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1. A manufacturing firm's cost of goods produced is equivalent to merchandising firm's:

a. Cost of goods purchased.
b. Cost of goods available.
c. Beginning merchandise inventory.
d. Ending merchandise inventory.
e. Cost of goods sold.

2. At the present year-end, Hardly Company found that its overhead was under applied by $2,500, and this amount was not deemed to be material amount. Based on this information, Hardly must:

a. Carry $2,500 to the next period.
b. Do nothing about $2,500, as it is not material, and it is probable that overhead will be over applied by same amount next year.
c. Close $2,500 to Finished Goods Inventory.
d. Carry $2,500 to the income statement as "Other Expense"
e. Close $2,500 to Cost of Goods Sold.

3. The three major cost components of manufactured product are:

a. General, selling, and administrative costs.
b. Marketing, selling, and administrative costs.
c. Differential costs, opportunity costs, and sunk costs.
d. Indirect labor, indirect materials, and miscellaneous factory expenses.
e. Direct materials, direct labor, and factory overhead.

4. Sales level at which company neither earns profit nor incurs a loss is:

a. Step-wise variable level.
b. Relevant range.
c. Break-even point.
d. Contribution margin.
e. Margin of safety.

5. Regardless of system utilized in departmental cost analysis:

a. Direct costs are allocated, indirect costs are not.
b. Indirect costs are allocated, direct costs are not.
c. Total departmental costs will always be the same.
d. Neither direct nor indirect costs are allocated.
e. Both direct and indirect costs are allocated.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918921

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