Homework Help is Here – Start Your Trial Now!
Business
Accounting
MULTIPLE CHOICE 1. Indirect material cost is a Conversion cost Prime cost No a. No b. No Yes Yes C. Yes d. Yes No

MULTIPLE CHOICE 1. Indirect material cost is a Conversion cost Prime cost No a. No b. No Yes Yes C. Yes d. Yes No

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Multiple choice
6. Which of the following is an element of prime cost? Direct materials a. Yes b. Yes c. No d. No Direct labor Yes No Yes No 7. Wages paid to factory machine operators of a manufacturing plant are an element of Prime cost Conversion cost a. No No b. No Yes c. Yes d. Yes No Yes 8. Costs that vary inversely with changes in volume include a. Total variable costs. b. Total variable costs divided by volume. c. Total fixed costs. d. Total fixed costs divided by volume. 9. When a unit of product is the cost object, factory overhead generally is: a. A direct manufacturing cost. b. An indirect manufacturing cost. cC. Both of the above. d. None of the above. 10. Factory rent is a. A prime cost and an inventoriable cost. b. A prime cost and a period cost C. A conversion cost and an inventoriable cost. d. A conversion cost and a period eost.
Transcribed Image Text:6. Which of the following is an element of prime cost? Direct materials a. Yes b. Yes c. No d. No Direct labor Yes No Yes No 7. Wages paid to factory machine operators of a manufacturing plant are an element of Prime cost Conversion cost a. No No b. No Yes c. Yes d. Yes No Yes 8. Costs that vary inversely with changes in volume include a. Total variable costs. b. Total variable costs divided by volume. c. Total fixed costs. d. Total fixed costs divided by volume. 9. When a unit of product is the cost object, factory overhead generally is: a. A direct manufacturing cost. b. An indirect manufacturing cost. cC. Both of the above. d. None of the above. 10. Factory rent is a. A prime cost and an inventoriable cost. b. A prime cost and a period cost C. A conversion cost and an inventoriable cost. d. A conversion cost and a period eost.
44 MULTIPLE CHOICE 1. Indirect material cost is a Conversion cost Prime cost No a. No b. No Yes Yes C. Yes d. Yes No 2. Direct labor cost is a Conversion cost a No b. No C. Yes d. Yes Prime cost No Yes Yes No 3. Indirect labor is a a. Prime cost. b. Conversion cost. C. Period cost. d. Non-manufacturing cost. 4. In a job cost system, manufacturing overhead is An indirect cost of jobs A necessary element of production a. No Yes b. No No C. Yes d. Yes Yes No 5. Prime cost and conversion cost share what common element of total cost? a. Variable overhead. b. Fixed overhead. c. Direct materials. d. Direct labor.
Transcribed Image Text:44 MULTIPLE CHOICE 1. Indirect material cost is a Conversion cost Prime cost No a. No b. No Yes Yes C. Yes d. Yes No 2. Direct labor cost is a Conversion cost a No b. No C. Yes d. Yes Prime cost No Yes Yes No 3. Indirect labor is a a. Prime cost. b. Conversion cost. C. Period cost. d. Non-manufacturing cost. 4. In a job cost system, manufacturing overhead is An indirect cost of jobs A necessary element of production a. No Yes b. No No C. Yes d. Yes Yes No 5. Prime cost and conversion cost share what common element of total cost? a. Variable overhead. b. Fixed overhead. c. Direct materials. d. Direct labor.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS