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Accounting Exam 4

57 Questions  I  By Asr591
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Accounting

  
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1.  The cost of a manufactured product generally consists of which of the following costs?
A.
B.
C.
2.  Which of the following costs are referred to as conversion costs?
A.
B.
C.
3.  What term is used to refer to the cost of changing direct materials into a finished manufactured product
A.
B.
C.
4.  Which of the following is considered a part of factory overhead cost?
A.
B.
C.
5.  Which of the following manufacturing cos is an indirect cost of producing a product?
A.
B.
C.
6.  Which of the following are the two main types of cost accounting systems for manufacturing operations?
A.
B.
C.
7.  Which of the following costs are NOT included in finished goods inventory? 
A.
B.
C.
8.  At the end of the fiscal year, the balance in factory overhead is small. this balance would normally be?
A.
B.
C.
9.  Each account in the cost ledger is called a?
A.
B.
C.
10.  What was the balance of work i process as of april 30? 
A.
B.
C.
11.  If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a
A.
B.
C.
12.  The recording of the jobs completed would include a credit to
A.
B.
C.
13.  The recording of the jobs shipped and customers billed would include a credit to
A.
B.
C.
14.  The finished goods account is the controlling account for the
A.
B.
C.
15.  In contribution margin analysis, the quantity factor is computed as
A.
B.
C.
16.  If variable cost of goods sold totaled $80,000 for the year (16,000 units at $5 each) and the planned variable cost of goods sold totaled $84,000 (15,000 units at $5.60 each), the effect of the unit cost factor on the change in variable cost of goods sold is
A.
B.
C.
17.  If variable selling and administrative expenses totaled $120,000 for the year (80,000 units at $1.50 each) and the planned variable selling and administrative expenses totaled $120,900 (78,000 units at $1.55 each), the effect of the unit cost factor on the change in variable selling and administrative expenses is
A.
B.
C.
18.  Under which inventory costing method could increases of decreases in income from operations be misinterpreted to be the result of operating efficiencies or inefficiencies
A.
B.
C.
19.  The selling price of a product may be just above the variable costs and expenses of making and selling it in
A.
B.
C.
20.  The relative distribution of sales among various products sold is referred to as the
A.
B.
C.
21.  The contribution margin ration is computed as
A.
B.
C.
22.  For a supervisor of a manufacturing department, which of the following costs are controllable?
A.
B.
C.
23.  In the variable costing income statement, deduction of variable selling and administrative expenses from manufacturing margin yields
A.
B.
C.
24.  A business operated at 100% of capacity during its first month and incurred the following costs:if 1,600 units remain unsold at the end of the month, what is the amount of inventory that would be reported on the variable costing balance sheet (49)
A.
B.
C.
25.  A business operated at 100% of capacity during its first month and incurred the following costs:if 2,000 units remain unsold at the end of the month and sales total $300,000 for the month, what is the amount of income from operations reported on the variable costing income statement? (50)
A.
B.
C.
26.  Which of the following would be included in the cost of a product manufactured according to variable costing?
A.
B.
C.
27.  When job 711 was completed, direct materials totaled $4,000; direct labor, $4,600; and factory overhead. $2,400, respectively. Units produced totaled 1,000. Unit costs are:
A.
B.
C.
28.  Costs that are treated as assets until the product is sold are called:
A.
B.
C.
29.  For the manufacturing business, inventory which is in the process of being manufactured is referred to as:
A.
B.
C.
30.  Which of the following would probably not be found in the accounting system of a service provider?
A.
B.
C.
31.  The direct labor and overhead costs of providing services to clients are accumulated in:
A.
B.
C.
32.  Which of the following activity bases would be the most appropriate for food costs of a hospital?
A.
B.
C.
33.  Which of the following activity bases would be the most appropriate for gasoline costs of a delivery service, such as United Postal Service?
A.
B.
C.
34.  Which of the following is NOT an example of a cost that varies in total as the number of units produced changes?
A.
B.
C.
35.  Which of the following is NOT an example of a cost that varies in total as the number of units produced changes?
A.
B.
C.
36.  A cost that has characteristics of both a variable cost and a fixed cost is called a:
A.
B.
C.
37.  Which of the following costs is a mixed cost?
A.
B.
C.
38.  In cost-volume profit analysis, all costs are are classified into the following two categories:
A.
B.
C.
39.  If fixed costs are $250,000, the unit selling price is $20, and the unit variable costs are $16, what is the break-even sales if fixed costs are reduced by $40,000?
A.
B.
C.
40.  If fixed costs are $250,000, the unit selling price is $20, and the unit variable costs are $16, what is the break-even sales if fixed costs are increased by $40,000?
A.
B.
C.
41.  If fixed costs are $450,000, the unit selling price is $75, and the unit variable costs are $50, what are the old and new break-even sales if the unit selling price increases by $5?
A.
B.
C.
42.  Scher Corporation sells product G for $150 per unit, the variable cost per unit is $105, the fixed costs are $720,000, and Scher is in the 25% corporate tax bracket. What are the sales required to earn a net income (after tax) of $40,000?
A.
B.
C.
43.  If fixed costs increased and variable costs per unit decreased, the break-even point would:
A.
B.
C.
44.  Which of the following conditions would cause the break-even point to decrease?
A.
B.
C.
45.  The point where the sales line and the total costs line intersect on the cost-volume profit chart represents:
A.
B.
C.
46.  Assuming that last years fixed costs totaled $910,000, what was Phillips Co's break-even point in units?
A.
B.
C.
47.  If a business had a capacity of $10,000,000 of sales, actual sales of $6,000,000, break-even sales of $4,500,000, fixed costs of $1,800,000, and variable costs of 60% of sales, what is the margin of safety expressed as a percentage of sales?
A.
B.
C.
48.  If a business had a margin of safety ratio of 20%, variable costs of 75% of sales, fixed costs of 240,000, a break-even point of 960,000, and operating income of 60,000 for the current year, what are the current years sales?
A.
B.
C.
49.  Cost-volume -profit analysis cannot be used if which of the following occurs?
A.
B.
C.
50.  Under absorption costing, which of the following costs would not be included in finished goods inventory?
A.
B.
C.
51.  Under variable costing, which of the following costs would not be included in finished goods inventory?
A.
B.
C.
52.  Which of the following would be included in the cost of a product manufactured according to absorption costing?
A.
B.
C.
53.  Under variable costing, which of the following would be included in finished goods inventory?
A.
B.
C.
54.  Which of the following would be included in the cost of a product manufactured according to variable costing?
A.
B.
C.
55.  In contribution margin analysis, the increase or decrease in unit sales price or unit cost on the number of units sold is referred to as the:
A.
B.
C.
56.  The amount of income under absorption costing will be more than the amount of income under variable costing when units manufactured:
A.
B.
C.
57.  On the variable costing income statement, the figure representing the difference between manufacturing margin and contribution margin is the:
A.
B.
C.
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