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WorksheetsQUIZ 1 : TOPIC 2 [COSTS : CONCEPT, CLASSIFICATION & COMPONENT]
Total questions: 20
Worksheet time: 20mins
Which of the following costs would a computer manufacturer include in manufacturing overhead?
the costs of the disk drive
the wages earned by computer assemblers
the costs of memory chips
depreciation of testing equipment
Which of the following is not an element of manufacturing overhead?
Sales manager's salary
Plant manager's salary
Factory repairman's salary
Product inspector's salary
Indirect labour is a :
non-manufacturing cost
raw material cost
product cost
period cost
Which of the following costs are classified as a period cost?
wages paid to a factory custodian
wages paid to a production department supervisor
wages paid to a cost accounting department supervisor
wages paid to an assembly worker
Costs of goods available for sale is a step in the calculation of cost of goods sold of :
a merchandising company but not a manufacturing company
a manufacturing company but not a merchandising company
a merchandising company and a manufacturing company
neither a manufacturing company nor a merchandising company
A costs of goods manufactured schedule shows beginning and ending inventories for :
raw materials and work in process
work in process only
raw materials only
raw materials, work in process and finished product
The formula to determine the costs of goods manufactured is :
Beginning raw materials inventory + Total manufacturing costs - Ending work in process inventory
Beginning work in process inventory + Total manufacturing costs - Ending finished goods inventory
Beginning finished goods inventory + Total manufacturing costs - Ending finished goods inventory
Beginning work in process inventory + Total manufacturing costs - Ending work in process inventory
Direct material are :
Product costs and Manufacturing overhead
Product costs
Product costs, Manufacturing overhead and period costs
None of above
Direct materials costs and indirect materials costs are manufacturing overhead.
TRUE
FALSE
Manufacturing costs that cannot be classified as direct materials or direct labour are classified as manufacturing overhead.
TRUE
FALSE
Raw materials are equal to direct materials minus indirect materials.
TRUE
FALSE
Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.
TRUE
FALSE
The total cost of a finished product does not generally contain equal amounts of materials, labour, and overhead costs.
TRUE
FALSE
Both direct labour cost and indirect labour cost are product costs.
TRUE
FALSE
Indirect materials and indirect labour are both inventoriable costs.
TRUE
FALSE
Direct materials and direct labour are the only product costs.
TRUE
FALSE
Period costs are not inventoriable costs.
TRUE
FALSE
The beginning work in process inventory appears on both the Statement of Financial Position and the Statement of Cost of Goods Manufacturing.
TRUE
FALSE
Which one of the following would not be classified as manufacturing overhead?
Indirect labour.
Direct materials
Insurance on factory building
indirect materials.
Which of the following are period costs?
Raw materials
Direct materials and direct labor
Direct labor and manufacturing overhead
Selling expenses
