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    Cost Accounting Hilton 7

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    The document contains 35 multiple choice questions about managerial accounting concepts like cost accounting, just-in-time inventory, total quality management, and cost of goods sold calculations. The questions cover topics like factors that have changed managerial accounting, characteristics of just-in-time inventory management, and using inventory and manufacturing costs data to calculate figures like cost of goods manufactured and cost of goods sold. The answers to each question are also provided.

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    Cost Accounting Hilton 7

    Uploaded by

    vkdoc
    304 views7 pages
    The document contains 35 multiple choice questions about managerial accounting concepts like cost accounting, just-in-time inventory, total quality management, and cost of goods sold calculations. The questions cover topics like factors that have changed managerial accounting, characteristics of just-in-time inventory management, and using inventory and manufacturing costs data to calculate figures like cost of goods manufactured and cost of goods sold. The answers to each question are also provided.

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    The document contains 35 multiple choice questions about managerial accounting concepts like cost accounting, just-in-time inventory, total quality management, and cost of goods sold calculations. The questions cover topics like factors that have changed managerial accounting, characteristics of just-in-time inventory management, and using inventory and manufacturing costs data to calculate figures like cost of goods manufactured and cost of goods sold. The answers to each question are also provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    304 views7 pages

    Cost Accounting Hilton 7

    Uploaded by

    vkdoc
    The document contains 35 multiple choice questions about managerial accounting concepts like cost accounting, just-in-time inventory, total quality management, and cost of goods sold calculations. The questions cover topics like factors that have changed managerial accounting, characteristics of just-in-time inventory management, and using inventory and manufacturing costs data to calculate figures like cost of goods manufactured and cost of goods sold. The answers to each question are also provided.

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    © All Rights Reserved
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    Cost Accounting Hilton 7

    31. Managerial accounting has changed in recent years because of:

    A. the growth of e-business.

    B. increased global competition.

    C. the emergence of new industries.

    D. an increased focus on the customer.

    E. all of the above factors.

    Answer: E LO: 7 Type: RC

    32. Managerial accounting has changed in recent years because of:

    A. a growing service economy in the United States.

    B. the growing popularity of cross-functional teams.

    C. computer-integrated manufacturing (CIM).

    D. time-based competition.

    E. all of the above factors.

    Answer: E LO: 7 Type: RC

    33. Which of the following statement(s) about just-in-time (JIT) inventory management is (are) true?

    I. The emphasis of JIT is on "pull" manufacturing.


    II. Raw materials are purchased just in time to be used in production.
    III. JIT is an inventory technique that focuses on reduction of both inventory and related
    inventory costs.

    A. I only.

    B. II only.

    C. III only.

    D. II and III.
    E. I, II, and III.

    Answer: E LO: 7 Type: RC


    34. Ohio Corporation recently implemented a just-in-time (JIT) production system along with a
    series of continuous improvement programs. If the firm is now considering adopting a total
    quality management (TQM) program, it would likely find that TQM:

    A. is consistent with both JIT and continuous improvement.

    B. is consistent with JIT but inconsistent with continuous improvement.

    C. is consistent with continuous improvement but inconsistent with JIT.

    D. is inconsistent with both JIT and continuous improvement.

    E. is an antiquated management technique.

    Answer: A LO: 7 Type: N

    35. Cost management systems tend to focus on an organization's:

    A. machines.

    B. employees.

    C. activities.

    D. customers.

    E. rules and regulations.

    Answer: C LO: 7 Type: RC

    31.Kansas Plating Company reported a cost of goods manufactured of $260,000, with the firm's year-
    end balance sheet revealing work in process and finished goods of $35,000 and $67,000,
    respectively. If supplemental information disclosed raw materials used in production of
    $40,000, direct labor of $70,000, and manufacturing overhead of $120,000, the company's
    beginning work in process must have been:

    A. $5,000.

    B. $37,000.

    C. $65,000.

    D. $97,000.

    E. some other amount.

    Answer: C LO: 6 Type: A


    32. The accounting records of Bronco Company revealed the following information:

    Raw materials used $ 60,000


    Direct labor 125,000
    Manufacturing overhead 360,000
    Work-in-process inventory, 1/1 50,000
    Finished-goods inventory, 1/1 189,000
    Work-in-process inventory, 12/31 76,000
    Finished-goods inventory, 12/31 140,000

    Bronco's cost of goods manufactured is:

    A. $519,000.

    B. $522,000.

    C. $568,000.

    D. $571,000.

    E. some other amount.

    Answer: A LO: 6 Type: A

    33. The accounting records of Dolphin Company revealed the following information:

    Total manufacturing costs $530,000


    Work-in-process inventory, Jan. 1 56,000
    Work-in-process inventory, Dec. 31 78,000
    Finished-goods inventory, Jan. 1 146,000
    Finished-goods inventory, Dec. 31 123,000

    Dolphin's cost of goods sold is:

    A. $508,000.
    B. $529,000.

    C. $531,000.

    D. $553,000.

    E. some other amount.

    Answer: C LO: 6 Type: A

    34. For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct
    labor, and manufacturing overhead) totaled $1,500,000. Beginning and ending work-in-process
    inventories were $60,000 and $90,000, respectively. Cole's balance sheet also revealed
    respective beginning and ending finished-goods inventories of $250,000 and $180,000. On the
    basis of this information, how much would the company report as cost of goods manufactured
    (CGM) and cost of goods sold (CGS)?

    A. CGM, $1,430,000; CGS, $1,460,000.

    B. CGM, $1,470,000; CGS, $1,540,000.

    C. CGM, $1,530,000; CGS, $1,460,000.

    D. CGM, $1,570,000; CGS, $1,540,000.

    E. Some other amounts.

    Answer: B LO: 6 Type: A

    35. Leggio Industries reported the following data for the year just ended: sales revenue, $950,000;
    cost of goods sold, $420,000; cost of goods manufactured, $330,000; and selling and
    administrative expenses, $170,000. Leggio's gross margin would be:

    A. $30,000.

    B. $200,000.

    C. $360,000.

    D. $530,000.

    E. $620,000.

    Answer: D LO: 6 Type: A

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