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Chapter One Test

Enter the letter for the matching Answer
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1.
A direct cost is a cost that is
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2.
The institute of Management Accountants' Statement of Ethical Professional Practice requires members to
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3.
Whether a cost is controllable or not controllable by and employee depends on the employee's level responsiblity
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4.
Materials activities include:
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5.
Which of the following are the variable costs relative to number of units produced and sold?
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6.
A merchadising company usually has one inventory account while a manufacturing company usually has ___ inventory accounts.
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7.
Characteristics of fraud include:
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8.
Prime cost
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9.
Factory overhead costs normally include all of the following except
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10.
The primary difference between the income statement for a merchandising company and a manufacturing company is the _____________ section.
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11.
Factory overhead costs include
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12.
Products that have been completed and are ready to be sold by the manufacturer are called
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13.
Another title for goods in process inventory is:
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14.
Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs are called
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15.
Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called:
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16.
JIT manufacturing
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17.
TQM
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18.
total factory overhead costs would be
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19.
Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines.
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20.
An Opportunity cost is
A.
selling costs
B.
Act with integrity Be competent
C.
refers to the direct cost of manufacturing an item. cost of raw materials + cost of labor directly associated with production process.
D.
indirect labor costs indirect material costs machinery oil factory rent
E.
Materials used in production Insurance premiums commissions based on sales
F.
Evaluating business activities with a focus on improving quality.
G.
a cost of potential benefit lost.
H.
Factory overhead.
I.
Employer has a loss of assets Benefits the employee Hidden from the employer
J.
works in process inventory
K.
Establishing better relationships with vendors to ensure on-time delivery of quality raw materials.
L.
purchasing materials storing materials
M.
Three
N.
finished goods inventory
O.
traceable to a cost object.
P.
true
Q.
cost of goods sold
R.
fixed indirect
S.
factory overhead
T.
indirect materials cost indirect labor costs maintenance of factory equipment
Type the Answer that corresponds to the displayed Question.
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21.
Manufacturing statement must be prepared every month as required by the general purpose financial statement
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22.
activities such as using materials and labor to produce finished products are considered
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23.
Financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a
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24.
Labor costs that are clearly associated with specific units or batches of product because the labor is used to convert raw materials into finished products called are:
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25.
Materials that are used in support of the production process but that do not become a part of the product and are not clearly identified with units or batches of product are called
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26.
Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers
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27.
Which of the following terms does not represent a difference between financial and managerial accounting?
Type the Question that corresponds to the displayed Answer.
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28.
updating the company's website to promote online sales transactions
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29.
Consists of organization-wide efforts to install and make permanent a climate in which an organization continuously improves its ability to deliver high quality products and services to customers. Depends heavily on previously developed quality control.
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30.
methodology for identifying the most important limiting factor (i.e. constraint) that stands in the way of achieving a goal and then systematically improving that constraint until it is no longer the limiting factor.

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