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ACCT 2013 - Concept 6
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Questions in this quiz (6)
1Cost accounting information can be used for
- ABudget control and evaluation.
- BDetermining standard costs and variances.
- CPricing and inventory valuation decisions.
- DAll of these.
2Which of the following functions is managerial accounting intended to facilitate?
- APlanning
- BDecision making
- CControl
- DAll of these
3Which of the following statements about differences between financial and managerial accounting is incorrect?
- AManagerial accounting information is prepared primarily for external parties such as stockholders and creditors; financial accounting is directed at internal users.
- BFinancial accounting is aggregated; managerial accounting is focused on products and departments.
- CManagerial accounting pertains to both past and future items; financial accounting focuses primarily on past transactions and events.
- DFinancial accounting is based on generally accepted accounting practices; managerial accounting faces no similar constraining factors.
4Factory overhead includes all manufacturing costs except direct material and direct labor. Which of the following items would not be considered to be a factory overhead cost?
- ARepainting the corporate office building.
- BRepair and maintenance expenditures on factory machinery
- Cindirect labor.
- DSmall expenditures pertaining to items like rags, screws, adhesives, etc., used in the production process.
5Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs?
- ADirect materials, direct labor, and factory overhead.
- BDirect materials and direct labor only.
- CDirect materials, direct labor, factory overhead, and administrative overhead.
- DDirect labor and factory overhead
6On a schedule of cost of goods manufactured:
- ACost of goods manufactured and total manufacturing costs are always the same.
- BCost of goods manufactured is calculated by adding the beginning work in process inventory to total manufacturing costs and subtracting the ending work in process inventory balance.
- CBeginning raw materials inventory plus direct labor plus factory overhead yields total manufacturing costs.
- DAll of these are correct.
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- ACCT 2013 Quiz on ACCT 2013 - Concept 6, created by Adam Peterson on 19/01/2018.
- Author
- Adam Peterson
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- English
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