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Preguntas del test (44)
1Products, services, departments, and customers may be cost objects.
- AVerdadero
- BFalso
2Costs are accounted for in two basic stages: assignment followed by accumulation.
- AVerdadero
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3Actual costs and budgeted costs are two different terms referring to the same thing.
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4The same cost may be direct for one cost object and indirect for another cost object.
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5Assigning direct costs poses more problems than assigning indirect costs.
- AVerdadero
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6Improvements in information-gathering technologies are making it possible to trace more costs as direct.
- AVerdadero
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7Misallocated indirect costs may lead to promoting products that are not profitable.
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8The materiality of the cost is a factor in classifying the cost as a direct or indirect cost.
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9The cost of a customized machine only used in the production of a single product would be classified as a direct cost.
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10Some fixed costs may be classified as direct manufacturing costs.
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11Fixed costs have no cost driver in the short run, but may have a cost driver in the long run.
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12Costs that are difficult to change over the short run are always variable over the long run.
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13Knowing whether a cost is a period or a product cost helps to estimate total costs at a new level of activity.
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14A decision maker cannot adjust capacity over the short run.
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15Fixed costs vary with the level of production or sales volume.
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16Currently, most administrative personnel costs would be classified as fixed costs.
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17Fixed costs depend on the resources used, not the resources acquired.
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18When making decisions using fixed costs, the focus should be on total costs and not unit costs.
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19When 50,000 units are produced the fixed cost is $10 per unit. Therefore, when 100,000 units are produced fixed costs will remain at $10 per unit.
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20Service-sector companies provide services or intangible products to their customers.
- AVerdadero
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21Inventoriable costs are reported as an asset when incurred and expensed on the income statement when the product is sold.
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22Cost of goods sold refers to the products brought to completion, whether they were started before or during the current accounting period.
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23Operating income is sales revenue minus cost of goods manufactured.
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24All manufacturing costs are inventoriable costs.
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25All costs reported on the income statement of a service-sector company are period costs.
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26Period costs are never included as part of inventory.
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27Conversion costs include all direct manufacturing costs.
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28Inventory of a manufacturing firm includes goods partially worked on but not yet fully completed.
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29The classification of product and period costs is particularly valuable in management accounting.
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30The wages of a plant supervisor would be classified as a period cost.
- AVerdadero
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31For external reporting, GAAP requires that costs be classified as either variable or fixed.
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32Overtime premium consists of the wages paid to all workers (for both direct labor and indirect labor) in excess of their straight-time wage rates.
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33A product cost that is useful for one decision may not be useful information for another decision.
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34For external reporting purposes, indirect manufacturing costs must be allocated to individual units.
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35The role of the cost accountant is to tailor the cost calculation to fit the current decision situation.
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36Cost accounting and cost management include calculating various costs, obtaining financial and nonfinancial information, and analyzing relevant information for decision-making.
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37Cost objects include
- Aproducts.
- Bcustomers.
- Cdepartments.
- Dall of the above.
38Actual costs are
- Athe costs incurred.
- Bbudgeted costs.
- Cestimated costs.
- Dforecasted costs.
39The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is
- Acost accumulation.
- Bcost assignment.
- Ccost tracing.
- Dconversion costing.
40The collection of accounting data in some organized way is
- Acost accumulation.
- Bcost assignment.
- Ccost tracing.
- Dconversion costing.
41Cost tracing is
- Athe assignment of direct costs to the chosen cost object.
- Ba function of cost allocation.
- Cthe process of tracking both direct and indirect costs associated with a cost object.
- Dthe process of determining the actual cost of the cost object.
42Cost allocation is
- Athe process of tracking both direct and indirect costs associated with a cost object.
- Bthe process of determining the actual cost of the cost object.
- Cthe assignment of indirect costs to the chosen cost object.
- Da function of cost tracing.
43The determination of a cost as being either direct or indirect depends upon
- Athe accounting system.
- Bthe allocation system.
- Cthe cost tracing system.
- Dthe cost object chosen.
44Classifying a cost as either direct or indirect depends upon
- Athe behavior of the cost in response to volume changes.
- Bwhether the cost is expensed in the period in which it is incurred.
- Cwhether the cost can be easily identified with the cost object.
- Dwhether an expenditure is avoidable or not in the future.
Información
- Descripción
- Test sobre Sin título, creado por buggq el 22/03/2016.
- Autor
- buggq
- Idioma
- English
- Visitas
- 4
- Valoración
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