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 0.04 days

B 6.81 days

C 17.03 days

D 14.60 days

Question #2

A 62.5

B 21.4

C 53.6

D 25.0

Question #3

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

A Total quality management

B Continuous improvement

C Triple bottom line

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 Value chain

D Total quality management

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 Service economy

B Global economy

C Customer orientation

D Value chain

E E-commerce

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 Raw materials beginning inventory, Raw materials purchases

B Factor overhead used, Work in process beginning inventory

C Work in process beginning inventory, Raw materials used

D Goods manufactured, Direct labor used

E Direct labor used, Factor overhead 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 $370,000

C $50,000

D $20,000

E $340,000

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 $345,000

C $350,000

D $305,000

Question #10

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

A selling and administrative expenses

B items making up cost of goods sold

C items making up raw materials inventory

D revenue

Question #11

Completed products ready for sale are referred to as:

A finished goods inventory

B work in process inventory

C raw materials inventory

D cost of goods sold inventory

Question #12

What are prime costs?

A Direct Material + Direct Labor

B Direct Material + Direct Labor + Factory Overhead

C Cost of obtaining the merchandise inventory

D Direct Labor + Factory Overhead

Question #13

A service company has the following costs.

A direct materials, product costs

B overhead costs, expensed in the period incurred

C direct materials, overhead costs

D expensed in the period incurred, product costs

Question #14

The cost of handlebars on a bicycle are considered:

A variable and indirect

B fixed and direct

C variable and direct

D variable and fixed

Question #15

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

A Variable

B Product

C Fixed

D Period

Question #16

____ costs are traceable to a single cost object

A Direct

B Variable

C Fixed

D Indirect

Question #17

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

A curvilinear

B variable

C fixed

D mixed

E step-wise

Question #18

What is the most common type of fraud?

A customer theft

B collusion

C arson

D robbery

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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