ACC 212 - test 1 - 40mcq

Refer to Exhibit 16-1. Given the information above, the entry to record the purchase of the $4,000 of lumber would include a:

Refer to Exhibit 16-1. Given the information above, the entry to record the direct labor costs of $8,000 includes a:

Refer to Exhibit 16-1. Given the information above, the entry to record the depreciation on construction equipment would include a:

Refer to Exhibit 16-1. Given the information above, the entry to record the sale of the house would include a:

Refer to Exhibit 16-2. Given the information above, if manufacturing overhead is applied at the rate of $4.50 per direct labor hour, overhead for August is:

Refer to Exhibit 17-4. The cost of sewing per tent is:

Refer to Exhibit 17-4. The cost of assembling per tent is:

Refer to Exhibit 17-4. The total manufacturing cost per tent is:

Refer to Exhibit 17-5. What is Dakota Company's gross margin for Product 1 using activity based costing?

Refer to Exhibit 17-5. What is Dakota Company's gross margin for Product 2 using activity based costing?

Management accounting is established by:

Which of the following is a fundamental characteristic of management accounting as compared to financial accounting?

Capital budgeting is:

Identifying problems and opportunities is a product of which process?

If a cost increases as the sales volume increases, the cost is a:

Assume that Lily Company has total fixed costs of $48,000 for the period. Each unit sells for $40. The variable cost per unit is $24. How many units must be sold to break even?

Which of the following is NOT true of period costs?

In a manufacturing company, indirect labor is usually classified as a(n):

The Zig-Zag Company manufactures zippers for many clothing manufacturers. Costs for the year were direct materials, $5,000; indirect materials, $1,600; direct labor, $12,000; and indirect labor, $4,000. Additional expenses for the year were factory utilities $3,500; depreciation of factory equipment, $1,300; advertising expense, $900; delivery expense on sales to customers, $1,700; and property taxes on factory buildings, $5,200. Which amount is the company's manufacturing overhead for the year?

Mackie Co. manufactures hunting clothing. The standard variable costs to produce one batch of the Big Mac vests are as follows: direct material average cost is $6 per yard; average yards per batch is 20; direct labor average rate per hour is $12; average hours per batch is 4; variable overhead average rate per hour is $8; average hours per batch is 4. The standard monthly fixed costs are as follows: manufacturing overhead is $3,200; selling and administrative costs are $1,900. Mackie Co. produces 100 batches per month. (Ten vests are produced in each batch.) What is the manufacturing cost per vest?

You want to go skiing for the day. However, you realize you are scheduled to work. If you call in sick and do not go to work, the wages you will not earn (assuming you are an hourly employee) are considered a(n):

The order of cost flow through the accounts in a manufacturing firm is:

Raw Materials Inventory is debited:

The actual costs of indirect materials are:

When materials are requisitioned from raw materials inventory, the journal entry includes:

Predetermined overhead rates are used because:

The Colonial Company produces porcelain collectibles. In August, the molding department had a beginning work-in-process inventory of $16,800. Costs added during August totaled $79,200 (direct materials $43,200; conversion costs $36,000). At the end of the month, the ending work-in-process inventory value was $14,400. Assuming that Colonial Company uses job order costing, the cost of goods completed and transferred to the next department (glazing) in August was:

Manufacturing overhead is difficult to connect to products for all but which of the following reasons?

The most accurate method of eliminating under- or overapplied manufacturing overhead is to:

Which of the following inventory balances is NOT needed when preparing a cost of goods manufactured schedule?

Waterbed Factory has the following information for 2012:


Based on this information, the cost of goods manufactured is:

The allocation of which of the following can cause the greatest errors when computing product costs?

ally activity-based costing would be significantly more accurate than traditional product costing in a:

If activity-based costing is used, assembly would be classified as a:

If activity-based costing is used, property taxes would be classified as a:

The result of cross-subsidization is that:

Which of the following types of costing systems identifies business activities that create overhead costs and then assigns overhead to products or divisions according to these activities?

Which of the following is the correct sequence of the five steps of implementing and using an activity-based costing system?

Which of the following costs is usually NOT directly attributable to specific products?

Which of the following activities would most likely NOT be considered a batch activity: