1. Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d. Treasurer 2. Internal reports are generally a. aggregated. b. detailed. c. regulated. d. unreliable. 3. The reporting standard for external financialreports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific. 4. A distinguishing feature of managerial accountingisa. external users.b. general-purpose reports.c. very detailed reports.d. quarterly and annual reports. 5. The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a completed job.c. the unit cost of a completed job.d. the cost of goods sold. 6. Which one of the following best describes a jobcost sheet? a. It is a form used to record the costs chargeableto a specific job and to determine the total and unit costs of the completedjob.b. It is used to track manufacturing overhead coststo specific jobs.c. It is used by management to understand how directcosts affect profitability. d. It is a daily form that management uses fortracking worker productivity on which employee raises are based. 7. Manufacturing overhead applied is added to directlabor incurred and to what other item to equal total manufacturing costs forthe period? a. Goods available for sale. b. Raw materials purchased. c. Work in process. d. Direct materials used. 8. At the beginning of the year, Monroe Companyestimates annual overhead costs to be $1,600,000 and that 300,000 machine hourswill be operated. Using machine hours as a base, the amount of overhead appliedduring the year if actual machine hours for the year was 315,000 hours is a. $1,600,000. b. $1,523,809. c. $1,120,000. d. $1,680,000. 9. Which of the following is not used inassigning manufacturing costs to work in process inventory?a. Actual manufacturing overheadb. Time ticketsc. Materials requisitionsd. Predetermined overhead rate 10. At the end of the year, any balance in theManufacturing Overhead account is generally eliminated by adjustinga. Work In Process Inventory.b. Finished Goods Inventory.c. Cost of Goods Sold.d. Raw Materials Inventory. 11. Which of the following is not a fixedcost?a. Direct materialsb. Depreciationc. Lease charged. Property taxes 12. A mixed cost contains a. a variable element and a fixed element. b. both selling and administrative costs.c. both retailing and manufacturing costs.d. both operating and nonoperating costs. 13. A variable cost is a cost thata. varies per unit at every level of activity.b. occurs at various times during the year.c. varies in total in proportion to changes in thelevel of activity.d. may or may not be incurred, depending onmanagement’s discretion.
1. Which of the following is not an internal user?
a. Creditor
b. Department manager
c. Controller
d. Treasurer
2. Internal reports are generally
a. aggregated.
b. detailed.
c. regulated.
d. unreliable.
3. The reporting standard for external financial
reports is
a. industry-specific.
b. company-specific.
c. generally accepted accounting principles.
d. department-specific.
4. A distinguishing feature of
is
a. external users.
b. general-purpose reports.
c. very detailed reports.
d. quarterly and annual reports.
5. The
a. costs chargeable to a specific job.
b. the total costs of a completed job.
c. the unit cost of a completed job.
d. the cost of goods sold.
6. Which one of the following best describes a job
cost sheet?
a. It is a form used to record the costs chargeable
to a specific job and to determine the total and unit costs of the completed
job.
b. It is used to track manufacturing
to specific jobs.
c. It is used by management to understand how direct
costs affect profitability.
d. It is a daily form that management uses for
tracking worker productivity on which employee raises are based.
7. Manufacturing overhead applied is added to direct
labor incurred and to what other item to equal total
the period?
a. Goods available for sale.
b. Raw materials purchased.
c. Work in process.
d. Direct materials used.
8. At the beginning of the year, Monroe Company
estimates annual overhead costs to be $1,600,000 and that 300,000 machine hours
will be operated. Using machine hours as a base, the amount of overhead applied
during the year if actual machine hours for the year was 315,000 hours is
a. $1,600,000.
b. $1,523,809.
c. $1,120,000.
d. $1,680,000.
9. Which of the following is not used in
assigning manufacturing costs to work in process inventory?
a. Actual manufacturing overhead
b. Time tickets
c. Materials requisitions
d. Predetermined overhead rate
10. At the end of the year, any balance in the
Manufacturing Overhead account is generally eliminated by adjusting
a. Work In Process Inventory.
b. Finished Goods Inventory.
c. Cost of Goods Sold.
d. Raw Materials Inventory.
11. Which of the following is not a fixed
cost?
a. Direct materials
b. Depreciation
c. Lease charge
d. Property taxes
12. A mixed cost contains
a. a variable element and a fixed element.
b. both selling and administrative costs.
c. both retailing and manufacturing costs.
d. both operating and nonoperating costs.
13. A variable cost is a cost that
a. varies per unit at every level of activity.
b. occurs at various times during the year.
c. varies in total in proportion to changes in the
level of activity.
d. may or may not be incurred, depending on
management’s discretion.
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