ACC 350 Week 10 Quiz 8

1) Which of the following costs is inventoried when using variable costing?
2) Which of the following costs is inventoried when using absorption costing?
3) ________ is a method of inventory costing in which all variable manufacturing costs (direct and indirect) are included as inventoriable costs and all fixed manufacturing costs are excluded.
4) ________ is a method of inventory costing in which all variable manufacturing costs and all fixed manufacturing costs are included as inventoriable costs.
5) Which of the following is true of absorption costing?
6) Which of the following is true of variable costing?
7) In ________, fixed manufacturing costs are included as inventoriable costs.
8) ________ method includes fixed manufacturing overhead costs as inventoriable costs.
9) Which of the following costs will be treated as period costs under absorption costing?
10) Under absorption costing, fixed manufacturing costs ________.
11) ________ is a method of inventory costing in which only variable manufacturing costs are included as inventoriable costs.
12) Variable costing regards fixed manufacturing overhead as a(n) ________.
13) The only difference between variable and absorption costing is the expensing of ________.
14) What is the inventoriable cost per unit using variable costing?
15) What is the inventoriable cost per unit using absorption costing?
16) What is the inventoriable cost per unit using variable costing?
17) What is the inventoriable cost per unit using absorption costing?
18) Which of the following inventory costing methods shown below is required by GAAP (Generally Accepted Accounting Principles) for external financial reporting?
19) The two most common methods of costing inventories in manufacturing companies are variable costing and absorption costing.
20) The unit cost of a product is always higher in variable costing than in absorption costing.
21) Under variable costing, lease charges paid on the factory building is an inventoriable cost.
22) Under both variable and absorption costing, research and development costs are period costs.
23) The main difference between variable costing and absorption costing is the way in which fixed manufacturing costs are accounted for.
24) Job costing system is an example of absorption costing.