COST ACCOUNTING

38問 • 2年前

問題一覧

The term "relevant range" as used in cost accounting means the range over which

cost relationships are valid.

Which of the following defines variable cost behavior? Total cost reaction to increase in activity Cost per unit reaction to increase in activity

increases, remains constant

When cost relationships are linear, total variable prime costs will vary in proportion to changes in

production volume.

Which of the following would not generally be considered a fixed overhead cost? Straight-line Factory Units-of-production depreciation insurance depreciation

yes yes no

An example of a fixed cost is

straight-line depreciation.

A cost that remains constant in total but varies on a per-unit basis with changes in activity is called a(n)

fixed cost

A(n) ________ cost increases or decreases in intervals as activity changes.

step cost

When the number of units manufactured increases, the most significant change in unit cost will be reflected as a(n)

decrease in the fixed element.

Which of the following always has a direct cause-effect relationship to a cost? Predictor Cost driver

no, yes

A cost driver

has a direct cause-effect relationship to a cost.

Product costs are deducted from revenue

as goods are sold.

A selling cost is a(n) product cost period cost inventoriable cost

no, yes, no

Which of the following is not a product cost component?

commission on the sale of a product

Period costs

are generally expensed in the same period in which they are incurred.

Period costs include

yes no yes

The three primary inventory accounts in a manufacturing company are

Raw Material Inventory, Work in Process Inventory, and Finished Goods Inventory.

Cost of Goods Sold is an

expired product cost.

The indirect costs of converting raw material into finished goods are called

overhead costs.

Which of the following would need to be allocated to a cost object?

indirect production costs

Conversion cost does not include

direct material.

The distinction between direct and indirect costs depends on whether a cost

can be conveniently and physically traced to a cost object under consideration

Broussard Company is a construction company that builds houses on special request. What is the proper classification of the carpenters' wages?

yes no yes

Broussard Company is a construction company that builds houses on special request. What is the proper classification of the cost of the cement building slab used? Direct Fixed

yes no

Broussard Company is a construction company that builds houses on special request. What is the proper classification of indirect material used? Prime Conversion Variable

no yes yes

Which of the following costs would be considered overhead in the production of chocolate chip cookies?

oven electricity

All costs related to the manufacturing function in a company are

product costs

Prime cost consists of direct material direct labor overhead

yes yes no

Plastic used to manufacture dolls is a prime cost product cost direct cost fixed cost

yes yes yes no

The term "prime cost" refers to

the raw material used and direct labor costs.

Conversion of inputs to outputs is recorded in the

Work in Process Inventory account.

In a perpetual inventory system, the sale of items for cash consists of two entries. One entry is a debit to Cash and a credit to Sales. The other entry is a debit to

Cost of Goods Sold and a credit to Finished Goods Inventory.

The formula to compute cost of goods manufactured is

beginning Work in Process Inventory plus direct labor plus direct material used plus overhead incurred minus ending Work in Process Inventory.

The final figure in the Schedule of Cost of Goods Manufactured represents the

total cost of goods completed for the period.

The formula for cost of goods sold for a manufacturer is

beginning Finished Goods Inventory plus Cost of Goods Manufactured minus ending Finished Goods Inventory.

Which of the following replaces the retailing component "Purchases" in computing Cost of Goods Sold for a manufacturing company?

cost of goods manufactured

Costs that are incurred to preclude defects and improper processing are:

prevention costs

Costs that are incurred for monitoring and inspecting are:

appraisal costs

Costs that are incurred when customers complain are:

failure costs

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問題一覧

The term "relevant range" as used in cost accounting means the range over which

cost relationships are valid.

Which of the following defines variable cost behavior? Total cost reaction to increase in activity Cost per unit reaction to increase in activity

increases, remains constant

When cost relationships are linear, total variable prime costs will vary in proportion to changes in

production volume.

Which of the following would not generally be considered a fixed overhead cost? Straight-line Factory Units-of-production depreciation insurance depreciation

yes yes no

An example of a fixed cost is

straight-line depreciation.

A cost that remains constant in total but varies on a per-unit basis with changes in activity is called a(n)

fixed cost

A(n) ________ cost increases or decreases in intervals as activity changes.

step cost

When the number of units manufactured increases, the most significant change in unit cost will be reflected as a(n)

decrease in the fixed element.

Which of the following always has a direct cause-effect relationship to a cost? Predictor Cost driver

no, yes

A cost driver

has a direct cause-effect relationship to a cost.

Product costs are deducted from revenue

as goods are sold.

A selling cost is a(n) product cost period cost inventoriable cost

no, yes, no

Which of the following is not a product cost component?

commission on the sale of a product

Period costs

are generally expensed in the same period in which they are incurred.

Period costs include

yes no yes

The three primary inventory accounts in a manufacturing company are

Raw Material Inventory, Work in Process Inventory, and Finished Goods Inventory.

Cost of Goods Sold is an

expired product cost.

The indirect costs of converting raw material into finished goods are called

overhead costs.

Which of the following would need to be allocated to a cost object?

indirect production costs

Conversion cost does not include

direct material.

The distinction between direct and indirect costs depends on whether a cost

can be conveniently and physically traced to a cost object under consideration

Broussard Company is a construction company that builds houses on special request. What is the proper classification of the carpenters' wages?

yes no yes

Broussard Company is a construction company that builds houses on special request. What is the proper classification of the cost of the cement building slab used? Direct Fixed

yes no

Broussard Company is a construction company that builds houses on special request. What is the proper classification of indirect material used? Prime Conversion Variable

no yes yes

Which of the following costs would be considered overhead in the production of chocolate chip cookies?

oven electricity

All costs related to the manufacturing function in a company are

product costs

Prime cost consists of direct material direct labor overhead

yes yes no

Plastic used to manufacture dolls is a prime cost product cost direct cost fixed cost

yes yes yes no

The term "prime cost" refers to

the raw material used and direct labor costs.

Conversion of inputs to outputs is recorded in the

Work in Process Inventory account.

In a perpetual inventory system, the sale of items for cash consists of two entries. One entry is a debit to Cash and a credit to Sales. The other entry is a debit to

Cost of Goods Sold and a credit to Finished Goods Inventory.

The formula to compute cost of goods manufactured is

beginning Work in Process Inventory plus direct labor plus direct material used plus overhead incurred minus ending Work in Process Inventory.

The final figure in the Schedule of Cost of Goods Manufactured represents the

total cost of goods completed for the period.

The formula for cost of goods sold for a manufacturer is

beginning Finished Goods Inventory plus Cost of Goods Manufactured minus ending Finished Goods Inventory.

Which of the following replaces the retailing component "Purchases" in computing Cost of Goods Sold for a manufacturing company?

cost of goods manufactured

Costs that are incurred to preclude defects and improper processing are:

prevention costs

Costs that are incurred for monitoring and inspecting are:

appraisal costs

Costs that are incurred when customers complain are:

failure costs