1.) In compare management accountancy with jae won accounting, i m sorry of the complying with statements is true?

Answer

a.

You are watching: The type of product costing system used by a company is dictated by the

Both depend on the double-entry mechanism of accounting.

b.

Both need adherence to GAAP.

c.

Financial audit reports are an ext objective, conversely, management accountancy reports are much more subjective.

d.

Both usage historical prices as their main unit the measurement.

2.) The unit of measurement provided in management bookkeeping is

price

a.

usually present replacement cost.

b.

primarily the historical dollar.

c.

any measurement unit that is beneficial in a specific situation.

d.

the measure unit supplied by contending companies.

3.) The management procedure includes all of the adhering to stages except

price

a.

plan.

b.

communicate.

c.

record.

d.

evaluate.

4.) Planning requires which of the following?

Answer

a.

Identifying operating tasks that minimization waste

b.

Comparing actual performance to intended performance

c.

Issuing regular reports

d.

Formulating long-term strategies

5.) which of the adhering to is not part of the "perform" stage in the management process?

Answer

a.

Identifying operating activities that minimization waste

b.

Hiring and training personnel

c.

Matching human being resources come the job to it is in performed

d.

Controlling operations

6.) primary processes

Answer

a.

limit bottlenecks throughout production.

b.

add value to a product or service.

c.

apply just to a just-in-time environment.

d.

include information systems and also human resources.

7.) The just-in-time ideology emphasizes

Answer

a.

eliminating waste.

b.

completing assets on schedule.

c.

increasing production.

d.

finishing all products prior to starting brand-new ones.

8.) Jillian Harmon supervises 5 cashiers in ~ Jack's Market. In the past, each cashier served an average of 25 customers per hour. Two months ago, monitoring remodeled the store and installed a brand-new cash register system. Client no longer need to take your groceries the end of the basket. Critical month the number of customers served was 5,185 and each cashier operated an average of 170 hrs for the month. Based upon this information, the company rate has

Answer

a.

decreased 21 percent.

b.

decreased 20 percent.

c.

increased 22 percent.

d.

increased 19 percent.

 

9.) Integrity requirements of monitoring accountants include

Answer

a.

refraining from agree hospitality gifts from coworkers.

b.

avoiding really or obvious conflicts of interest.

c.

refraining from tasks that the agency does not actively endorse.

d.

avoiding only those conflicts of interest that occur between coworkers.

 

10.) The objectivity criter of administration accountants state that management accountants must interact information fairly and objectively. This means essentially that accountants must perform each task

Answer

a.

to administer relevant information, both positive and negative, come the recipients of your reports.

b.

to the satisfaction of government regulators.

c.

as professionals, own the level of ability of those administration accountants who held the position prior to them.

d.

in conformity with normally accepted bookkeeping principles.

 

11.) one more term for product cost is

Answer

a.

direct cost.

b.

inventoriable cost.

c.

period cost.

d.

value-adding cost.

12.) Prime costs consist of

Answer

a.

direct labor and also overhead.

b.

direct materials and also direct labor.

c.

direct labor and also indirect labor.

d.

direct materials and also overhead.

13.) expenses such as salary of supervisors and also other assistance personnel, which space accounted for as overhead costs, space called

Answer

a.

sales assistance.

b.

direct labor.

c.

indirect labor.

d.

variable labor.

14.) every manufacturing prices incurred and also assigned to commodities that room being developed are classified as

Answer

a.

allocated costs.

b.

variable costs.

c.

product costs.

d.

overhead costs.

15.) Recorded prices for the DC5 Division, which made 6,000 systems of Product DC5 throughout the month, are as follows:

Direct materials

$458,000

Direct labor

400,000

Indirect production costs

80,000

Supervisory services

    40,000

Total

$978,000

The per-unit price of production Product DC5 this month is

Answer

a.

$152.

b.

$170.

c.

$163.

d.

$150.

16.) i beg your pardon of the adhering to represents normal cost measurement?

Answer

a.

Actual direct Materials + Actual straight Labor + approximated Overhead

b.

Actual direct Materials + Actual straight Labor + really Overhead

c.

Estimated straight Materials + Estimated straight Labor + really Overhead

d.

Actual straight Materials + Estimated straight Labor + approximated Overhead

17.) which of the following records initiates the purchase of materials?

Answer

a.

Purchase order

b.

Receiving report

c.

Job order expense sheet

d.

Purchase requisition

18.) Overhead costs are not

Answer

a.

charged straight to the Finished products Inventory account.

b.

allocated to the work-related in process Inventory account.

c.

assigned to details products.

d.

considered product costs.

19.) In a production environment, prices of materials initially flow

Answer

a.

into the occupational in procedure Inventory account.

b.

directly to price of products Sold.

c.

into the Finished goods Inventory account.

d.

into the materials Inventory account.

20.) In which one of the adhering to accounts would all three product costs not it is in found?

Answer

a.

Cost of products Sold

b.

Finished products Inventory

c.

Work in process Inventory

d.

Materials Inventory

21.) come reconcile full manufacturing costs with the complete cost of products manufactured during the period,

Answer

a.

add beginning and subtract finishing finished goods inventory to complete manufacturing costs.

b.

you must know how many goods were sold throughout the period.

c.

add beginning and also subtract finishing work in process inventory to total manufacturing costs.

d.

subtract out all period costs from total manufacturing expenses to arrive at price of products manufactured.

