1.) WHICH ONE OF THE FOLLOWING WOULDNOT BE CLASSIFIED AS MANUFACTURINGOVERHEAD?(A) INDIRECT LABOR(B) DIRECT MATERIALS(C) INSURANCE ON FACTORY BUILDING(D) INDIRECT MATERIALS2.) THE PRODUCT COST THAT IS MOSTDIFFICULT TO ASSOCIATE WITH A PRODUCTIS(A) DIRECT MATERIALS.(B) DIRECT LABOR.(C) MANUFACTURING OVERHEAD.(D) ADVERTISING.

Explanation of classified as manufacturing overhead: Manufacturing overhead encompasses all indirect…

Answered: 1.) WHICH ONE OF THE FOLLOWING WOULD…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When materials are used as indirect materials, their cost is debited to Facotry or Manufacturing overhead account. TRUE FALSE
Manufacturing overhead consists of all Manufacturing overhead consists of all a.costs other than direct materials and direct labor. b.manufacturing costs other than direct materials. c.manufacturing costs other than direct materials and direct labor. d.costs other than direct materials.
A typical indirect labor cost for a manufacturer is: a. factory insurance b. sales office salaries c. sales commissions d. materials handling
1. What are the direct cost of a manufactured product? A) All Cost that are incurred in manufacturing a product. B) Raw Material, Direct Labor and Manufacturing Overhead. C) any cost that can be directly traced to a product. D) None of the above.
Costs that are incurred as part of the manufacturing process, but are not clearly traceable to the specific unit of product or batches of product, are called a. Period costs. d. Operating expenses. b. Factory overhead. e. Fixed costs. c. Variable costs.
Which of the following statement(s) islare correct? I. Manufacturing overhead includes all manufacturing costs except direct labor and direct materials II. Prime costs consist of direct material and direct labor. Conversion cost is essentially direct labor O A. I only O B. Il only O C. Both I & II D. Neither I nor II
Accounting is the process of matching Select one: a. Revenues and Costs b. Potential and Real performance c. Cash inflows and outflows d. Benefits and Costs Accounting provides information on Select one: a. All of the answers are correct b. Financial conditions of an institution c. Company's tax liability for a particular year d. Cost and income for managers Public Accounting, as a sub-discipline of accounting, includes: Select one: a. Management Accounting b. Cost accounting c. Internal auditing d. Managerial Advisory services
Factory or Manufacturing Overhead costs would include all of the following except: A) Indirect materials B) Direct materials C) Depreciation expense D) Insurance expense

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