40 Free Test Bank for Principles of Cost Accounting 14th Edition by Vanderbeck 

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The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities is a:

•  a.Manufacturer.
•  b.Merchandiser.
•  c.Service business.
•  d.Not-for-profit service agency.

Under a job order system of cost accounting, the dollar amount of the entry to transfer inventory from Work in Process to Finished Goods is the sum of the costs charged to all jobs:

•  a.In process during the period.
•  b.Completed and sold during the period.
•  c.Completed during the period.
•  d.Started in process during the period.

Which of the following statements best describes a characteristic of a performance report prepared for use by a production line department head?

•  a.The costs in the report should include only those controllable by the department head.
•  b.The report should be stated in dollars rather than in physical units so the department head knows the financial magnitude of any variances.
•  c.The report should include information on all costs chargeable to the department, regardless of their origin or control.
•  d.It is more important that the report be precise than timely.

The term "prime cost" refers to:

•  a.The sum of direct labor costs and all factory overhead costs.
•  b.The sum of raw material costs and direct labor costs.
•  c.All costs associated with manufacturing other than direct labor costs and raw material costs.
•  d.Manufacturing costs incurred to produce units of output.

Unit cost information is important for making all of the following marketing decisions except:

•  a.Determining the selling price of a product.
•  b.Bidding on contracts.
•  c.Determining the amount of advertising needed to promote the product.
•  d.Determining the amount of profit that each product earns.

The business entity that purchases finished goods for resale is a:

•  a.Manufacturer.
•  b.Merchandiser.
•  c.Service business.
•  d.For-profit service business.

Payroll is debited and Wages Payable is credited to:

•  a.Pay the payroll taxes.
•  b.Record the payroll.
•  c.Pay the payroll.
•  d.Distribute the payroll.

An industry that would most likely use process costing procedures is:

•  a.Beverage.
•  b.Home Construction.
•  c.Printing.
•  d.Shipbuilding.

At a certain level of operations, per unit costs and profit are as follows: manufacturing costs, $50; selling and administrative expenses, $10; desired profit, $20. Given this information, the mark-on percentage to manufacturing cost used to determine selling price must have been:

•  a.40 percent.
•  b.60 percent.
•  c.33 percent.
•  d.25 percent.

A typical factory overhead cost is:

•  a.Freight out.
•  b.Stationery and printing.
•  c.Depreciation on machinery and equipment.
•  d.Postage.

The term "conversion costs" refers to:

•  a.The sum of direct labor costs and all factory overhead costs.
•  b.The sum of raw material costs and direct labor costs.
•  c.All costs associated with manufacturing other than direct labor costs.
•  d.Direct labor costs incurred to produce units of output.

Which of the following items of cost would be least likely to appear on a performance report based on responsibility accounting for the supervisor of an assembly line in a large manufacturing situation?

•  a.Direct labor
•  b.Supervisor's salary
•  c.Materials
•  d.Repairs and maintenance

Under a job order system of cost accounting, Cost of Goods Sold is debited and Finished Goods is credited for a:

•  a.Transfer of materials to the factory.
•  b.Shipment of completed goods to the customer.
•  c.Transfer of completed production to the finished goods storeroom.
•  d.Purchase of goods on account.

Factory overhead includes:

•  a.Indirect labor but not indirect materials.
•  b.Indirect materials but not indirect labor.
•  c.All manufacturing costs, except indirect materials and indirect labor.
•  d.All manufacturing costs, except direct materials and direct labor.

When should process costing techniques be used in assigning costs to products?

•  a.In situations where standard costing techniques should not be used
•  b.If the product is composed of mass-produced homogeneous units
•  c.When production is only partially completed during the accounting period
•  d.If the product is manufactured on the basis of each order received