Objective Type Costing Questions

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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