Scribd Logo
Upload

Welcome to Scribd!

  • 507 views

    An Introduction To Managerial Accounting and Cost Concepts Quiz

    Uploaded by

    Debbie Debz
    This document contains a 10 question multiple choice quiz about managerial accounting concepts like cost classification, cost behavior, inventory valuation, and income determination. The questions assess understanding of distinguishing direct from indirect costs, calculating costs of goods manufactured and sold using inventory data, and determining net income from a company's accounting records.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    An Introduction To Managerial Accounting and Cost Concepts Quiz

    Uploaded by

    Debbie Debz
    507 views5 pages
    This document contains a 10 question multiple choice quiz about managerial accounting concepts like cost classification, cost behavior, inventory valuation, and income determination. The questions assess understanding of distinguishing direct from indirect costs, calculating costs of goods manufactured and sold using inventory data, and determining net income from a company's accounting records.

    Original Title

    An Introduction to Managerial Accounting and Cost Concepts quiz

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains a 10 question multiple choice quiz about managerial accounting concepts like cost classification, cost behavior, inventory valuation, and income determination. The questions assess understanding of distinguishing direct from indirect costs, calculating costs of goods manufactured and sold using inventory data, and determining net income from a company's accounting records.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    507 views5 pages

    An Introduction To Managerial Accounting and Cost Concepts Quiz

    Uploaded by

    Debbie Debz
    This document contains a 10 question multiple choice quiz about managerial accounting concepts like cost classification, cost behavior, inventory valuation, and income determination. The questions assess understanding of distinguishing direct from indirect costs, calculating costs of goods manufactured and sold using inventory data, and determining net income from a company's accounting records.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    An Introduction to Managerial Accounting and Cost Concepts

    Multiple Choice Quiz

    1The salary of the vice president of finance would be considered a(n):


    manufacturing cost.
    A)

    product cost.
    B)

    administrative cost.
    C)

    selling expense.
    D)

    2The wages of materials handling personnel in a factory would usually be considered:


    Indirect labor Manufacturing overhead

    A) No Yes

    B) Yes No

    C) Yes Yes

    D) No No

    Answer A
    A)

    Answer B
    B)

    Answer C
    C)

    Answer D
    D)

    3If the cost of goods manufactured is greater than the cost of goods sold, then:
    work in process inventory has decreased during the period.
    A)

    finished goods inventory has increased during the period.


    B)

    total manufacturing costs must be greater than cost of goods manufactured.


    C)

    finished goods inventory has decreased during the period.


    D)

    4
    Within the relevant range:

    both total variable costs and total fixed costs will remain constant.
    A)

    both total variable costs and total fixed costs fluctuate.


    B)

    fixed costs per unit will remain constant and variable costs per unit will fluctuate.
    C)

    variable costs per unit will remain constant and fixed costs per unit will fluctuate.
    D)

    5Which one of the following costs should not be considered an indirect cost of serving a particular
    customer at a Pizza Hut franchise?

    The salary of the franchise's manager.


    A)

    The cost of the tables and chairs used to furnish the restaurant.
    B)

    The cost of the dough used to make the pizza that is ordered.
    C)

    The cost of lighting and heating the restaurant.


    D)

    6An opportunity cost is:


    the difference between the total cost of one alternative and the total cost of another
    A) alternative.

    the benefit forgone when one alternative is selected rather than another.
    B)

    a cost that is saved by not adopting a given alternative.


    C)

    a cost that continues to be incurred even when there is no activity.


    D)

    7The following data (in thousands of dollars) have been taken from the accounting records of
    Casey Corporation for the just completed year.
    Administrative expense $ 30

    Direct labo 40

    Finished goods inventory, beginnin 24

    Finished goods inventory, endin 32

    Manufacturing overhea 46

    Purchases of raw material 24

    Raw materials inventory, beginnin 8

    Raw materials inventory, endin 14


    Sale 1,98

    Selling expense 28

    Work in process inventory, beginnin 14

    Work in process inventory, endin 10


    The cost of the raw materials used in production during the year (in thousands of dollars) was:

    $180.
    A)

    $300.
    B)

    $320.
    C)

    $380.
    D)

    8The following data (in thousands of dollars) have been taken from the accounting records of
    Casey Corporation for the just completed year. (Note that this is the same data as that provided
    for the question above.)
    Administrative expense $ 30

    Direct labo 40

    Finished goods inventory, beginnin 24

    Finished goods inventory, endin 32

    Manufacturing overhea 46

    Purchases of raw material 24

    Raw materials inventory, beginnin 8

    Raw materials inventory, endin 14

    Sale 1,98

    Selling expense 28

    Work in process inventory, beginnin 14

    Work in process inventory, endin 10


    The cost of goods manufactured (finisheD) for the year (in thousands of dollars) was:

    $1,000.
    A)

    $1,040.
    B)

    $1,080.
    C)
    $1,180.
    D)

    9The following data (in thousands of dollars) have been taken from the accounting records of
    Casey Corporation for the just completed year. (Note that this is the same data as that provided
    for the question above.)
    Administrative expense $ 30

    Direct labo 40

    Finished goods inventory, 24


    beginnin

    Finished goods inventory, endin 32

    Manufacturing overhea 46

    Purchases of raw material 24

    Raw materials inventory, beginnin 8

    Raw materials inventory, endin 14

    Sale 1,98

    Selling expense 28

    Work in process inventory, 14


    beginnin

    Work in process inventory, endin 10


    The cost of goods sold for the year (in thousands of dollars) was:

    $1,000.
    A)

    $1,160.
    B)

    $1,320.
    C)

    $1,400.
    D)

    1The following data (in thousands of dollars) have been taken from the accounting records of
    0Casey Corporation for the just completed year. (Note that this is the same data as that provided
    for the question above.)
    Administrative expense $ 30

    Direct labo 40

    Finished goods inventory, 24


    beginnin

    Finished goods inventory, endin 32

    Manufacturing overhea 46
    Purchases of raw material 24

    Raw materials inventory, beginnin 8

    Raw materials inventory, endin 14

    Sale 1,98

    Selling expense 28

    Work in process inventory, 14


    beginnin

    Work in process inventory, endin 10

    The net income for the year (in thousands of dollars) was:

    $300.
    A)

    $400.
    B)

    $500.
    C)

    $980.
    D)

    You might also like