory

management accountant

4 points

Question 9

Overhead includesAnswer

indirect labor.

indirect materials.

supplies.

all of these.

4 points

Question 10

The unit costAnswer

		is the total product costs divided by the number of units produced
		includes period costs
		is the total prime costs divided by the number of units produced
		is the total conversion costs divided by the number of units produced

4 points

Question 11

Prime cost isAnswer

indirect materials cost and indirect labor cost

direct materials cost and direct labor cost

direct labor cost and overhead cost

selling cost and administrative cost

4 points

Question 12

Conversion cost is the sum ofAnswer

direct materials cost and direct labor cost

indirect labor cost and overhead cost

product costs and period costs

direct labor cost and overhead cost

4 points

Question 13

Which of the following is an example of a period cost?Answer

research and development

selling and marketing

general accounting

all of these

4 points

Question 14

The cost of the partially completed goods at the end of the period would beAnswer

beginning work in process inventory

cost of goods manufactured

ending work in process inventory

ending finished goods inventory

4 points

Question 15

Which of the following would be found on the Balance Sheet of a manufacturer?Answer

cost of goods sold

cost of goods manufactured

factory building

all of the these

4 points

Question 16

Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

Refer to Figure 2-1: The per-unit conversion cost was:Answer

$218.75

$156.25

$162.50

$100.00

4 points

Question 17

Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

Refer to Figure 2-1: The total product costs for last month were:Answer

$1,750,000

$2,110,000

$1,300,000

$1,250,000

4 points

Question 18

Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

Refer to Figure 2-1: The total per unit prime cost was:Answer

$263.75

$62.50

$162.50

$156.25

4 points

Question 19

Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

Refer to Figure 2-1: What was the amount of cost of goods manufactured last month?Answer

$1,750,000

$1,250,000

$1,300,000

$2,110,000

4 points

Question 20

During the month of June, Telecom Inc. had cost of goods manufactured of $112,000, direct materials cost of $52,000, direct labor cost of $37,000 and overhead cost of $26,000. The Work in Process balance at June 30 equaled $10,000. What was the Work in Process balance on June 1?Answer

$7,000

$13,000

$10,000

$115,000

4 points

Question 21

Lakeland, Inc. manufactured 5,000 units during the month of March. They incurred direct materials cost of $100,000 and overhead cost of $40,000. If their per-unit prime cost was $26.00 per unit how much direct labor cost did they incur during March?Answer

$20,000

$35,000

$90,000

$30,000

4 points

Question 22

Figure 2-3.
Bartlow, Inc. had the following Income Statement for the month of May.

Sales Revenue $428,000

Cost of Goods Sold 205,440

Gross Margin 222,560

Less:

Selling Expenses 81,320

Administrative Expenses 72,760

Operating Income $ 68,480

Refer to Figure 2-3: What was the sales revenue percent?Answer

100%

48%

52%

16%

4 points

Question 23

Figure 2-3.
Bartlow, Inc. had the following Income Statement for the month of May.

Sales Revenue $428,000

Cost of Goods Sold 205,440

Gross Margin 222,560

Less:

Selling Expenses 81,320

Administrative Expenses 72,760

Operating Income $ 68,480

Refer to Figure 2-3: What was the cost of goods sold percent?Answer

100%

19%

52%

48%

4 points

Question 24

Figure 2-4.
Junko Company makes typewriters. During the year Junko manufactured 97,000 typewriters. Finished Goods Inventory had the following units on hand:

January 1 1,260

December 31 1,040

Refer to Figure 2-4: How many typewriters did Junko sell during the year?Answer

96,780

97,220

97,000

98,260

4 points

Question 25

Figure 2-5.
In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:

July 1 July 31

Materials $6,200 $7,100

Work in Process $ 700 $1,200

Finished Goods $3,300 $2,700

Refer to Figure 2-5: What was the cost of direct materials used in July?Answer

$21,000

$20,100

$21,900

$20,500

4 points

Save and Submit

Links to Test Questions and Answers Read question 1 Read answers for question 1 Read question 2 Read answers for question 2 Read question 3 Read answers for question 3 Read question 4 Read answers for question 4 Read question 5 Read answers for question 5 Read question 6 Read answers for question 6 Read question 7 Read answers for question 7 Read question 8 Read answers for question 8 Read question 9 Read answers for question 9 Read question 10 Read answers for question 10 Read question 11 Read answers for question 11 Read question 12 Read answers for question 12 Read question 13 Read answers for question 13 Read question 14 Read answers for question 14 Read question 15 Read answers for question 15 Read question 16 Read answers for question 16 Read question 17 Read answers for question 17 Read question 18 Read answers for question 18 Read question 19 Read answers for question 19 Read question 20 Read answers for question 20 Read question 21 Read answers for question 21 Read question 22 Read answers for question 22 Read question 23 Read answers for question 23 Read question 24 Read answers for question 24 Read question 25 Read answers for question 25Top of Form

		provides objective financial information
		must adhere to GAAP
		has no mandatory rules
		none of the other statements are true

4 points

Question 2

Activity-based costing

Answer

		is a traditional costing method
		encourages process value analysis
		always results in a lower cost assigned to goods or services
		all of these

4 points

Question 3

The controller of an organization participates in

Answer

		planning
		controlling
		decision making
		all of these

4 points

Question 4

The objective of profit maximization

Answer

		should be the only goal of an organization
		is an objective of Financial accounting but not Management accounting
		should be achieved through legal and ethical means
		should outweigh the goal of product quality

4 points

Question 5

Which of the following areas is not emphasized on the CMA examination?

