Managerial Accounting Quiz 1

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School

University of Scranton *

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509

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Accounting

Date

Apr 3, 2024

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docx

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Uploaded by ColonelScienceMagpie8855

Quiz Question 1 (6 points) Saved The cost of the employee who installs the leather on the seats of a new automobile would be considered: Question 1 options: Manufacturing overhead Indirect labor Direct material Direct labor Question 2 (6 points) Saved Manufacturing costs do not include: Question 2 options: Direct labor applicable to production within the period. Selling expenses related to goods manufactured during the period. Direct materials used during the period. Manufacturing overhead charged to work in process during the period. Question 3 (6 points) Saved In an aircraft factory, the inventory of direct materials would not include: Question 3 options: Electronic instruments to be installed in aircraft. Completed aircraft, available for sale. Sheet aluminum to be used for the exterior "skin" of the aircraft. Ejection seats to be installed only in military aircraft. Question 4 (6 points) Saved Manufacturing overhead is best described as: Question 4 options:

All manufacturing costs other than direct materials and direct labor. All period costs associated with manufacturing operations. Indirect materials and indirect labor. All operating expenses other than selling expenses and general and administrative expenses. Question 5 (6 points) Saved Direct labor costs in a paint factory would include wages of employees who: Question 5 options: Supervise heavy equipment operators. Operate paint-mixing machines. Develop highly secret formulas for new products. Paint the interior of the factory every two years. Question 6 (6 points) Saved Costs that are traceable to a particular unit and inventoriable are called: Question 6 options: Period costs Product costs Overhead costs Job costs Question 7 (6 points) Saved Which of the following is not one of the three types of inventories of a manufacturing company? Question 7 options: Raw materials inventory Work in process inventory Product inventory Finished goods inventory Question 8 (6 points)

Saved A product cost is deducted from revenue in the period which: Question 8 options: The related finished goods are sold. The expenditure is made. The production of the product begins. The production process is completed. Question 9 (6 points) Saved Which of the following is a period cost? Question 9 options: Direct materials used Direct labor costs applicable to production Manufacturing overhead Advertising expense Question 10 (6 points) Saved Manufacturing companies normally have three types of inventory: Question 10 options: Direct materials, direct labor, and manufacturing overhead Raw materials, work in process, and finished goods Work in process, finished goods, and returned merchandise Economy, standard, and deluxe Question 11 (6 points) Saved When a manufacturing company purchases raw materials or component parts to be used in manufacturing finished goods, these costs are initially debited to: Question 11 options:

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Expense accounts Raw materials inventory Finished goods inventory Manufacturing overhead Question 12 (6 points) Saved When goods are completed and transferred from the assembly line: Question 12 options: Cost of Goods Sold is debited and Finished Goods Inventory is credited Work in Process Inventory is debited and Finished Goods Inventory is credited Finished Goods Inventory is debited and Cost of Goods Sold is credited Work in Process Inventory is credited and Finished Goods Inventory is debited Question 13 (7 points) Saved When products held in inventory are sold: Question 13 options: Cost of Goods Sold is credited Work in Process Inventory is credited Finished Goods Inventory is credited Finished Goods Inventory is debited Question 14 (7 points) Saved The ending inventory of a merchandising company corresponds most closely to which of the following amounts of a manufacturer? Question 14 options: Ending inventory of finished goods Cost of finished goods manufactured Ending inventory of work in process Total manufacturing costs incurred during the period Question 15 (7 points)

Saved When direct materials are used: Question 15 options: Manufacturing Overhead is debited Raw Materials Inventory is debited Cost of Goods Sold is debited Work in Process Inventory is debited Question 16 (7 points) Saved Since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing units of product, these costs are debited to: Question 16 options: The Direct Materials Inventory, Direct Labor, and Manufacturing Overhead accounts Expense accounts The Work in Process Inventory account The Cost of Goods Sold account Submit Quiz 16 of 16 questions saved