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Trang 184 Test Bank for Managerial Accounting 12th
Edition by Warren Multiple Choice Questions -
Beginning Raw Materials Inventory:$40,000; Materials purchased:
$65,000; Ending Raw Materials Inventory:$30,000 What is the amount of Raw Materials Used?
1 $65,000
3 $30,000
4 $75,000
All of the following are ways that managers use managerial
information except
1 to support long-term planning decisions
2 to evaluate the performance of a company’s operations
3 to evaluate the company’s stock performance
4 to determine the cost of manufacturing a product
All of the following are examples of indirect labor except:
1 janitorial personnel
2 maintenance personnel
3 plant managers
4 machine operators
Cost of goods manufactured is equal to:
1 total manufacturing costs plus ending work in process inventory less
beginning work in process inventory
2 total manufacturing costs plus beginning work in process inventory less ending work in process inventory
3 total manufacturing costs plus ending materials inventory less beginning materials inventory
4 cost of goods sold plus beginning work in process inventory less ending work
in process inventory
Accounting designed to meet the needs of decision-makers inside the business is referred to as:
1 external accounting
2 managerial accounting
3 financial accounting
4 general accounting
Trang 2A company manufactured 50,000 units of a product at a cost of
$450,000 They sold 40,000 units for $15 each What is the gross margin?
3 $240,000
Cost of goods sold for a manufacturer equals cost of goods
manufactured plus:
1 beginning finished goods inventory less ending finished goods inventory
2 ending work in process inventory less beginning work in process inventory
3 beginning work in process inventory less ending work in process inventory
4 ending finished goods inventory less beginning finished goods inventory
A company sells goods for $150,000 that cost $60,000 to
manufacture Which statement(s) are true?
1 All of these are true.
2 The company will decrease finished goods by $60,000.
3 The company will recognize $90,000 gross profit on the balance sheet.
4 The company will recognize sales on the balance sheet of $150,000.
Costs other than direct materials cost and direct labor cost incurred
in the manufacturing process are classified as:
1 miscellaneous expense
2 factory overhead cost
3 product costs
4 period cost
Another term often used to refer to factory overhead is:
1 factory burden
2 period cost
3 supervisory cost
4 surplus
Conversion costs are
1 factory overhead and direct labor
2 direct materials and indirect labor
3 direct materials and direct labor
4 direct materials and factory overhead
All of the following would probably be considered a direct material except:
1 steel
Trang 32 lumber
3 fabric
4 glue
At the beginning of 2011, the Gilbert Company’s work in process inventory account had a balance of $30,000 During 2011, $68,000
of direct materials were used in production, and $66,000 of direct labor costs were incurred Factory overhead in 2011 amounted to
$90,000 Cost of goods manufactured is $230,000 in 2011 The balance in work in process inventory on December 31, 2011, is:
1 $36,000
2 $24,000
3 $66,000
4 $44,000
A product cost is:
1 shown on the income statement with the operating expenses
2 expensed in the period the product is sold
3 expensed in the period in which it is incurred
4 shown with current liabilities on the balance sheet
Cost of Materials Used: $45,000; Direct Labor costs: $48,000;
Factory Overhead: $39,000; Work in Process, beg.: $28,000; Work
in Process, end.: $18,000 What is Cost of Goods Manufactured?
1 $142,000
All of the following would be reported on the balance sheet as a current asset except:
1 finished goods inventory
2 factory overhead
3 materials inventory
4 work in process inventory
An example of a period cost is:
1 depreciation on factory equipment
2 indirect materials
3 advertising expense
4 property taxes on plant facilities
A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in factory overhead costs during the period If beginning and ending work in process inventories were
Trang 4$28,000 and $32,000 respectively, the cost of goods manufactured was:
3 $218,000
A plant manager’s salary may be referred to as:
1 a period cost
2 either a direct cost or an indirect cost since managerial accounting is not restricted by GAAP
3 a direct cost
4 an indirect cost
Cost of goods manufactured during 2011 is $240, work in process inventory on December 31, 2011, is $50 Work in process inventory during 2011 decreased by 60% Total manufacturing costs incurred during 2011 amount to:
1 $290
2 $190
3 $165
4 $315
Costs on the income statement for both a merchandiser and a
manufacturer would include:
1 cost of goods manufactured
2 direct labor incurred
3 direct materials
4 operating expenses
Compute conversion costs given the following data: Direct
Materials, $347,500; Direct Labor, $186,300; Factory Overhead,
$187,900; and Selling Expenses, $45,290
3 $374,200
Cost of Materials Used:$45,000; Direct Labor costs: $48,000;
Factory Overhead: $39,000; Work in Process, beg: $28,000;Work in Process, end: $18,000; Finished Goods,beg.: $28,000; Finished Goods, end.:$18,000 What is Cost of Goods Sold?
