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Module 10 Quiz for accounting, homework help

Module 10 Quiz for accounting, homework help

Daniel Kevins

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Question 1

Beginning direct materials is $100,000 and $20,000 materials were purchased. The ending direct materials are $50,000. How many direct materials were used in production?

A.
$120,000

B.
$170,000

C.
$70,000

D.
$50,000

1 points

Question 2

Which of the following is an example of an indirect labor cost for an airplane manufacturer?

A.
Cost of oil lubricants for factory machinery

B.
Cost of wages of assembly worker

C.
Salary of plant supervisor

D.
Cost of jet engines

1 points

Question 3

On the Statement of Cash Flow, paying dividends is

A.
A financing activity

B.
An investing activity

C.
A noncash activity

D.
An operating activity

1 points

Question 4

What is the purpose of the Statement of Cost of Goods Manufactured?

	A.	to determine the ending materials inventory
	B.	to determine the ending work in process inventory
	C.	to determine the amounts transferred to finished goods
	D.	all of the answers are true

1 points

Question 5

Which one of the following is not how managers use managerial information?

A.
To determine the manufacturing cost of the product

B.
For long term decision making

C.
To determine how the stock is performing

D.
To show how operations are doing

1 points

Question 6

Cash paid to purchase equipment is:

A.
A financing activity

B.
An investing activity

C.
A noncash activity

D.
An operating activity

1 points

Question 7

Which of the following is an example of direct labor cost for an airplane manufacturer?

A.
Cost of oil lubricants for factory machinery

B.
Cost of wages of assembly worker

C.
Salary of plant supervisor

D.
Cost of jet engines

1 points

Question 8

Which of the following is NOT a part of operating activities?

A.
Paying dividends

B.
Paying payables

C.
Earnings revenue

D.
Paying utilities

1 points

Question 9

Managerial accounting

	A.	Focuses primarily on reporting to regulatory agencies
	B.	Is governed by generally accepted accounting principles
	C.	Is highly discretionary and varies greatly from business to business
	D.	Should be considered as a substitute for financial accounting

1 points

Question 10

The cash flow statement is the communicating link between the:

	A.	Statement of stockholders’ equity and the cash reported on the balance sheet
	B.	Income statement and the statement of retained earnings
	C.	Cash reported on the balance sheet and the accrual based income statement.
	D.	Cash reported on the balance sheet and the statement of goods purchased

1 points

Question 11

Which of the following is an example of a factory overhead cost?

	A.	Repair and maintenance cost on the administrative building
	B.	Factory heating and lighting cost
	C.	Insurance premiums on salespersons’ automobiles
	D.	President’s salary

1 points

Question 12

Which of the following is an example of a variable cost?

A.
Salary of the plant supervisor

B.
Advertising costs

C.
Direct materials

D.
Straight-line depreciation on a factory machine

1 points

Question 13

The cost of a manufactured product generally consists of which of the following costs?

	A.	Direct materials cost and factory overhead cost
	B.	Direct labor cost and factory overhead cost
	C.	Direct labor cost, direct materials cost, and factory overhead cost
	D.	Direct materials cost and direct labor cost

1 points

Question 14

Which of the following accounts is not a current asset on the balance sheet?

A.
Direct Materials

B.
Work-in-Process

C.
Cost of Goods Sold

D.
Finished goods

1 points

Question 15

If a company manufactured 10,000 units at a cost of $70,000. They sold 8,000 units for $10 each. What is the gross margin?

A.
$80,000

B.
$24,000

C.
$70,000

D.
$20,000

1 points

Question 16

Which of the following accounts will be found on the income statement?

A.
Inventory

B.
Work in process

C.
Finished goods

D.
Cost of goods sold

1 points

Question 17

Which costs are not affected by the level of production?

A.
Total fixed costs

B.
Direct materials

C.
Direct labor

D.
Total variable costs

1 points

Question 18

Given the following information how much raw material was transferred to work in process on January 31? Inventory on January 1 is $100,000, raw materials purchased in January are $500,000, and raw materials inventory on January 31 is $200,000.

A.
$200,000

B.
$400,000

C.
$600,000

D.
$700,000

1 points

Question 19

Which of the following is expensed as incurred in a manufacturing setting?

A.
Sales commissions

B.
Depreciation of factory buildings

C.
Factory supervisor’s salary

D.
Direct materials used

1 points

Question 20

A lender wants to know if they can collect on their loans. A cash flow statement for the company owing the money will help the lender to predict all EXCEPT

A.
Their ability to pay debts and dividends

B.
Future cash flows

C.
Management decisions

D.
Future net income

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	A.	Cost of oil lubricants for factory machinery
	B.	Cost of wages of assembly worker
	C.	Salary of plant supervisor
	D.	Cost of jet engines

	A.	A financing activity
	B.	An investing activity
	C.	A noncash activity
	D.	An operating activity

	A.	To determine the manufacturing cost of the product
	B.	For long term decision making
	C.	To determine how the stock is performing
	D.	To show how operations are doing

	A.	Paying dividends
	B.	Paying payables
	C.	Earnings revenue
	D.	Paying utilities

	A.	Salary of the plant supervisor
	B.	Advertising costs
	C.	Direct materials
	D.	Straight-line depreciation on a factory machine

	A.	Direct Materials
	B.	Work-in-Process
	C.	Cost of Goods Sold
	D.	Finished goods

	A.	Inventory
	B.	Work in process
	C.	Finished goods
	D.	Cost of goods sold

	A.	Total fixed costs
	B.	Direct materials
	C.	Direct labor
	D.	Total variable costs

	A.	Sales commissions
	B.	Depreciation of factory buildings
	C.	Factory supervisor’s salary
	D.	Direct materials used

	A.	Their ability to pay debts and dividends
	B.	Future cash flows
	C.	Management decisions
	D.	Future net income

	A.	$120,000
	B.	$170,000
	C.	$70,000
	D.	$50,000

	A.	$80,000
	B.	$24,000
	C.	$70,000
	D.	$20,000

	A.	$200,000
	B.	$400,000
	C.	$600,000
	D.	$700,000