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1. Period costs for manufacturing company would flow directly to:

a. Job cost sheet.
b. The current balance sheet.
c. The current manufacturing statement.
d. Factory overhead.
e. The present income statement.

2. Equivalent units of production are equal to:

a. Number of units introduced into process that period.
b. Number of units which could have been completed if all effort had been applied to units which were started and completed that period.
c. Physical units which were completed this period from all effort being applied to them.
d. Number units actually produced that period.
e. Number of units still in process that period.

3. Using traditional costing approach, which of the given manufacturing costs are allocated to products?

a. Fixed manuFacturing overhead, direct materials and direct labor.
b. Variable manufacturing overhead, direct materials, direct labor and fixed manufacturing overhead.
c. Variable manufacturing overhead, direct materials and direct labor.
d. Direct labor and variable manufacturing head.
e. Direct materials and direct labor.

4. What are three benefits of activity-based costing over traditional volume-based allocation methods?

a. Fewer allocation bases, ease of use, and direct correlation to production volume.
b. More correct product costing, fewer cost objects, and a direct correlation to production volume.
c. More correct product costing, ease of use, less costly to implement.
d. What are three benefits of activity-based costing over traditional volume-based allocation methods.
e. More correct product costing, more effective cost control, and better focus on suitable factors for decision making.

5. Labor costs which are clearly related with specific units or batches of product as the labor is used to convert raw materials into finished products called are:

a. Direct labor.
b. Sunk labor.
c. All of the above.
d. Finished labor.
e. Indirect labor.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918917

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