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Adv Managerial Acct - Cost Concepts

turquoise_cat 10 questions 5.0 (1 rating)

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Questions in this quiz (10)

  1. 1Which major activities do managers carry out?
    1. APlanning.
    2. BDirecting and motivating.
    3. CControlling.
    4. DAll of the answers are correct.
  2. 2Which one of the following costs would not be considered an indirect cost of serving a particular customer at a delicatessen?
    1. AThe salary of the manager.
    2. BThe cost of the tables and chairs used to furnish the restaurant.
    3. CThe cost of the bread used to make the sub sandwich that is ordered.
    4. DThe cost of lighting and heating the restaurant.
  3. 3Usually, the wages of the janitorial staff in a factory would:
    1. Anot be considered as indirect labor but would be included in manufacturing overhead.
    2. Bbe classified as indirect labor but would not be included in manufacturing overhead.
    3. Cbe classified as indirect labor and included in manufacturing overhead.
    4. Dnot be classified as indirect labor and not be included in manufacturing overhead.
  4. 4If the cost of goods manufactured is greater than the cost of goods sold, then:
    1. Awork in process inventory has decreased during the period.
    2. Bfinished goods inventory has increased during the period.
    3. Ctotal manufacturing costs must be greater than cost of goods manufactured.
    4. Dfinished goods inventory has decreased during the period.
  5. 5The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
    The cost of the raw materials used in production during the year (in thousands of dollars) was:    Image for question 5
    1. A$360.
    2. B$600.
    3. C$640.
    4. D$760.
  6. 6The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
    The cost of goods manufactured (finished) for the year (in thousands of dollars) was:    Image for question 6
    1. A$2,000.
    2. B$2,080.
    3. C$2,160.
    4. D$2,360.
  7. 7The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
    The cost of goods sold for the year (in thousands of dollars) was:    Image for question 7
    1. A$2,000.
    2. B$2,320.
    3. C$2,640.
    4. D$2,800.
  8. 8The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
    The net income for the year (in thousands of dollars) was:    Image for question 8
    1. A$600.
    2. B$800.
    3. C$1,000.
    4. D$1,960.
  9. 9Within the relevant range:
    1. Aboth total variable costs and total fixed costs will remain constant.
    2. Bboth total variable costs and total fixed costs fluctuate.
    3. Cfixed costs per unit will remain constant and variable costs per unit will fluctuate.
    4. Dvariable costs per unit will remain constant and fixed costs per unit will fluctuate.
  10. 10An opportunity cost is:
    1. Athe difference between the total cost of one alternative and the total cost of another alternative.
    2. Bthe benefit forgone when one alternative is selected rather than another.
    3. Ca cost that is saved by not adopting a given alternative.
    4. Da cost that continues to be incurred even when there is no activity.

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Description
Chapter 2
Language
English
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179
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