Objective Type Costing Questions
March 12, 20181 Comment
Objective Type Costing Questions
1. Which one of the following does not appear on the balance sheet of a manufacturing company?
- Raw materials inventory
- Finished goods inventory
- Work in process inventory
- Cost of goods manufacture
2. Cost of goods manufactured is calculated as follows:
- Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP.
- Direct materials used + direct labor + manufacturing overhead – beginning WIP + ending WIP.
- Beginning WIP + direct materials used + direct labor + manufacturing overhead – ending WIP.
- Direct materials used + direct labor + manufacturing overhead – ending WIP – beginning WIP.
3. Which one of the following is an example of a period cost?
- A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer
- Workers’ compensation insurance on factory workers’ wages allocated to the factory
- A box cost associated with computers
- A manager’s salary for work that is done in the corporate head office
4. In determining whether planned goals are being met, a manager is performing the function of
- planning.
- follow-up.
- directing.
- controlling.
5. A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)
- period cost.
- indirect material.
- direct material.
- miscellaneous expense.
6. The management function that requires managers to look ahead and establish objectives is
- controlling.
- directing.
- planning.
- constraining.
7. Managerial accounting information is generally prepared for
- stockholders.
- creditors.
- managers.
- regulatory agencies.
8. Product costs are also called
- direct costs.
- overhead costs.
- inventoriable costs.
- capitalizable costs.
9. Which of the following is not an internal user?
- Creditor
- Department manager
- Controller
- Treasurer
10. Internal reports are generally
- aggregated.
- detailed.
- regulated.
- unreliable.
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