Answer

		external auditing and business law
		economics, finance, and management
		decision analysis and information systems
		financial accounting and reporting

4 points

Question 6

An indirect cost

Answer

		can be easily and accurately traced to a cost object.
		is hard to trace.
		should never be assigned to a cost object.
		do none of these.

4 points

Question 7

Which of the following is an example of an intangible product?

Answer

		hamburgers
		computers
		automobiles
		dental care

4 points

Question 8

Which of the following is an example of direct labor?

Answer

		chef in a restaurant
		janitor in a production plant
		security guard for the factory
		management accountant

4 points

Question 9

Overhead includes

Answer

		indirect labor.
		indirect materials.
		supplies.
		all of these.

4 points

Question 10

The unit cost

Answer

		is the total product costs divided by the number of units produced
		includes period costs
		is the total prime costs divided by the number of units produced
		is the total conversion costs divided by the number of units produced

4 points

Question 11

Prime cost is

Answer

		indirect materials cost and indirect labor cost
		direct materials cost and direct labor cost
		direct labor cost and overhead cost
		selling cost and administrative cost

4 points

Question 12

Conversion cost is the sum of

Answer

		direct materials cost and direct labor cost
		indirect labor cost and overhead cost
		product costs and period costs
		direct labor cost and overhead cost

4 points

Question 13

Which of the following is an example of a period cost?

Answer

		research and development
		selling and marketing
		general accounting
		all of these

4 points

Question 14

The cost of the partially completed goods at the end of the period would be

Answer

		beginning work in process inventory
		cost of goods manufactured
		ending work in process inventory
		ending finished goods inventory

4 points

Question 15

Which of the following would be found on the Balance Sheet of a manufacturer?

Answer

		cost of goods sold
		cost of goods manufactured
		factory building
		all of the these

4 points

Question 16

Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

Refer to Figure 2-1: The per-unit conversion cost was:

Answer

		$218.75
		$156.25
		$162.50
		$100.00

4 points

Question 17

Refer to Figure 2-1: The total product costs for last month were:

Answer

		$1,750,000
		$2,110,000
		$1,300,000
		$1,250,000

4 points

Question 18

Refer to Figure 2-1: The total per unit prime cost was:

Answer

		$263.75
		$62.50
		$162.50
		$156.25

4 points

Question 19

Refer to Figure 2-1: What was the amount of cost of goods manufactured last month?

Answer

		$1,750,000
		$1,250,000
		$1,300,000
		$2,110,000

4 points

Question 20

During the month of June, Telecom Inc. had cost of goods manufactured of $112,000, direct materials cost of $52,000, direct labor cost of $37,000 and overhead cost of $26,000. The Work in Process balance at June 30 equaled $10,000. What was the Work in Process balance on June 1?

Answer

		$7,000
		$13,000
		$10,000
		$115,000

4 points

Question 21

Lakeland, Inc. manufactured 5,000 units during the month of March. They incurred direct materials cost of $100,000 and overhead cost of $40,000. If their per-unit prime cost was $26.00 per unit how much direct labor cost did they incur during March?

Answer

		$20,000
		$35,000
		$90,000
		$30,000

4 points

Question 22

Figure 2-3.
Bartlow, Inc. had the following Income Statement for the month of May.

Sales Revenue	$428,000
Cost of Goods Sold	205,440
Gross Margin	222,560
Less:
Selling Expenses	81,320
Administrative Expenses	72,760
Operating Income	$ 68,480

Refer to Figure 2-3: What was the sales revenue percent?

Answer

		100%
		48%
		52%
		16%

4 points

Question 23

Figure 2-3.
Bartlow, Inc. had the following Income Statement for the month of May.

Sales Revenue	$428,000
Cost of Goods Sold	205,440
Gross Margin	222,560
Less:
Selling Expenses	81,320
Administrative Expenses	72,760
Operating Income	$ 68,480

Refer to Figure 2-3: What was the cost of goods sold percent?

Answer

		100%
		19%
		52%
		48%

4 points

Question 24

Figure 2-4.
Junko Company makes typewriters. During the year Junko manufactured 97,000 typewriters. Finished Goods Inventory had the following units on hand:

January 1	1,260
December 31	1,040

Refer to Figure 2-4: How many typewriters did Junko sell during the year?

Answer

		96,780
		97,220
		97,000
		98,260

4 points

Question 25

Figure 2-5.
In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:

	July 1	July 31

Materials	$6,200	$7,100
Work in Process	$ 700	$1,200
Finished Goods	$3,300	$2,700

Refer to Figure 2-5: What was the cost of direct materials used in July?

Answer

		$21,000
		$20,100
		$21,900
		$20,500

4 points

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