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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