QUIZ
1.
The cost of a manufactured product generally consists of which of the following costs?
[removed]B) Direct labor cost and factory overhead cost
[removed]C) Direct labor cost, direct materials cost, and factory overhead cost
[removed]D) Direct materials cost and direct labor cost
3.
Which of the following is an example of a factory overhead cost?
[removed]B) Factory heating and lighting cost
[removed]C) Insurance premiums on salespersons’ automobiles
[removed]D) President’s salary
4.
Which of the following is expensed as incurred in a manufacturing setting?
[removed]A) Sales commissions
[removed]B) Depreciation of factory buildings
[removed]D) Direct materials used
6.
Managerial accounting
[removed]B) Is governed by generally accepted accounting principles
[removed]C) Is highly discretionary and varies greatly from business to business
[removed]D) Should be considered as a substitute for financial accounting
7.
Which of the following is an example of a variable cost?
[removed]A) Salary of the plant supervisor
[removed]B) Advertising costs
[removed]C) Direct materials
9.
Which of the following accounts is not a current asset on the balance sheet?
[removed]A) Direct Materials
[removed]C) Cost of Goods Sold
[removed]D) Finished goods
11.
Which of the following is an example of an indirect labor cost for an airplane manufacturer?
[removed]B) Cost of wages of assembly worker
[removed]C) Salary of plant supervisor
[removed]D) Cost of jet engines
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?
[removed]B) $24,000
[removed]C) $70,000
[removed]D) $20,000
16.
Cash paid to purchase equipment is:
[removed]A) A financing activity
[removed]B) An investing activity
[removed]C) A noncash activity
17.
On the Statement of Cash Flow, paying dividends is
[removed]A) A financing activity
[removed]B) An investing activity
[removed]C) A noncash activity
18.
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
[removed]A) Their ability to pay debts and dividends
[removed]B) Future cash flows
[removed]D) Future net income
19.
The cash flow statement is the communicating link between the:
[removed]A) Statement of stockholders’ equity and the cash reported on the balance sheet
[removed]C) Cash reported on the balance sheet and the accrual based income statement.
[removed]D) Cash reported on the balance sheet and the statement of goods purchased
20.
Which of the following is NOT a part of operating activities?
[removed]A) Paying dividends
[removed]B) Paying payables
[removed]D) Paying utilities
0 comments