Ch 15 Quiz(1)

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• Evaluation

• Control

• Operating

• Strategic Planning

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• $90,000

• $110,000

• $140,000

• $170,000

What is total product cost?

• DM, DL, FOH(MOH)

• DM and DL only

• DL and FOH(MOH) only

• Beginning balance WIP, DM, DL, and FOH(MOH)

What is total cost of WIP?

• Beginning balance WIP, DM, DL, and FOH(MOH)

• Cost of Goods Manufactured (COGM)

• DM, DL, FOH(MOH)

• Ending balance of WIP

What are conversion costs?

• DM and DL

• DL and FOH(MOH)

• Period Costs and Prime costs

• DM and FOH

What are Prime costs?

• DM and DL

• DM and FOH(MOH)

• DL and FOH(MOH)

• a part of period costs

Which of the following describes the Control phase of management process the best?

• Develop long-term objectives

• Monitor operations by comparing actual and expected results

• Take actions to encourage specific behaviors or outcomes

Which of the following describes the "Strategic planning" phase of management process the best?

• Monitor operations by comparing actual and expected results

• Develop long-term objectives

• Take actions to encourage specific behaviors or outcomes

• Develop a long-term strategy

Which of the following describes the "Evaluation" phase of management process the best?

• Develop long term objectives

• Take actions to encourage specific behaviors or outcomes

• Monitor operations by comparing actual and expected results

• Evaluating the Financial Statement Analysis ratios to get an understanding of the health of the firm