1 $152,000
Trang 52 $142,000
4 $10,000
All of the following employees hold line positions in Anthea Electric EXCEPT:
1 vice president of production
2 manager of the Valhalla Plant
3 vice president of finance
4 vice president of sales
Beginning work in process is equal to:
1 ending work in process plus manufacturing costs incurred during the current period
2 cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period
3 manufacturing costs incurred during the current period minus ending work in process
4 cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period
84 Free Test Bank for Managerial Accounting 12th
Edition by Warren Multiple Choice Questions - Page 2
Indirect labor and indirect materials are classified as:
1 factory overhead and period costs
2 operating costs and period costs
3 operating costs and product costs
4 factory overhead and product costs
Factory overhead includes:
1 factory rent and direct labor
2 indirect labor and indirect materials
3 direct materials and direct labor
4 indirect materials and direct materials
In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:
1 provide objective measures of past operations and subjective estimates about future decisions
2 be prepared in accordance with generally accepted accounting principles
3 be prepared to report information for any unit of the business to support
decision making
4 be provided at any time management needs information
Trang 6In most business organizations, the chief management accountant
is called the:
1 chief executive officer
2 chairman of the board
3 controller
4 chief accounting officer
The cost of a manufactured product generally consists of which of the following costs?
1 Direct materials cost and direct labor cost
2 Direct materials cost and factory overhead cost
3 Direct labor cost and factory overhead cost
4 Direct labor cost, direct materials cost, and factory overhead cost
The Sharpe Company reports the following information for 2015: Sales: $76,500; Direct materials used: 7,300; Depreciation on
factory equipment: 4,700; Indirect labor: 5,900; Direct labor: 10,500; Factory rent: 4,200; Factory utilities: 1,200; Sales salaries expense: 15,600; Office salaries expense: 8,900; Indirect materials: 1,200; Determine product costs for 2015
1 $35,000
2 $30,300
3 $24,500
4 $29,200
In the income statement of a manufacturing company, what
replaces purchases in the cost of goods section of a retail
company?
1 Cost of merchandise available
2 Finished goods
3 Cost of goods manufactured
4 Work in process completed
Goods that are partially completed by a manufacturer are referred
to as:
1 work in process inventory
2 merchandise inventory
3 finished goods inventory
4 materials inventory
Materials must have which two qualities in order to be classified as direct materials?
Trang 71 They must be introduced into the process in both work-in-process inventories and finished goods inventories.
2 They must be an integral part of the finished product and be a significant portion of the total product cost.
3 They must be classified as both prime costs and conversion costs.
4 They must be an integral part of the finished product, but can be an
insignificant portion of the total product cost.
Rent expense on a factory building would be treated as a(n):
1 period cost
2 product cost
3 both A and C are correct
4 direct cost
The Sharpe Company reports the following information for 2015: Sales: $76,500; Direct materials used: 7,300; Depreciation on
factory equipment: 4,700; Indirect labor: 5,900; Direct labor: 10,500; Factory rent: 4,200; Factory utilities:1,200; Sales salaries expense: 15,600; Office salaries expense: 8,900; Indirect materials: 1,200; Determine period costs for 2015
1 $24,500
2 $29,200
3 $35,000
4 $30,300
Reedy Company reports the following information for 2012:Cost of goods manufactured:$68,250; Direct materials used:27,000; Direct labor incurred:25,000; Work in process inventory, January 1,
2012:11,000 Factory overhead is 75% of the cost of direct labor Work in process inventory on December 31, 2012, is:
1 $13,500
2 $16,250
3 $18,750
Prime costs are
1 direct labor and factory overhead
2 direct materials and factory overhead
3 period costs and factory overhead
4 direct materials and direct labor
Period costs include:
1 operating costs that are shown on the income statement when products are sold
Trang 82 current liabilities on the balance sheet
3 current assets on the balance sheet
4 operating costs that are shown on the income statement in the period in which they are incurred
Indirect costs incurred in a manufacturing environment that cannot
be traced directly to a product are treated as:
1 period costs and expensed when incurred
2 product costs and expenses when incurred
3 product costs and expensed when the goods are sold
4 period costs and expensed when the goods are sold
The cost of goods sold for Heedy manufacturing in 2011 was
$233,000 The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200 Cost of goods manufactured during the
period was:
3 $225,600
The controller's staff often consists of several management
accountants All of the following would most likely be on the
controller's staff EXCEPT:
1 investments and shareholder relations managers
2 general accountants
3 cost accountants
4 budgets and budget analysts
Costs which are reported on the income statement as part of cost of goods sold are referred to as:
1 cost of goods manufactured
2 administrative expenses
3 operating expenses
4 period costs
Managerial accounting
1 is prepared according to management needs.
