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1. The controller's staff often consists of many management accountants. All of the following would most probable be on the controller's staff EXCEPT ________.

a) general accountants
b) budgets and budget analysts
c) investments and shareholder relations managers
d) cost accountants

2. Which of the following is not true in regards to direct materials for the auto manufacturer?

a) Steel would most likely be the direct material
b) Upholstery fabric would most likely be the direct material
c) Oil to lubricate factory machines would not be a direct material
d) Small plastic clips to hold on door panels, as they become part of auto, should be accounted for as direct materials

3. Which of the following is the ex of direct labor cost for the 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

4. Which is not a prime cost?

a) Supervisor’s wages
b) Direct labor wages
c) Machine operator wages
d) Assembly line wages

5. What is the objective of the Statement of Cost of Goods Manufactured?

a) to find out the ending materials inventory
b) to find out the ending work in process inventory
c) to find out the amounts transferred to finished goods
d) all of the answers are true

6. All of the following are ways that managers use managerial information except ________.

a) to estimate the company’s stock performance
b) to estimate the performance of the company’s operations
c) to support long-term planning decisions
d) to find out the cost of manufacturing a product

Accounting Basics, Accounting

  • Category:- Accounting Basics
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