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    Accounting - Quiz

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    Amelynie
    This document contains 10 multiple choice questions that appear to be from a quiz on accounting concepts. The questions cover topics such as the classification of inventory accounts, the calculation of cost of goods manufactured, the use of the high-low method to calculate fixed costs, and the closing process for revenue and expense accounts at the end of an accounting period. The correct answers to each question are listed without explanation.

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    Accounting - Quiz

    Uploaded by

    Amelynie
    28 views3 pages
    This document contains 10 multiple choice questions that appear to be from a quiz on accounting concepts. The questions cover topics such as the classification of inventory accounts, the calculation of cost of goods manufactured, the use of the high-low method to calculate fixed costs, and the closing process for revenue and expense accounts at the end of an accounting period. The correct answers to each question are listed without explanation.

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    Accounting quiz

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    Accounting _ Quiz

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    This document contains 10 multiple choice questions that appear to be from a quiz on accounting concepts. The questions cover topics such as the classification of inventory accounts, the calculation of cost of goods manufactured, the use of the high-low method to calculate fixed costs, and the closing process for revenue and expense accounts at the end of an accounting period. The correct answers to each question are listed without explanation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views3 pages

    Accounting - Quiz

    Uploaded by

    Amelynie
    This document contains 10 multiple choice questions that appear to be from a quiz on accounting concepts. The questions cover topics such as the classification of inventory accounts, the calculation of cost of goods manufactured, the use of the high-low method to calculate fixed costs, and the closing process for revenue and expense accounts at the end of an accounting period. The correct answers to each question are listed without explanation.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Quiz 2

    Question 1:93. A manufacturing company reports cost of goods manufactured as a(n)


    a. current asset on the balance sheet.
    b. administrative expense on the income statement.
    c. component in the calculation of cost of goods sold on the income statement.
    d. component of the raw materials inventory on the balance sheet.
    Question 2:86. Sales commissions are classified as
    a. overhead costs
    b. period costs.
    c. product costs.
    d. indirect labor.
    Question 3108.Benson Manufacturing Inc.'s accounting records reflect the following inventories:
    Dec. 31, 2011 Dec. 31, 2012
    Raw materials inventory $120,000 $ 96,000
    Work in process inventory 156,000 174,000
    Finished goods inventory 150,000 138,000

    During 2012, Benson purchased $1,440,000 of raw materials, incurred direct labor costs
    of $300,000, and incurred manufacturing overhead totaling $192,000.
    How much is raw materials transferred to production during 2012 for Benson
    Manufacturing?
    a. $1,788,000
    b. $1,464,000
    c. $1,440,000
    d. $1,416,000
    Question 4109.Benson Manufacturing Inc.'s accounting records reflect the following inventories:
    Dec. 31, 2011 Dec. 31, 2012
    Raw materials inventory $120,000 $ 96,000
    Work in process inventory 156,000 174,000
    Finished goods inventory 150,000 138,000

    During 2012, Benson purchased $1,440,000 of raw materials, incurred direct labor costs
    of $300,000, and incurred manufacturing overhead totaling $192,000.
    How much is total manufacturing costs incurred during 2012 for Benson?
    a. $1,914,000
    b. $1,956,000
    c. $1,932,000
    d. $1,938,000
    Question 5110.Benson Manufacturing Inc.'s accounting records reflect the following inventories:
    Dec. 31, 2011 Dec. 31, 2012
    Raw materials inventory $120,000 $ 96,000
    Work in process inventory 156,000 174,000
    Finished goods inventory 150,000 138,000

    During 2012, Benson purchased $1,440,000 of raw materials, incurred direct labor costs
    of $300,000, and incurred manufacturing overhead totaling $192,000.
    Assume Benson Manufacturing’s cost of goods manufactured for 2012 amounted to
    $1,740,000. How much would it report as cost of goods sold for the year?
    a. $1,752,000
    b. $1,800,000
    c. $1,890,000
    d. $1,728,000
    Question 6 45. The increased use of automation and less use of the work force in companies has
    caused a trend towards an increase in
    a. both variable and fixed costs.
    b. fixed costs and a decrease in variable costs.
    c. variable costs and a decrease in fixed costs.
    d. variable costs and no change in fixed costs.
    Question 766. At the high level of activity in November, 7,000 machine hours were run and power
    costs were $16,000. In April, a month of low activity, 2,000 machine hours were run and
    power costs amounted to $8,000. Using the high-low method, the estimated fixed cost
    element of power costs is
    a. $16,000.
    b. $8,000.
    c. $4,800.
    d. $11,200.
    Question 8114.Winrow Company sells radios for $50 per unit. The fixed costs are $420,000 and
    the variable costs are 60% of the selling price. As a result of new automated equipment,
    it is anticipated that fixed costs will increase by $100,000 and variable costs will be 50%
    of the selling price. The new break-even point in units is:
    a. 21,000
    b. 20,800
    c. 20,600
    d. 16,800

    Question 9: The income statement for the month of June, 2011 of Taylor Enterprises contains the
    following information:
    Revenues ₤7,000
    Expenses:
    Wages Expense ₤2,000
    Rent Expense 1,000
    Supplies Expense 300
    Advertising Expense 200
    Insurance Expense 100
    Total expenses 3,600
    Net income ₤3,400

    After the revenue and expense accounts have been closed, the balance in Income
    Summary will be
    a. ₤0.
    b. a debit balance of ₤3,400.
    c. a credit balance of ₤3,400.
    d. a credit balance of ₤7,000.
    Question 10: After the adjusting entries are journalized and posted to the accounts in the general
    ledger, the balance of each account should agree with the balance shown on the
    a. adjusted trial balance.
    b. post-closing trial balance.
    c. the general journal.
    d. adjustments columns of the worksheet.

    Answer part
    1. 2. 3. 4. 5.
    6. 7. 8. 9. 10.

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