2 is prepared according to GAAP.
3 is prepared periodically only.
4 is related to the entire business entity only.
Product costs
Trang 91 appear only on the income statement
2 are expensed as costs are incurred for direct labor, direct material and factory overhead
3 appear only on the balance sheet
4 appear on both the income statement and balance sheet
Managerial accountants would most likely prepare all of the
following reports except:
1 A performance report identifying amounts of scrap.
2 A control report comparing direct material usage over time.
3 A sales report targeting monthly sales and potential bonuses.
4 An annual report for external regulators such as the SEC.
If the cost of direct materials is a small portion of total production cost, it may be classified as part of:
1 factory overhead cost
2 miscellaneous costs
3 direct labor cost
4 selling and administrative costs
Direct labor and direct materials are classified as:
1 product costs and expensed when incurred
2 period costs and expensed when the goods are sold
3 product costs and expensed when the goods are sold
4 period costs and expensed when incurred
Finished goods inventory is reported on the:
1 balance sheet as a current asset
2 income statement as a period cost
3 income statement as revenue
4 balance sheet as a long-term asset
Rent expense incurred on a factory building would be treated as a(n):
1 both A and C are correct
2 product cost
3 period cost
4 indirect cost
84 Free Test Bank for Managerial Accounting 12th
Edition by Warren Multiple Choice Questions - Page 3
Williams Company reports production costs for 2015 as follows: Direct materials used:$345,000; Direct labor incurred:250,000;
Trang 10Factory overhead; incurred:400,000; Operating expenses:175,000 Williams Company’s period costs for 2015 amount to:
1 $175,000
Work in Process,Beginning:$14,000; Work in Process,Ending:
$20,000; Direct Labor costs incurred:$ 4,000; Cost of Goods
Manufactured:$ 8,000; Factory Overhead:$ 8,000 What is the amount of Direct Materials used?
1 $14,000
4 $2,000
Which of the following would be least likely to be considered a managerial accounting report?
1 a report to analyze potential efficiencies and savings for the purchase of new production equipment.
2 a schedule of total manufacturing costs incurred
3 a statement of cost of goods manufactured
4 a statement of stockholders’ equity
What term is used to describe the process of developing the
organization’s objectives and translating those into courses of
action?
1 Supervising
2 Planning
3 Improving
4 Decision making
Which of the following is not a factory overhead cost?
1 insurance on factory equipment
2 property tax on factory building
3 materials used directly in the manufacturing process of the product
4 salaries of production supervisors
Williams Company reports production costs for 2015 as follows: Direct materials used:$345,000; Direct labor incurred:250,000; Factory overhead; incurred:400,000; Operating expenses:175,000 Williams Company’s product costs for 2015 amount to:
Trang 112 $995,000
Which one of the following will not be found on the balance sheet of
a manufacturing company?
1 cost of goods sold
2 work in process
3 finished goods
4 materials
The following are all product costs except:
1 Direct labor
2 Sales and administrative expenses
3 Direct materials
4 Factory overhead
Which of the following is false in regards to direct materials for an auto manufacturer?
1 Oil to lubricate factory machines would not be a direct material.
2 Steel would probably be a direct material.
3 Upholstery fabric would probably be a direct material
4 Small plastic clips to hold on door panels, that become part of the auto, must
be accounted for as direct materials.
Which of the following is most associated with financial
accounting?
1 Prepared in accordance with GAAP
2 Can have both objective and subjective information
3 Can be prepared for the entity or segment
4 Can be prepared periodically, or as needed
Which of the following is considered a part of factory overhead
cost?
1 Depreciation of office equipment
2 Direct materials used
3 Sales commissions
4 Depreciation of factory buildings
What term is used to refer to the cost of changing direct materials into a finished manufactured product?
1 Period cost
2 Direct labor cost
3 Factory overhead cost
4 Conversion cost