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Multiple choice
Multiple-choice questions 60. A cost object cannot be: a a geographic region b. a...
The cost allocation base O A. are costs related to a particular cost object that cannot...
The cost allocation base O A. are costs related to a particular cost object that cannot be traced to that cost object in an economically feasible way B. is anything for which a measurement of costs is desired O C. is a systematic way to link an indirect cost or group of indirect costs to cost objects D. is a grouping of individual indirect cost items
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided...
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided by actual quantity of cost-allocation base B) Budgeted annual indirect costs divided by budgeted annual quantity of cost- allocation base C) Actual annual indirect costs divided by budgeted annual quantity of cost- allocation base D) Actual annual indirect costs divided by actual annual quantity of cost-allocation base
1.) A standard cost system: Multiple Choice: (A) Cannot be used in conjunction with a job-cost...
1.) A standard cost system: Multiple Choice: (A) Cannot be used in conjunction with a job-cost system. (B) Is not permissible for financial-reporting purposes. (C.) Is most easily introduced in conjunction with a process-cost system. (D) Is useful for planning but not control purposes. (E.) Is useful for cost control but not planning purposes. 2.) Which one of the following is the difference in direct material costs between the actual cost incurred during the period and the total standard cost...
Multiple Choice 50. Standards may be derived using a. historical data b. the assistance of industrial...
Multiple Choice
50. Standards may be derived using a. historical data b. the assistance of industrial engineers c. benchmarking d. all of the above LO 2 51. Variances are calculated for which of the following reasons a. budgeting b. bookkeeping c. monitoring d. b and c LO 3 52. The process of calculating variances and analysing the reasons they occurred is called a. Benchmarking b. Budget analysis c. Trend analysis d. Variance analysis LO 3 53. Variance analysis includes which...
1） Discuss Predetermined Overhead Rate and how it is applied to determine product cost. Identify 3...
1） Discuss Predetermined Overhead Rate and how it is applied to determine product cost. Identify 3 common manufacturing activities and indicate the best "cost driver" to measure the respective activity costs to the cost object (product/job). 2 ） If you run a food truck selling hamburgers: A) identify the cost object of your business; B) identify 2 examples of direct costs and 2 examples of indirect costs of your business and explain why those costs are direct and indirect costs...
2. Job costing is A) used by businesses to price identical products B) used by businesses...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed 3. Which of the following companies will use a process costing system? A) an oil refining company B) a manufacturer of ships C) a custom kitchen cabinet company D) an advertising firm 4. Job-costing is likely to be used by A) oil...
The IT department's cost data is as follows: Estimated Costs Fixed Costs $ 500,000 Variable, ($300...
The IT department's cost data is as follows: Estimated Costs Fixed Costs $ 500,000 Variable, ($300 per hour) $600,000 Total $1,100,000 IT Departmental Usage: Hours Department A Department B Budgeted 1,100 900 Actual 1,300 1,200 The fixed costs are allocated based on relative budgeted hours with variable costs applied based on actual hours. Department A will be allocated total overhead of: A. $715,000 B. $390,000 C. $605,000 D. $665,000
Multiple Choice (4 Points) ment, identify each a 11. Which of the following is not a...
Multiple Choice (4 Points) ment, identify each a 11. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. comfort. uture production. safety reasons. aterials. cal hardware store. story for manufact 12 Gabriel...
23) Job costing A) records the flow of costs for each product or service B) cannot...
23) Job costing A) records the flow of costs for each product or service B) cannot be used by the service industry C) allocates an equal amount of cost to each wit made during a time period D) is used when each unit of output is identical Explanation: A) 24) Which of the following are reasons for t r ods such as a year, to calculate indirect cost rates? A) shorter the period, the greater is the influence of seasonal...
accounting multiple choice Which of the following best describes the advantages of using a predetermined overhead...
accounting multiple choice
Which of the following best describes the advantages of using a predetermined overhead rate? Select one or more: a. Both (a) and (C) above. b. Overhead costs are applied evenly throughout the year rather than fluctuating from month to month. c. Predetermined rates require managers to wait until long after the accounting period to get an estimate of product costs. d. Total unit costs of production are known sooner than using actual overhead rates, and overhead costs...
The cost allocation base O A. are costs related to a particular cost object that cannot be traced to that cost object in an economically feasible way B. is anything for which a measurement of costs is desired O C. is a systematic way to link an indirect cost or group of indirect costs to cost objects D. is a grouping of individual indirect cost items
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided by actual quantity of cost-allocation base B) Budgeted annual indirect costs divided by budgeted annual quantity of cost- allocation base C) Actual annual indirect costs divided by budgeted annual quantity of cost- allocation base D) Actual annual indirect costs divided by actual annual quantity of cost-allocation base
Multiple Choice
50. Standards may be derived using a. historical data b. the assistance of industrial engineers c. benchmarking d. all of the above LO 2 51. Variances are calculated for which of the following reasons a. budgeting b. bookkeeping c. monitoring d. b and c LO 3 52. The process of calculating variances and analysing the reasons they occurred is called a. Benchmarking b. Budget analysis c. Trend analysis d. Variance analysis LO 3 53. Variance analysis includes which...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed 3. Which of the following companies will use a process costing system? A) an oil refining company B) a manufacturer of ships C) a custom kitchen cabinet company D) an advertising firm 4. Job-costing is likely to be used by A) oil...
Multiple Choice (4 Points) ment, identify each a 11. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. comfort. uture production. safety reasons. aterials. cal hardware store. story for manufact 12 Gabriel...
23) Job costing A) records the flow of costs for each product or service B) cannot be used by the service industry C) allocates an equal amount of cost to each wit made during a time period D) is used when each unit of output is identical Explanation: A) 24) Which of the following are reasons for t r ods such as a year, to calculate indirect cost rates? A) shorter the period, the greater is the influence of seasonal...
accounting multiple choice
Which of the following best describes the advantages of using a predetermined overhead rate? Select one or more: a. Both (a) and (C) above. b. Overhead costs are applied evenly throughout the year rather than fluctuating from month to month. c. Predetermined rates require managers to wait until long after the accounting period to get an estimate of product costs. d. Total unit costs of production are known sooner than using actual overhead rates, and overhead costs...
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