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1. Controller's staff frequently comprises of many management accountants. All of given would most likely be on controller's staff except ________. 

i) General accountants

ii) Budgets and budget analysts

iii) Investments and shareholder relations managers

iv) Cost accountants

2) Which of the given is false in regards to direct materials for auto manufacturer?

i) Steel would probably be a direct material

ii) Upholstery fabric would probably be a direct material

iii) Oil to lubricate factory machines would not be direct material

iv) 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 given is the ex of direct labour cost for airplane manufacturer? 

i) Cost of oil lubricants for factory machinery

ii) Cost of wages of assembly worker

iii) Salary of plant supervisor

iv) Cost of jet engines

4. Which of the given is not prime cost? 

i) Supervisor's wages

ii) Direct labor wages

iii) Machine operator wages

iv) Assembly line wages

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

i) To find out the ending materials inventory

ii) To find out the ending work in process inventory

iii) To find out the amounts transferred to finished goods

iv) All of the answers are true

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

i) To estimate company's stock performance

ii) To estimate performance of a company's operations

iii) To support long-term planning decisions

iv) To find out the cost of manufacturing a product

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  • Category:- Accounting Basics
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