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Chapter 02 - Quiz

Chapter 02 - Quiz - Accounting 245 Cost Accounting Chapter...

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Accounting 245 – Cost Accounting Chapter 2 Quiz - 10 points Name: _______________________________________ True/False Questions 1. Salaries and wages paid to employees in the factory would be considered product costs. T / F 2. Managerial accounting is governed by generally accepted accounting principles (GAAP). T / F Multiple Choice Questions 3. Which of the following would most likely be included as part of manufacturing overhead in the production of a wooden table? A) The amount paid to the individual who stains the table. B) The commission paid to the salesperson who sold the table. C) The cost of glue used in the table. D) The cost of the wood used in the table. 4. Direct materials cost is a: Period cost Product cost A ) Yes No B) No No C) No Yes D ) Yes Yes Use the following to answer questions 5-7: Page 1 of 5
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The following data (in thousands of dollars) have been taken from the accounting records of Karmint Corporation for the just completed year.
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