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Chapter M2 Accounting

25 Questions  I  By Amphib2007
Chapter M2 Accounting

  
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1.  A cost that is incurred by the firm that is not a merchandise cost is called a(n):
A.
B.
C.
D.
2.  The following information is available:    Direct materials cost                                      $100,000    Direct labor cost                                               120,000    Manufacturing overhead cost                          270,000    Beginning work-in-process inventory                30,000    Ending work-in-process inventory                     36,000    Beginning finished goods inventory                   56,000    Ending finished goods inventory                        48,000 Based on the above, the cost of goods manufactured was:
A.
B.
C.
D.
3.  An example of a product cost is:
A.
B.
C.
D.
4.  Depreciation taken on the desk located in the office of the controller is a(n):
A.
B.
C.
D.
5.  A cost which would be included in inventory for any unsold products is:
A.
B.
C.
D.
6.  Another term used to describe manufacturing overhead is:
A.
B.
C.
D.
7.  The following information is available:    Beginning raw materials inventory               $100,000    Ending raw materials inventory                      120,000    Beginning work-in-process inventory              270,000    Ending work-in-process inventory                   300,000    Beginning finished goods inventory                 560,000    Ending finished goods inventory                      480,000    Raw materials purchased                                 990,000 Based on the above, the raw materials transferred to production was:
A.
B.
C.
D.
8.  Raw materials that are used in the production process can be considered:
A.
B.
C.
D.
9.  The following information is available:    Assembly line labor costs                               $175,000    Factory supplies used                                           4,000    Depreciation on factory                                     22,000    Depreciation on administrative equipment          9,000    Sales salaries                                                      78,000    Factory security guard cost                               33,000    Sales office security guard cost                          28,000 Based on the above, cost of factory overhead was:
A.
B.
C.
D.
10.  When goods have been completed and are transferred to finished goods, the account that will be debited is:
A.
B.
C.
D.
11.  The following information is available:    Direct material cost                                          $20,000    Direct labor cost                                                 30,000    Manufacturing overhead cost                            40,000    Beginning raw materials inventory                   10,000    Ending raw materials inventory                        12,000    Beginning work-in-process inventory                27,000    Ending work-in-process inventory                     30,000    Beginning finished goods inventory                   56,000    Ending finished goods inventory                        48,000 Based on the above, the cost of goods manufactured was:
A.
B.
C.
D.
12.  If managers believe labor cost is insignificant, such cost can be:
A.
B.
C.
D.
13.  For a merchandising firm, product costs includes all of the following items except:
A.
B.
C.
D.
14.  If the production process is considered reality, work-in-process inventory is considered:
A.
B.
C.
D.
15.  At what point do raw materials become a part of raw materials inventory?
A.
B.
C.
D.
16.  When goods have been completed and are transferred to finished goods, the account that will be credited is:
A.
B.
C.
D.
17.  The cost of delivering an item to a customer is classified as a(n):
A.
B.
C.
D.
18.  The following information is available:    Assembly line labor costs                              $175,000    Raw materials purchased                                 120,000    Indirect materials used                                         8,000    Depreciation on factory                                     25,000    Depreciation on administrative equipment          9,000    Sales salaries                                                      78,000    Factory supervision                                            33,000    Sales office security guard cost                          28,000 Based on the above, cost of factory overhead was:
A.
B.
C.
D.
19.  The salary of a corporate office security guard is considered a(n):
A.
B.
C.
D.
20.  When goods have been sold to customers, the entry to remove the goods from inventory will have a credit to:
A.
B.
C.
D.
21.  Any cost associated with the operation of a manufacturing facility that is not direct labor or direct materials is considered:
A.
B.
C.
D.
22.  Touch labor is another term used interchangeably with:
A.
B.
C.
D.
23.  The procedures for identifying product costs for a service firm differ from a merchandiser or manufacturer because:
A.
B.
C.
D.
24.  The following information is available:    Beginning raw materials inventory               $  11,000    Ending raw materials inventory                        13,000    Beginning work-in-process inventory                20,000    Ending work-in-process inventory                     28,000    Beginning finished goods inventory                   56,000    Ending finished goods inventory                        48,000    Raw materials purchased                                   90,000    Cost of goods manufactured                            229,000 Based on the above, the cost of goods sold was:
A.
B.
C.
D.
25.  When a product is sold, its cost is reflected by:
A.
B.
C.
D.
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