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Question 1 of 20Which of the following is an approach to sensitivity analysis?
A. contribution
B. distribution
C. margin
D. profitQuestion 2 of 20ABC Restaurant’s revenue budget reflects the following information for February:
Food sales
$260,000Beverage and liquor sales
$140,000Total sales
$300,000
ABC expects revenue to increase by 5% during both March and April. What is the budgeted amount of beverage and liquor sales revenue for March?
A. $145,000
B. $154,350
C. $147,000
D. $150,000Question 3 of 20The entry for indirect materials (such as glue, etc.. requisitioned for use in production is __________.
A.
Raw Materials Inventory
Work-in-Process Inventory
B.
Work-in-Process Inventory
Accounts Payable
C.
Work-in-Process Inventory
Raw Materials Inventory
D. None of the aboveQuestion 4 of 20If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?
A. debit Work-in-Process Inventory $80,000; credit Payroll $80,000
B. debit Overhead-Applied $60,000; credit Work-in-Process Inventory $60,000
C. debit Work-in-Process Inventory $60,000; credit Overhead-Applied $60,000
D. debit Work-in-Process Inventory $80,000; credit Overhead-Applied $80,000Question 5 of 20An element of sensitivity analysis includes __________.
A. unidimensional changes
B. a sole focus on profit
C. simultaneous changes
D. a financial accounting approachQuestion 6 of 20Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet?
A. statement of cost of goods manufactured
B. balance sheet
C. income statement
D. statement of cost of goods soldQuestion 7 of 20If direct labor for the month is $40,000, overhead is applied based on direct labor, annual overhead is $600,000, and annual direct labor is $1,000,000, what is the entry to charge direct labor to production?
A. debit Work-in-Process Inventory $40,000; credit Payroll $40,000
B. debit Overhead-Applied $40,000; credit Work-in-Process Inventory $40,000
C. debit Work-in-Process Inventory $24,000; credit Overhead-Applied $24,000
D. debit Work-in-Process Inventory $66,000; credit Overhead-Applied $66,000Question 8 of 20What is the journal entry to record the direct labor summarized on the labor distribution report?
A. debit Finished Goods; credit Payroll
B. debit Work-in-Process; credit Payroll
C. debit Payroll; credit Direct Labor
D. debit Payroll; credit CashQuestion 9 of 20Raw material inventory appears on the __________.
A. balance sheet
B. income statement
C. cost of goods manufactured statement
D. both A and CQuestion 10 of 20During the week ending on November 30, total factory payroll incurred was $6,000. Of this total, 80% was for direct labor. The entry to record the payroll distribution would include __________.
A. debit Work-in-Process Inventory $4,800 and Overhead-Control $1,200
B. debit Work-in-Process Inventory $6,000
C. debit Work-in-Process Inventory $4,800 and Overhead-Applied $1,200
D. debit Work-in-Process Inventory $4,800 and Indirect Labor Expense $1,200Question 11 of 20Manufacturing overhead includes all manufacturing costs __________.
A. including raw materials
B. including overhead
C. excluding raw materials and direct labor
D. none of the aboveQuestion 12 of 20Candyland completed the manufacturing process. The entry to transfer the product to finished goods is __________.
A.
Raw Materials Inventory
Finished Goods Inventory
B.
Finished Goods Inventory
Cost of Goods Sold
C.
Finished Goods Inventory
Work-in-Process Inventory
D.
Finished Goods Inventory
Raw Materials InventoryQuestion 13 of 20Which of the following is part of a firm’s master budget?
A. pro forma budget
B. inventory purchases budget
C. operating budget
D. schedule of cash receipts budgeQuestion 14 of 20The entry to record rent expense $9,000, supervision expense $19,000, and depreciation expense $7,000 to overhead is __________.
A. debit Overhead-Applied $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
B. debit Overhead-Control $35,000; credit Rent Expense $9,000; credit Supervision $19,000; credit Depreciation Expense $7,000
C. debit Overhead-Applied $35,000; credit Overhead-Control $35,000
D. none of the aboveQuestion 15 of 20ABC Restaurant’s revenue budget reflects the following information for February:
Food sales:
$260,000
Beverage and liquor sales:
$140,000
Total sales:
$300,000
ABC expects revenue to increase by 8% during both March and April. What is the budgeted amount of total sales revenue for April?
A. $350,000
B. $345,580
C. $353,620
D. $349,920Question 16 of 20The budget that is developed first when preparing the master budget is the __________ budget.
A. cash receipts
B. inventory purchases
C. sales
D. administrative expense

Question 17 of 20Direct labor includes the wages of __________.
A. an hourly worker producing the product
B. the shop foreman
C. maintenance workers
D. administratorsQuestion 18 of 20The formula for cost of goods manufactured is __________.
A. raw materials plus direct labor minus overhead plus beginning work-in-process inventory plus ending work-in-process inventory
B. raw materials minus direct labor plus overhead plus beginning work-in-process inventory plus ending work-in-process inventory
C. beginning work-in-process plus total manufacturing cost minus ending work-in-process
D. raw materials plus direct labor less overhead plus beginning work-in-process inventory less ending work-in-process inventoryQuestion 19 of 20
The statement of cost of goods manufactured does not include __________.
A. direct labor costs
B. raw material costs
C. manufacturing overhead
D. all of the aboveQuestion 20 of 20Journal entries crediting Payroll and debiting Work-in-Process Inventory are made for __________.
A. administrative salaries
B. hourly manufacturing labor
C. foremen’s salaries
D. raw materials