Accounting Quiz 1 Chapters 1-2

20 Questions | By Lulions44 | Updated: Mar 19, 2022 | Attempts: 123

Questions

Settings

Different costs are incurred during the manufacturing of products and are transferred to the consumer in the process. Do you have a good understanding of this cost and how do we account for them as accountants? Take up the quiz below and see what score you get. Best of luck as you tackle it!

Questions and Answers

1.

Name six differences of financial and managerial.
2.

Name the three manufacturing costs.
3.

Name the two non-manufacturing costs.
4.

What's another name for manufacturing costs?
- A.
  
  Prime
- B.
  
  Period
- C.
  
  Product
- D.
  
  Conversion
5.

What's another name for non-manufacturing costs?
- A.
  
  Prime
- B.
  
  Period
- C.
  
  Product
- D.
  
  Conversion
6.

What are managers involved in?
7.

What are the steps to the schedule of costs of goods manufactured?
8.

What are three manufacturer inventories?
9.

What is prime cost?
10.

What is conversion cost?
11.

What are variable costs?
12.

What are fixed costs?
13.

What is the definition of differential and incremental costs?
14.

What is opportunity cost?
15.

What is a sunk cost?
16.

What is job order costing?
17.

What is process costing?
18.

What is predetermined rate?
19.

Apply overhead.
20.

What is under applied?