quiz makeup

Topics: Management accounting, Costs, Cost accounting Pages: 12 (1286 words) Published: March 10, 2015

Question 1
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Overhead is applied to jobs at a rate of 150% of direct labor costs. Job # 100 required $500 in direct labor costs. The job was initially budgeted to require $550 in direct labor costs. Overhead applied to # 100 during the period amounted to: Select one:

a. $550
b. $750
c. $825
d. some other amount.
Question 2
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Which of the following is an example of a direct material cost? Select one:
a. glue and tape, not traceable
b. plastic part in the product, easy to track
c. supervisors on the production line
d. boxes used to ship the product that are not tracked
Question 3
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Which of the following indicates that a company may benefit from an Activity-Based Costing system? Select one:
a. Standard high-volume goods and services show significant profits. b. Goods and services are complex and may require many different processes or inputs c. The company loses relatively high priced bids.

d. Indirect costs are insignificant in proportion to direct costs. Question 4
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In activity-based costing, only one cost driver should be used in applying overheaD. Select one:
a. True
b. False
Question 5
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Activity-based costing is most applicable where
Select one:
a. product lines are similar in volume and manufacturing complexity b. overhead costs constitute a significant portion of total costs c. the manufacturing process has been stable
d. production managers use data provided by the existing system Question 6
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All of the following are advantages of developing a predetermined overhead application rate except: Select one:
a. Short run fluctuations in volume of output are normalized b. Actual overhead will always be less than applied overhead c. The overhead application rate facilitates assigning overhead cost to the ending inventory of work in process d. In a job system, unit costs can be determined as soon as jobs are completed Question 7

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If manufacturing overhead is materially over applied, it is best to close it to: Select one:
a. Work in process inventory
b. Finished goods inventory
c. Cost of goods sold
d. All three in an apportioned manner
Question 8
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Which of the following companies would most likely use a process costing system? Select one:
a. A manufacturer of paints.
b. A home builder
c. A law firm
d. A computer manufacturer where each computer is made to customer specifications Question 9
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Accounting and human resource personnel working at the plant Select one:
a. are considered period costs
b. are considered administrative costs
c. are considered manufacturing overhead costs
d. are considered direct labor costs
Question 10
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Managerial accounting is primarily concerned with
Select one:
a. decisions management must make to operate the business
b. generally accepted accounting principles
c. providing information to creditors and investors
d. historical trANSWER:actions
Question 11
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Factory overhead includes all manufacturing costs except direct material and direct labor. Which of the following items would not be considered to be a factory overhead cost? Select one:
a. Repainting the corporate office building.
b. Indirect labor.
c. Repair and maintenance expenditures on factory machinery. d. Small expenditures pertaining to items like rags, screws,...
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