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WorksheetsSeminar 9 Quiz
Total questions: 11
Worksheet time: 6mins
Which of the following is false about managerial accounting?
Used for strategic planning in the company
Managers of the company is allowed to see the information provided
Managerial accounting reports are prepared based on a set of rules
All of the above is true
Which of these is not true?
Nanyang Technological University is a manufacturer
Manufacturer Inventory: Raw Materials, Work-in-Process and Finished Goods
Mercedes-Benz is a merchandising car company
Types of Manufacturing Costs: Direct Materials, Direct Labour and Manufacturing Overhead
Which of these costs become assets?
Salary of a sales manager
Rent for corporate office
Salary of an engineer in a manufacturing plant
Supplies cost for management office
Based on traceability, which cost is indirect cost?
Employees in the production line of a manufacturing company
Steel for Mercedes Benz factory
Flour in a cake factory
Bakery supervisor in a cake factory
Which of the following is not a manufacturing overhead?
Rent of Factory Building
Salary of Factory Machine Operator
Salary of Factory Manager
Depreciation of Equipment
Wilton Company estimated the manufacturing overhead to be $280,000 and the direct labour hours to be 14,000 for the year 2018. The actual manufacturing overhead was $120,000 and the actual direct labour hours were 9,000. Overhead is applied on direct labour hours. Is overhead underapplied or overapplied and by how much?
Overhead is underapplied by $50,000
Overhead is underapplied by $60,000
Overhead is overapplied by $50,000
Overhead is overapplied by $60,000
Which of the following is not a reason for estimating overhead?
It makes it possible to estimate the total job costs sooner
Actual overhead for the period is not known until the end of the period or the following period
Seasonal factors and fluctuation in business cycles is another reason
It results in a higher chance of profit
Direct Materials: $100,000
Direct Labour: $50,000
Manufacturing Overhead: $60,000
Beginning WIP Inventory: $10,000
Ending WIP Inventory: $30,000
What is the cost of goods manufactured(COGM)?
$230,000
$250,000
$190,000
$70,000
COGM is the total amount of expenses incurred to turn WIP inventory into __________.
raw materials inventory
finished goods inventory
cost of goods sold
total manufacturing costs
Which of the following is not an advantage of Activity Based costing compared to Traditional Costing:
Allocates cost of overheads accurately
Eliminates the non value added activities
Uses a single cost driver
More effective overhead cost control
In April 2020, if the cost of goods manufactured exceed manufacturing costs by $58,000, which of the following is applicable?
An increase in ending work in process by $58,000
A decrease in ending work in process by $58,000
Cost of goods sold increased by $58,000
Finished finished goods increased by $58,000
