Ch 14V Concept Overview Videos

Navigation » List of Schools » West Los Angeles College » Accounting » Accounting 002 – Intro Accounting II » Spring 2023 » Ch 14V Concept Overview Videos

Need help with your exam preparation?

Existing Quiz Clients Login here

Below are the questions for the exam with the choices of answers:

Try The Exam

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 14.60 days

B 6.81 days

C 0.04 days

D 17.03 days

Question #2

A 21.4

B 25.0

C 53.6

D 62.5

Question #3

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

A Continuous improvement

B Triple bottom line

C Total quality management

D Corporate social responsibility

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 Continuous improvement

B Just-in-time manufacturing

C Total quality management

D Value chain

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 E-commerce

B Service economy

C Customer orientation

D Global economy

E Value chain

Question #6

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

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

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

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 Direct labor used, Factor overhead used

B Factor overhead used, Work in process beginning inventory

C Work in process beginning inventory, Raw materials used

D Raw materials beginning inventory, Raw materials purchases

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 $60,000

B $340,000

C $50,000

D $20,000

E $370,000

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 $345,000

B $340,000

C $305,000

D $350,000

Question #10

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

A items making up cost of goods sold

B selling and administrative expenses

C items making up raw materials inventory

D revenue

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 Direct Labor + Factory Overhead

B Direct Material + Direct Labor

C Direct Material + Direct Labor + Factory Overhead

D Cost of obtaining the merchandise inventory

Question #13

A service company has the following costs.

A direct materials, overhead costs

B expensed in the period incurred, product costs

C overhead costs, expensed in the period incurred

D direct materials, product costs

Question #14

The cost of handlebars on a bicycle are considered:

A variable and fixed

B variable and indirect

C variable and direct

D fixed and direct

Question #15

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

A Period

B Fixed

C Product

D Variable

Question #16

____ costs are traceable to a single cost object

A Indirect

B Fixed

C Direct

D Variable

Question #17

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

A fixed

B step-wise

C mixed

D variable

E curvilinear

Question #18

What is the most common type of fraud?

A collusion

B employee theft

C arson

D customer theft

E robbery

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

B reviewing past activities, comparing actual to planned results

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

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

Try The Exam

Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

Ch 14V Concept Overview Videos

Need help with your exam preparation?

Below are the questions for the exam with the choices of answers:

Christian S.

Tyra

Linda

Manush

We accept payment