22.) The presentation of merchandise inventory and also cost of products sold in the gaue won statements of merchandising suppliers most almost resembles the presentation of __________ inventory and also cost of items sold in the jae won statements of production companies.

Answer

a.

materials

b.

finished goods

c.

work in process

d.

manufacturing supplies

23.) The start finished goods inventory for Boston Co. To be $401,050. Products completed during the year to be costed at $783,700. The ending finished goods inventory was dangerously low, having actually been decreased to $127,700. The cost of products sold because that the year for Boston Co. Was

Answer

a.

$656,000.

b.

$1,057,050.

c.

$928,600.

d.

$800,150.

24.) i m sorry of the complying with represents the overhead applied to a product?

Answer

a.

Predetermined Overhead Rate´Estimated expense Driver Level

b.

Actual Overhead Rate´Actual price Driver Level

c.

Actual Overhead Rate´Estimated expense Driver Level

d.

Predetermined Overhead Rate´Actual price Driver Level

25.) If the estimated cost driver level is overstated, the

Answer

a.

predetermined overhead price will be overstated.

b.

product cost will be overstated.

c.

predetermined overhead rate will be understated.

d.

cost pool will certainly be understated.

26.) i m sorry of the following results in a predetermined overhead rate?

Answer

a.

Estimated overhead separated by approximated units produced

b.

Estimated overhead divided by actual straight labor hours

c.

Actual units created divided by approximated overhead

d.

Estimated direct labor dollars split by estimated overhead

27.) If overhead is used on the communication of straight labor hours, and actual hours operated are much less than budgeted, i m sorry of the following is true, assuming approximated overhead is correct?

Answer

a.

Overhead is most likely overapplied.

b.

Overhead is most likely underapplied.

c.

Applied overhead and also actual overhead room equal.

d.

None of these is true.

28.) The adhering to information was taken native the price records that the Krameer Company:

Estimated overhead

$180,000

Actual overhead

$178,000

Estimated straight labor hours

24,000

Actual straight labor hours

25,000

If overhead is used based on direct labor hours, the company's overapplied or underapplied overhead was

Answer

a.

$2,000 underapplied.

b.

$2,000 overapplied.

c.

$9,500 overapplied.

d.

$9,500 underapplied.

29.) Sleney agency applies overhead on the communication of direct labor dollars, utilizing a price of $1.65 per job dollar. Exactly how much overhead would be applied to commodities in January if $18,600 the labor costs were incurred and 2,200 labor hours were worked?

Answer

a.

$40,920

b.

$30,690

c.

$18,600

d.

$3,630

30.) The number of vendors, products, and also engineering readjust orders are examples of

Answer

a.

potential price drivers.

b.

beneficial relationships.

c.

inputs to handling time.

d.

unavoidable overhead costs.

31.) The form of product costing mechanism used by a firm is dictated by the

Answer

a.

plant supervisor.

b.

production process.

c.

company president.

d.

project manager.

32.) i m sorry of the complying with is no an target of product costing systems?

Answer

a.

To help in the preparation of the earnings statement

b.

To determine the optimal quantity of products to manufacture

c.

To carry out information because that product pricing

d.

To carry out information for expense planning

33.) i m sorry of the following is not a properties of a job order costing system?

Answer

a.

Measures expenses for a set time period

b.

Assigns costs to details batches that products

c.

Uses just one occupational in procedure Inventory account

d.

Uses job cost cards to store track the each task in process

34.) i beg your pardon of the following assets probably would be manufactured using a project order costing system?

Answer

a.

Paper

b.

Company service cards

c.

Computer monitors

d.

Baseball

35.) i m sorry of the following accurately defines a difference between job stimulate and procedure costing systems?

Answer

a.

Since prices are assigned to commodities in a project order costing system, selling costs are treated together product costs in the job order costing system, vice versa, they are treated as duration costs in procedure costing systems.

b.

In task order costing systems, prices are traced come products, whereas in procedure costing systems, prices are traced to processes, departments and also work cells.

c.

Job stimulate costing systems carry out not need to assign prices to production, whereas process costing equipment do.

d.

In task order costing systems, overhead prices are treated together product costs, whereas in process costing systems, overhead costs are cure as period costs.

36.) as soon as the quantity of overhead used differs from actual, the dollar amount that is commonly written turn off to

Answer

a.

Finished products Inventory.

b.

Miscellaneous Expense.

c.

Work in procedure Inventory.

d.

Cost of goods Sold.

37.) If the used overhead is more than actual overhead, i m sorry of the following is component of the entry?

Answer

a.

A credit transaction to the Overhead account

b.

A debit to the price of products Sold account

c.

A debit to the Overhead account

d.

A debit come the work in process Inventory account

38.) applied overhead exceeds actual overhead once the

Answer

a.

Overhead account has actually a credit balance.

b.

journal entry come account because that the difference involves a debit to cost of items Sold.

c.

Overhead account has actually a debit balance.

d.

company has actually overspent in the overhead price area.

39.) If over there is a credit transaction balance in the manufacturing facility Payroll Payable in ~ the finish of the accounting period, that represents

Answer

a.

labor costs which have actually not yet been distributed.

b.

an amount that have to be fee to expense of products Sold.

c.

the amount by which used payroll was greater than actual payroll.

d.

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the amount by which actual payroll was better than used payroll.

40.) The total of the dollar quantities on the task order expense cards that have not to be completed would certainly be same to the