Ch 16 & 17

Ch 16 & 17

University

16 Qs

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Ch 16 & 17

Ch 16 & 17

Assessment

Quiz

Business

University

Hard

Created by

Ross Roberts

Used 11+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principal difference between managerial accounting and financial accounting is that managerial accounting information is:

Prepared by managers.

Intended primarily for use by decision makers inside the business organization.

Prepared in accordance with a set of accounting principles developed by the Institute of Certified Managerial Accountants

Oriented toward measuring solvency rather than profitability.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Manufacturing costs do not include:

Direct labor applicable to production within the period

Selling expenses related to goods manufactured during the period

Direct materials used during the period

Manufacturing overhead charged to work in process during the period

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Manufacturing overhead is best described as

All manufacturing costs other than direct materials and direct labor

All period costs associated with manufacturing operations

Indirect materials and indirect labor

All operating expenses other than selling expenses and general and administrative expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a manufacturing company purchases raw materials or component parts to be used in manufacturing finished goods, these costs are initially debited to:

Expense accounts

Raw Materials Inventory

Finished Goods Inventory

Manufacturing Overhead

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of the employee who computes total manufacturing costs would be considered as

Direct Labor

Indirect Labor

Manufacturing Overhead

Period Costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A product cost is deducted from revenue in the period in which:

The related finished goods are sold.

The expenditure is made.

The production of the product begins

The production process is completed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An activity base is said to be a "driver" of overhead costs when the activity base:

Is independent of the amount of overhead cost incurred

Results in an overhead application rate greater than 100%.

Is a causal factor in the amount of overhead cost incurred

Is the largest of the various types of expenditures classified as manufacturing overhead.

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