A) By behavior B) By function C) By traceability D) By durability 12. Job costing is most likely to be used by a: A) Beverage manufacturer B) Construction company C) Paper mill D) Petroleum refinery 13. Standard costing involves: A) Assigning actual costs of direct materials, direct labor, and overhead to products B) Assigning estimated costs of direct materials, direct labor, and overhead to products C) Estimating costs after production D) Calculating variable costs only 14. Marginal cost is: A) The cost of producing one more unit of a product B) The total of all fixed costs C) The total of all costs incurred D) None of the above 15. A) Direct cost B) Fixed cost C) Indirect cost D) Variable cost 16. A) Raw materials A cost that can be traced directly to a cost object is a: Which of the following is likely to be a fixed cost for a factory? B) Electricity for machinery C) Rent D) Packaging materials 17. A) Direct labor B) Insurance C) Depreciation D) Maintenance In cost accounting, overhead might not include: 18. Activity-based costing (ABC) is useful for: A) Reducing the number of cost pools B) Simplifying cost allocation methods C) More accurately assigning overhead costs to products D) Decreasing the need for management judgment 19. Which of the following is a sunk cost? A) Cost of future marketing research B) Depreciation on machinery C) Costs incurred in the past that cannot be recovered D) Expected cost of repairing equipment 20. Cost-volume-profit analysis is primarily used to: A) Determine the effect of changes in costs on a product's selling price B) Determine the effect of changes in volume and cost on profits C) Analyze the profitability of different products D) Verify the accuracy of cost accounts
A) By behavior B) By function C) By traceability D) By durability 12. Job costing is most likely to be used by a: A) Beverage manufacturer B) Construction company C) Paper mill D) Petroleum refinery 13. Standard costing involves: A) Assigning actual costs of direct materials, direct labor, and overhead to products B) Assigning estimated costs of direct materials, direct labor, and overhead to products C) Estimating costs after production D) Calculating variable costs only 14. Marginal cost is: A) The cost of producing one more unit of a product B) The total of all fixed costs C) The total of all costs incurred D) None of the above 15. A) Direct cost B) Fixed cost C) Indirect cost D) Variable cost 16. A) Raw materials A cost that can be traced directly to a cost object is a: Which of the following is likely to be a fixed cost for a factory? B) Electricity for machinery C) Rent D) Packaging materials 17. A) Direct labor B) Insurance C) Depreciation D) Maintenance In cost accounting, overhead might not include: 18. Activity-based costing (ABC) is useful for: A) Reducing the number of cost pools B) Simplifying cost allocation methods C) More accurately assigning overhead costs to products D) Decreasing the need for management judgment 19. Which of the following is a sunk cost? A) Cost of future marketing research B) Depreciation on machinery C) Costs incurred in the past that cannot be recovered D) Expected cost of repairing equipment 20. Cost-volume-profit analysis is primarily used to: A) Determine the effect of changes in costs on a product's selling price B) Determine the effect of changes in volume and cost on profits C) Analyze the profitability of different products D) Verify the accuracy of cost accounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:A) By behavior
B) By function
C) By traceability
D) By durability
12. Job costing is most likely to be used by a:
A) Beverage manufacturer
B) Construction company
C) Paper mill
D) Petroleum refinery
13. Standard costing involves:
A) Assigning actual costs of direct materials, direct labor, and overhead to products
B) Assigning estimated costs of direct materials, direct labor, and overhead to products
C) Estimating costs after production
D) Calculating variable costs only
14.
Marginal cost is:
A) The cost of producing one more unit of a product
B) The total of all fixed costs
C) The total of all costs incurred
D) None of the above
15.
A) Direct cost
B) Fixed cost
C) Indirect cost
D) Variable cost
16.
A) Raw materials
A cost that can be traced directly to a cost object is a:
Which of the following is likely to be a fixed cost for a factory?
B) Electricity for machinery
C) Rent
D) Packaging materials
17.
A) Direct labor
B) Insurance
C) Depreciation
D) Maintenance
In cost accounting, overhead might not include:
18. Activity-based costing (ABC) is useful for:
A) Reducing the number of cost pools
B) Simplifying cost allocation methods
C) More accurately assigning overhead costs to products
D) Decreasing the need for management judgment
19. Which of the following is a sunk cost?
A) Cost of future marketing research
B) Depreciation on machinery
C) Costs incurred in the past that cannot be recovered
D) Expected cost of repairing equipment
20. Cost-volume-profit analysis is primarily used to:
A) Determine the effect of changes in costs on a product's selling price
B) Determine the effect of changes in volume and cost on profits
C) Analyze the profitability of different products
D) Verify the accuracy of cost accounts
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