ACCT 344 All Quizzes
ACCT 344 Week 1 Quiz
1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds and dressers when the bed product line is the cost object?
2. Question: (TCO 2) Which cost is an example of product costs?
3. Question: (TCO 2) Period costs do not include
4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials used $130,000
5. Question: (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000 Manufacturing overhead $70,000
6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is called
7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing system?
8. Question: (TCO 2) Which firm would make extensive use of job-order costing?
9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were completed and sent to finished goods. Which is the cost of goods sold for the month?
10. Question: (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order costing system. The following overhead activities were budgeted for the year.
1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an assembly line is
2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in
3. Question: (TCO 3) “Equivalent units” expresses all activity of the period in terms of
4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 300 Units started ? Units completed 100 Units, ending work-in-process (40% complete) Which are the equivalent units?
5. Question: (TCO 3) When products and their costs are moved from one process to the next process, these costs are referred to as
6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for the current month. 0 Units, beginning work-in-process 6,000 Units started ? Units completed 2,000 Units, ending work-in-process $440,000 Cost of direct materials $64,000 Cost of conversion Ending inventory is 100% complete for materials and 20% complete for conversion. How many units were started and completed?
7. Question: (TCO 3) The two methods used to determine equivalent units of production are
8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly Dept. Materials data for this department for the current month are as follows.
9. Question: (TCO 3) The following information was provided by Sally Company………..How many equivalent units for materials would there be using the weighted average method?
10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as……….
1. Question: (TCO 8) A predetermined overhead rate is calculated using which formula?
2. Question: (TCO 8) All of the following are unit-based activity drivers EXCEPT
3. Question: (TCO 8) A department that is capital intensive most likely would use a predetermined departmental overhead rate based on which activity base?
4. Question: (TCO 8) Star Inc. uses a job-order costing system to account for product costs. The following information was provided for the current year. Materials placed in production $160,000 Indirect labor $50,000 Direct labor (10,000 hours) $180,000 Depreciation of factory building $80,000 Other factory overhead $130,000 Increase in work-in-process inventory $45,000 Factory overhead rate per direct labor hour $25 Which is the amount of under- or overapplied overhead for Star Inc.?
5. Question: (TCO 8) Acme Company manufactures two products (anvils and barrels). Overhead costs ($84,000) have been divided into three cost pools, which use the following activity drivers…….
6. Question: (TCO 8) Which is NOT a limitation of a plantwide overhead rate?
7. Question: (TCO 8) The resources consumed by the activity in producing its output are called
8. Question: (TCO 8) Which is NOT part of the cost dimension of the activity-based management model?
9. Question: (TCO 8) Which is an example of a non-value-added manufacturing activity?
10. Question: (TCO 8) The process that involves choosing among various sets of activities that are caused by competing strategies is called……
1. Question: (TCO 7) A common cost occurs
2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the housekeeping department?
3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production departments based on the number of employees. Which would NOT be a good combination of common costs with an activity driver?
4. Question: (TCO 7) Joint costs are allocated because of
5. Question: (TCO 7) Which method allocates support department costs?
6. Question: (TCO 7) Joint costs are
7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of product produced?
8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory. $400,000 of costs were incurred…………How much joint cost would be allocated to Product A based on the physical units method?
9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were provided by the cost accountant for the current year……….
10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as follows…….Which is the amount of joint costs assigned to Superwash Wool using the constant gross margin percentage method?
2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various individual departmental and activity budgets are the………..
3. Question: (TCO 5) The budget committee
4. Question: (TCO 5) Which is a financial budget?
5. Question: (TCO 5) When budgets are used for control,
6. Question: (TCO 5) Flexible budgets do NOT provide
7. Question: (TCO 5) Volume variances examine differences between
8. Question: (TCO 5) Goal congruence means
9. Question: (TCO 5) Participative budgeting has which potential problem?
10. Question: (TCO 5) Bored Manufacturing has projected the following………Which is the total amount of overhead included in the overhead budget?