Southwestern ACCT111 Chapter 1 Quiz Latest 2021

ACCT111 Managerial Accounting

Chapter 1 Quiz

Question 1 Which of the following are considered to be management’s three broad functions?

Controlling, directing, manufacturing

Planning, calculating, controlling

Planning, directing, controlling

Conducting, directing, manufacturing

Question 2Which of the following answer choices lists the three manufacturing costs?

Work in process, finished goods, and cost of goods sold

Direct materials, direct labor and manufacturing overhead

Raw materials, work in process and finished goods

Indirect materials, indirect labor and factory related costs

Question 3Product costs include each of the following except:

Selling and administrative expenses

Direct materials

Manufacturing overhead

Direct labor

Question 4Pharmco incurred the following costs while manufacturing its product: Materials used in production, $120,000; factory depreciation, $60,000; property taxes on the administrative offices, $12,000; labor costs of assembly-line workers, $95,000; factory supplies used, $8,000; advertising expense, $13,000; property taxes on the factory, $20,000; delivery expense, $23,000; salaries of the sales staff, $53,000; and sales commissions, $17,000. The total product costs for Pharmco are

$303,000

$421,000

$315,000

$391,000

Question 5Which of the following would you find on the income statement of a manufacturing company, but NOT on the income statement of a merchandising company

Cost of goods purchased

Work in process

Raw materials

Cost of goods manufactured

Question 6For the year, Redder Company has cost of goods manufactured of $600,000, beginning finished goods inventory of $200,000, and ending finished goods inventory of $250,000. The cost of goods sold is

$500,000

$550,000

$600,000

$450,000

Question 7A cost of goods manufactured schedule shows beginning and ending inventories for

Raw materials only

Raw materials, work in process and finished goods

Raw materials and work in process only

work in process only

Question 8The cost applicable to units that have been started into production but NOT completed is shown as

Merchandise Inventory

Finished Goods Inventory

Raw Materials Inventory

Work in Process Inventory

Question 9Which of the following costs would a computer manufacturer include in manufacturing overhead?

The cost of the memory chips

Depreciation on testing equipment

The wages earned by computer assemblers

The cost of the disk drives

Question 10Managerial accounting is applicable to:

Service entities

Manufacturing entities

Not for profit entities

all of these