Workshop 4 - Exam 2

Workshop 4 - Exam 2 - Grade Delivery Page 1 of 12 Points...

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Points Awarded 70.00 Points Missed 30.00 Percentage 70.0% 1. Managerial accounting applies to each of the following types of businesses except A) service firms. B) merchandising firms. C) manufacturing firms. D) Managerial accounting applies to all types of firms. Points Earned: 2.0/2.0 Correct Answer(s): D 2. The major reporting standard for presenting managerial accounting information is A) relevance. B) generally accepted accounting principles. C) the cost principle. D) the current tax law. Points Earned: 2.0/2.0 Correct Answer(s): A 3. The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is A) manufacturing overhead. B) indirect materials. C) indirect labor. D) direct labor. Points Earned: 2.0/2.0 Correct Answer(s): D 4. Which one of the following is not a direct material? A) A tire used for a lawn mower B) Plastic used in the covered case for a home PC C) Steel used in the manufacturing of steel-radial tires D) Lubricant for a ball-bearing joint for a large crane Points Earned: 2.0/2.0 Correct Answer(s): D Page 1 of 12 Grade Delivery 11/29/2009 https://lms.bvu.edu/Section/Assessment/Question/GradeDelivery.aspx?entryId=724ad589. ..
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5. The wages of a timekeeper in the factory would be classified as A) a period cost. B) direct labor. C) indirect labor. D) compliance costs. Points Earned: 2.0/2.0 Correct Answer(s): C 6. Manufacturing costs that cannot be classified as either direct materials or direct labor are known as A) period costs. B) nonmanufacturing costs. C) selling and administrative expenses. D) manufacturing overhead. Points Earned: 2.0/2.0 Correct Answer(s): D 7. Which one of the following costs would not be inventoriable? A) Period costs B) Factory insurance costs C) Indirect materials D) Indirect labor costs Points Earned: 2.0/2.0 Correct Answer(s): A 8. Sales commissions are classified as A) overhead costs B) period costs. C) product costs. D) indirect labor. Points Earned: 2.0/2.0 Correct Answer(s): B 9. On the costs of goods manufactured schedule, depreciation on factory equipment A) is not listed because it is included with Depreciation Expense on the income statement. B) appears in the manufacturing overhead section. C) is not listed because it is not a product cost. Page 2 of 12 Grade Delivery 11/29/2009 https://lms.bvu.edu/Section/Assessment/Question/GradeDelivery.aspx?entryId=724ad589. ..
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D) is not an inventoriable cost. Points Earned: 0.0/2.0 Correct Answer(s): B 10. Neeley Manufacturing Company reported the following year-end information: Neeley Manufacturing Company's cost of goods manufactured for the year is A) $2,280,000. B) $2,460,000. C) $2,100,000. D) $2,640,000. Beginning work in process inventory
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This note was uploaded on 09/24/2011 for the course MGMT 201 taught by Professor Parkin during the Fall '10 term at Buena Vista.

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Workshop 4 - Exam 2 - Grade Delivery Page 1 of 12 Points...

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