Filters
Question type
Study Flashcards

Robin Company has the following balances for the current month: Robin Company has the following balances for the current month: What are Robin's conversion costs? A) $70,400 B) $60,800 C) $91,200 D) $57,600 What are Robin's conversion costs?


A) $70,400
B) $60,800
C) $91,200
D) $57,600

E) A) and B)
F) B) and D)

Correct Answer

verifed

verified

Financial accounting information is reported for the company as a whole.

A) True
B) False

Correct Answer

verifed

verified

For each of the following independent cases,compute the missing values: For each of the following independent cases,compute the missing values:

Correct Answer

verifed

verified

blured image Prime costs are the total of direct mat...

View Answer

Mariposa Manufacturing builds custom wooden cabinets.Mariposa Manufacturing has reported the following costs for the previous year.Assume no production inventories. Mariposa Manufacturing builds custom wooden cabinets.Mariposa Manufacturing has reported the following costs for the previous year.Assume no production inventories. Compute the following: a.Direct material costs b.Direct labor cost c.Manufacturing overhead d.Total manufacturing cost e.Prime cost f.Conversion cost g.Total period cost Compute the following: a.Direct material costs b.Direct labor cost c.Manufacturing overhead d.Total manufacturing cost e.Prime cost f.Conversion cost g.Total period cost

Correct Answer

verifed

verified

a.Direct materials cost: $151,000 = $34,...

View Answer

Which of the following cannot be an out-of-pocket cost?


A) A direct cost
B) An opportunity cost
C) A variable cost
D) A period cost

E) All of the above
F) B) and D)

Correct Answer

verifed

verified

Which of the following costs is not relevant to the decision whether to replace an old computer with a new one?


A) The cost of the new computer.
B) The cost of the old computer.
C) The cost of a service plan on the new computer.
D) The cost to repair the old computer if a new computer is not purchased.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

What determines the difference between a product cost and a period cost?


A) Whether the cost changes when activity levels change.
B) Whether the cost is relevant to a particular decision.
C) Whether the cost can be traced to a specific cost object.
D) When the cost will be matched against revenue on the income statement.

E) C) and D)
F) All of the above

Correct Answer

verifed

verified

Which of the following statements concerning costs is incorrect?


A) Costs are treated differently depending on how the information will be used.
B) Out-of-pocket costs include the costs associated with not taking a particular course of action.
C) Any single cost can be classified in more than one way.
D) Costs can be categorized on the basis of relevant or irrelevant costs.

E) All of the above
F) A) and D)

Correct Answer

verifed

verified

An opportunity cost is:


A) the foregone benefit of the path not taken.
B) an actual outlay of cash.
C) the initial investment required to pursue an opportunity.
D) a cost that cannot be traced to a specific cost object.

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Which of the following does not describe the Implementing function within the management cycle?


A) Leading,directing,and motivating others to achieve the plan's goals
B) Arranging the necessary resources to carry out the plan
C) Taking actions to implement the plan
D) Setting short- and long-term objectives

E) All of the above
F) A) and B)

Correct Answer

verifed

verified

All manufacturing costs are inventoriable costs.

A) True
B) False

Correct Answer

verifed

verified

When are period costs counted as inventory?


A) Before products are sold.
B) After products are sold.
C) After products are completed,but before they are sold.
D) Never.

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

The cost of not doing something is a(n) :


A) out-of-pocket cost.
B) opportunity cost.
C) direct cost.
D) cost object.

E) A) and B)
F) A) and D)

Correct Answer

verifed

verified

Salon de Beauty,a local hair salon,incurred the following costs last month.Place an "X" in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is customers served. Salon de Beauty,a local hair salon,incurred the following costs last month.Place an X in the appropriate column to indicate whether they are direct or indirect,and whether they are variable or fixed.The cost object is customers served.

Correct Answer

verifed

verified

blured image Costs that can be traced directly to a ...

View Answer

Manufacturing costs are:


A) always relevant.
B) always fixed.
C) the costs incurred to produce a final product.
D) split into prime costs and conversion costs.

E) A) and D)
F) A) and C)

Correct Answer

verifed

verified

Descriptive analytics uses patterns and insights from collected data to show what has happened.

A) True
B) False

Correct Answer

verifed

verified

Which of the following is not true about how the Sarbanes-Oxley Act counteracts incentives for committing fraud?


A) It provides for stiffer monetary penalties.
B) It increases the maximum jail sentence for fraudulent reporting.
C) It removes legal protection from whistleblowers.
D) It provides that violators must repay any money obtained via fraud and pay fines.

E) All of the above
F) None of the above

Correct Answer

verifed

verified

Which of the following is not a characteristic of financial accounting?


A) Information is reported at the decision making level.
B) Information is used by external parties.
C) Information is objective,reliable and historical.
D) Reports are prepared periodically.

E) None of the above
F) A) and C)

Correct Answer

verifed

verified

A cost that has already been incurred is called a(n) ________ cost.


A) indirect
B) sunk
C) relevant
D) opportunity

E) B) and C)
F) All of the above

Correct Answer

verifed

verified

For each of the following independent cases,compute the missing values: For each of the following independent cases,compute the missing values:

Correct Answer

verifed

verified

blured image Prime costs are the total of direct mat...

View Answer

Showing 61 - 80 of 142

Related Exams

Exam 2

Job Order Costing

132 Questions

Exam 3

Process Costing

132 Questions

Exam 4

Activity-Based Costing and Cost Management

132 Questions

Exam 5

Cost Behavior

131 Questions

Exam 6

Cost-Volume-Profit Analysis

123 Questions

Exam 7

Incremental Analysis for Short-Term Decision Making

137 Questions

Exam 8

Budgetary Planning

127 Questions

Exam 9

Standard Costing and Variance Analysis

127 Questions

Exam 10

Decentralized Performance Evaluation

126 Questions

Exam 11

Capital Budgeting

126 Questions

Exam 12

Statement of Cash Flows

203 Questions

Exam 13

Measuring and Evaluating Financial Performance

141 Questions

Show Answer