This Exam on Accounting tests knowledge on various accounting aspects including period costs, direct labor, and inventory management. It is designed for learners looking to understand cost behaviors and accounting practices relevant in corporate settings.
A measurement of reality
Reality
A theoretical concept which has nothing to do with accounting
None of these answers is correct.
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Finished Goods Inventory
Cost of Goods Manufactured
Cost of Goods Sold
Work-in-Process Inventory
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$970,000
$990,000
$1,020,000
None of these answers is correct.
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Administrative salaries
Indirect labor
Direct labor
Independent contractor
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The cost of purchasing the product
Advertising charges
Freight-out
Sales commissions paid
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Inventoriable cost
Period cost
Product cost
None of these answers is correct.
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$492,000
$484,000
$100,000
None of these answers is correct.
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Inventory cost
Manufacturing cost
Product cost
Selling cost
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Reducing the cost of goods sold on the income statement
Increasing the cost of goods sold on the income statement
Increasing inventory on the balance sheet
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Finished Goods Inventory
Cost of Goods Sold
Cost of Goods Manufactured
Work-in-Process Inventory
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Product cost
None of these answers is correct.
Period cost
Inventoriable cost
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$98,000
$237,000
$317,000
None of these answers is correct.
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$181,000
$66,000
$476,000
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Advertising charges
Sales commissions paid
Freight-in
Freight-out
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When a product is complete and ready for sale
Never
Immediately after they have been purchased
As they are used in the production process
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Finished goods inventory
Administrative cost
Merchandise inventory
Manufacturing overhead
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Freight-in costs
Merchandise packaging
Advertising expense
The cost of the merchandise itself
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Direct materials only
Administrative use only
Indirect materials only
Either direct or indirect materials
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$349,000
$174,000
$59,000
None of these answers is correct.
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Manufacturers do not deal with the general public
Service firms use different advertising methods
Merchandisers have no inventory
Service firms have no inventory
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Factory overhead
Factory burden
Overhead
All of these answers are correct.
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$90,000
$18,000
$117,000
None of these answers is correct.
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Ignored
Treated as an operating cost of the business
Deferred until it is significant, at which point it can be treated as direct labor
Treated as an indirect labor cost
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Cost of Goods Sold
Work-in-Process Inventory
Cost of Goods Manufactured
Finished Goods Inventory
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