This intermediate-level Business Finance Quiz assesses knowledge in managerial accounting, focusing on product costs, overhead classification, and historical information. It's ideal for learners looking to understand practical applications of accounting principles in business settings.
True
False
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True
False
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False
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False
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True
False
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True
False
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True
False
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Information is historically based and usually reported annually
Information includes economic and nonfinancial data as well as financial data
Information is provided primarily to insiders such as managers
Information is reported continuously with a present or future orientation
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True
False
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Direct material costs
Direct labor costs
Research and development costs
Overhead costs
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Cost of transporting raw materials to the job site
Selling costs
Wages paid to the companys office manager
Salary of the company chief executive officer
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Raw materials cost
Depreciation of delivery vehicles
Wages paid to production workers
Factory utilities costs
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True
False
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Assembly Labor
Plant supervisory labor
Indirect material costs
Plant utilities costs
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$8
$10
$9.20
$11
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Paid for a new advertising campaign
Paid rent on the warehouse used to store finished goods
Paid salary for the vice president of marketing
Paid for raw materials to be used in production
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False
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True
False
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False
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Paid office salaries
Paid factory maintenence costs
Paid product advertising costs
Paid sales commissions
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Paid $1,600 cash for raw material
Paid administrative salaries of $2,500
Recorded depreciation on production equipment, $3,
Paid $2,800 in wages for production workers
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Securities and Exchange Commission
Financial Accounting Standards Board
Generally Accepted Accounting Principles
Value Added Principle
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True
False
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True
False
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False
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Manufacturing, overhead costs
General selling and administrative costs
Indirect costs
A and C
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Product Costs = Cost of finished goods inventory – Cost of goods sold
Product Costs = Cost of goods sold + General, selling, and administrative
Product Costs = Cost of finished goods inventory + Cost of goods sold
Product Costs = Cost of goods sold – General, selling, and administrative costs
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False
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Salaries for sales staff
Plant supervision salaries
Factory insurance
Product delivery costs
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Quiz Review Timeline (Updated): Mar 21, 2023 +
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