accounting exam 1

accounting exam 1

University

27 Qs

quiz-placeholder

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accounting exam 1

accounting exam 1

Assessment

Quiz

Mathematics

University

Medium

Created by

Sofia Privitera

Used 9+ times

FREE Resource

27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following statements is true with respect to the cost of goods sold equation?

Cost of goods sold = beginning merchandise inventory + purchases − ending merchandise inventory

Cost of goods sold = beginning merchandise inventory − purchases + ending merchandise inventory

Cost of goods sold = ending merchandise inventory + purchases − beginning merchandise inventory

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following is not a product cost?

direct materials

sales commission

direct labor

variable manufacturing overhead

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Media Image

3

$174,500

$81,500

$79,500

$84,500

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following statements is true regarding job-order costing?

It is used in situations where many different products, each with unique features, are produced each period.

It is used for manufacturing companies, but not service companies.

It relies on a predetermined overhead rate to apply direct material cost to units of product.

It relies on a predetermined overhead rate to apply direct labor cost to units of product.

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

A predetermined overhead rate includes:

the actual total amount of the allocation base in the denominator.

the fixed portion of the estimated manufacturing overhead cost in the denominator.

the fixed portion of the actual manufacturing overhead cost in the denominator

the estimated total amount of the allocation base in the denominator.

6.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following statements is true regarding the formula used in normal costing for applying overhead cost to a specific job?

The predetermined overhead rate is multiplied by the estimated amount of the allocation base used by the job.

The actual overhead rate is multiplied by the actual amount of the allocation base used by the job.

The predetermined overhead rate is multiplied by the actual amount of the allocation base used by the job.

The actual overhead rate is multiplied by the estimated amount of the allocation base used by the job.

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

A unit product cost is calculated by:

Dividing the total non-manufacturing costs assigned to a job by the total number of units contained in the job.

Dividing the total manufacturing costs assigned to a job by the total number of units contained in the job.

Dividing the total manufacturing and nonmanufacturing costs assigned to a job by the total number of units contained in the job.

Dividing the total nonmanufacturing costs and normal costs assigned to job by the total number of units contained in the job.

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