Ch 3 4E - Multiple Choice Quiz 1 of 2

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Multiple Choice Quiz (See related pages) 1 Which of the following groups of key cost concepts consists of the basic concepts and relationships among cost objectives and cost drivers? A) Operational and management control B) Planning and decision making C) Product and service costing for the preparation of financial statements D) Cost objects, cost drivers, and cost pools 2 Conversion costs is equal to: A) the sum of direct materials used and direct labor costs. B) the sum of direct materials purchased and direct labor costs. C) the sum of direct labor and overhead costs. D) the sum of direct materials used and overhead costs. 3 What kind of costs can be conveniently and economically traced to a cost object or pool? A) Indirect Costs. B) Relevant Costs. C) Direct Costs. D) Overhead Costs. USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 4, 5 AND 6: Below is total cost information for Brady Company: Units produced 5,000 10,000 Fixed costs $50,000 $50,000 Variable cost per unit $8 $8 4 What is the unit fixed costs when production is 10,000 units?
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Ch 3 4E - Multiple Choice Quiz 1 of 2

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