
ACTG 222 Exam 1 Review
Quiz
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Business
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University
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Practice Problem
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Hard
Johanna Accounting
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39 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
An opportunity cost is the cost of not doing something.
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Whether a cost is treated as direct or indirect depends on whether tracing the cost is both possible and practical.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The total manufacturing cost for a job includes the amount of applied overhead using the predetermined overhead rate.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Prime costs include direct materials, direct labor, and manufacturing overhead.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
All manufacturing costs are treated as product costs.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A cost that will occur in the future and differs between various alternatives under consideration is a relevant cost.
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The weighted-average process costing production report is slightly more detailed than the FIFO report and gives more attention to the units that were on hand at the beginning of the period.
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