Ch 14V Concept Overview Videos

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Question #1

Topeka Manufacturing reported sales of $750,000 during the current year. The company used $300,000 of raw materials to produce the units that were sold. Its raw materials inventory totaled $10,000 at the beginning of the year and $14,000 at the end of the year. What is the company’s days’ sales in raw materials inventory at the end of the current year?

A 17.03 days

B 6.81 days

C 0.04 days

D 14.60 days

Question #2

A 62.5

B 53.6

C 21.4

D 25.0

Question #3

A focus on financial, social, and environmental measures is known as

A Continuous improvement

B Corporate social responsibility

C Total quality management

D Triple bottom line

Question #4

Which is the lean principle where managers and employees seek to uncover waste in business activities including accounting activities such as payroll and disbursements?

A Value chain

B Continuous improvement

C Total quality management

D Just-in-time manufacturing

Question #5

Which of these phrases describes the fact that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly?

A Customer orientation

B E-commerce

C Global economy

D Value chain

E Service economy

Question #6

Which of the following are sections of the Schedule of Cost of Goods Manufactured?

A Direct Labor, Direct Materials, Cost of Goods Sold , Cost of Goods Manufactured

B Direct Labor, Direct Materials, Factory Overhead, Net Income

C Direct Labor, Direct Materials, Factory Overhead, Cost of Goods Manufactured

D Direct Labor, Cost of Goods Sold , Factory Overhead, Cost of Goods Manufactured

Question #7

Select the items that are classified as a materials activity.

A Work in process beginning inventory, Raw materials used

B Raw materials beginning inventory, Raw materials purchases

C Factor overhead used, Work in process beginning inventory

D Direct labor used, Factor overhead used

E Goods manufactured, Direct labor used

Question #8

Assume that Speedboat Company has beginning finished goods inventory of $10,000; ending finished goods inventory of $150,000; goods available for sale of $210,000; and cost of goods manufactured of $200,000. What is its cost of goods sold?

A $340,000

B $20,000

C $60,000

D $370,000

E $50,000

Question #9

Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of $25,000; cost of goods manufactured of $320,000; and ending finished goods inventory of $32,000. What is the cost of goods available for sale?

A $340,000

B $305,000

C $350,000

D $345,000

Question #10

The main difference on the income statement between a manufacturer and a merchandiser includes:

A items making up raw materials inventory

B selling and administrative expenses

C revenue

D items making up cost of goods sold

Question #11

Completed products ready for sale are referred to as:

A work in process inventory

B cost of goods sold inventory

C finished goods inventory

D raw materials inventory

Question #12

What are prime costs?

A Cost of obtaining the merchandise inventory

B Direct Material + Direct Labor + Factory Overhead

C Direct Labor + Factory Overhead

D Direct Material + Direct Labor

Question #13

A service company has the following costs.

A direct materials, product costs

B expensed in the period incurred, product costs

C direct materials, overhead costs

D overhead costs, expensed in the period incurred

Question #14

The cost of handlebars on a bicycle are considered:

A fixed and direct

B variable and fixed

C variable and direct

D variable and indirect

Question #15

Common examples of _____ costs include selling expenses and general office personnel, advertising expenses, and depreciation of office equipment.

A Variable

B Fixed

C Product

D Period

Question #16

____ costs are traceable to a single cost object

A Fixed

B Direct

C Indirect

D Variable

Question #17

Sales commissions computed as a percent of sales revenue are _____ costs.

A mixed

B fixed

C curvilinear

D step-wise

E variable

Question #18

What is the most common type of fraud?

A robbery

B collusion

C arson

D customer theft

E employee theft

Question #19

Match each concept with the correct accounting system
The purpose of the information is to assist managers in making planning and control decision.

A Financial Accounting System

B Managerial Accounting System

Question #20

Match each concept with the correct accounting system
Structured and controlled by GAAP

A Financial Accounting System

B Managerial Accounting System

Question #21

The purposes of managerial accounting are to provide useful information to aid in:

A reviewing past activities, determining costs of employee wages and salaries.

B determining costs of products and services, determining costs of employee wages and salaries.

C reviewing past activities, comparing actual to planned results

D determining costs of products and services, comparing actual to planned results.

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Ch 14V Concept Overview Videos

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