Sample Test 1

Sample Test 1 - BACC 3115 Cost Accounting Sample Test One...

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BACC 3115: BACC 3115: Cost Accounting Cost Accounting Sample Test One Sample Test One Name -------------------------------- Part I-Multiple Choice Questions (15 points) 1. Cost accounting: a. provides information on the efficiency of factory labor b. provides information on the cost of servicing commercial customers c. provides information on the performance of an operating division d. All of these answers are correct. 2. Cost accounting provides all of the following EXCEPT: a. information for management accounting and financial accounting b. pricing information from marketing studies c. financial information regarding the cost of acquiring resources d. nonfinancial information regarding the cost of operational efficiencies 3. To be successful, a company needs to be: a. customer driven b. "driven" by the board of directors c. employee driven d. management driven 4. Cost assignment is: a. always arbitrary b. includes tracing and allocating c. the same as cost accumulation d. finding the difference between budgeted and actual costs 5. Which of the following does NOT affect the direct/indirect classification of a cost? a. the level of budgeted profit for the next year b. the materiality of the cost in question c. available technology to gather information about the cost d. the design of the operation 6. When 10,000 units are produced, fixed costs are $14 per unit. Therefore, when 20,000 units are produced fixed costs will: a. increase to $28 per unit b. remain at $14 per unit c. decrease to $7 per unit d. total $280,000 7. In a job-costing system, a manufacturing firm typically uses an indirect-cost rate to estimate the __________ allocated to a job. a. direct materials b. direct labor c. manufacturing overhead costs d. total costs
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8. Which of the following statements about normal costing is TRUE? a. Direct costs and indirect costs are traced using an actual rate. b. Direct costs and indirect costs are traced using budgeted rates. c. Direct costs are traced using a budgeted rate, and indirect costs are allocated using an actual rate. d. Direct costs are traced using an actual rate, and indirect costs are allocated using a budgeted rate. 9. In a normal costing system, the Manufacturing Overhead Control account: a. is increased by allocated manufacturing overhead b. is credited with amounts transferred to Work-in-Process c. is decreased by allocated manufacturing overhead d. is debited with actual overhead costs 10. All of the following are true of the Work-in-Process Control account EXCEPT that:
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Sample Test 1 - BACC 3115 Cost Accounting Sample Test One...

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