Accounting

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Question 1 In most business organizations, the chief management accountant is called the: chief accounting officer controller chairman of the board chief executive officer Question 2 All of the following employees hold line positions in Anthea Electric EXCEPT: vice president of production vice president of finance manager of the Valhalla Plant vice president of sales Question 3 Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as: factory overhead cost miscellaneous expense product costs other manufacturing costs Question 4 Which of the following costs are referred to as conversion costs? Direct labor cost and factory overhead cost Direct materials cost and direct labor cost Factory overhead cost Direct materials cost and factory overhead cost Question 5 Which of the following manufacturing costs is an indirect cost of producing a product? Oil lubricants used for factory machinery Commissions for sales personnel Hourly wages of an assembly worker Memory chips for a microcomputer manufacturer Question 6 Conversion costs are direct materials and direct labor direct materials and factory overhead factory overhead and direct labor direct materials and indirect labor Question 7 The following are all product costs except: Direct materials
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Sales and administrative expenses Direct labor Factory overhead Question 8 One on the following will not be found on the balance sheet of a manufacturing company. cost of goods sold materials work in process finished goods Question 9 Which of the following accounts will be found on the income statement? inventory work in process finished goods cost of merchandise sold Question 10 Product costs appear only on the balance sheet appear only on the income statement are expensed as costs are incurred for direct labor, direct material and factory overhead appear on both the income statement and balance sheet Question 11 For which of the following businesses would the process cost system be appropriate? Book retailer Dress designer Lumber mill Printing firm Question 12 Which of the following products probably would be manufactured using a job order costing system? Number 2 pencils Computer monitors. Wedding invitations. Paper. Question 13 Which of the following is not true about why a service firm will use the job order costing system? to help control costs to determine client billing to determine department costs within the firm to determine profit Question 14 Which of the following costs are NOT included in finished goods inventory?
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Direct labor Factory overhead Company president's salary Direct materials Question 15 Which of the following is the correct flow of manufacturing costs? Raw materials, work in process, finished goods, cost of
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This document was uploaded on 03/09/2012.

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test 1 - Question 1 In most business organizations, the...

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