57 Free Test Bank for Principles of Cost Accounting 16th Edition by Vanderbeck 

In unceasing effort to see what is being done to solve the “puzzle” when students take part in cost accounting classes as well as prepare for their career, we introduce 57 free test bank for Principles of Cost Accounting 16th Edition by Vanderbeck multiple choice questions to students as the reputable resource illustrated by a series of free online questions and available answers of accounting. Just take a few minutes to finish all of them and you will become a talented artist in “playing” with the accounting numbers.

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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?

•  Direct labor
•  Indirect materials
•  Selling expenses
•  Repairs and maintenance

Taylor Logan is an accountant with the Tanner Corporation. Taylor’s duties include preparing reports that focus on both historical and estimated data needed to conduct ongoing operations and do long-range planning. Taylor is a(n)

•  certified financial planner.
•  management accountant.
•  financial accountant.
•  auditor.

ISO 9000 is a set of international standards for:

•  determining the selling price of a product.
•  cost control.
•  quality management.
•  planning.

Witt Company, like most manufacturers, maintains a continuous record of purchases, materials issued into production and balances of all goods in stock, so that inventory valuation data is available at any time. This is an example of a(n)

•  perpetual inventory system.
•  inventory control account.
•  periodic inventory system.
•  inventory cost method.

For a manufacturer, the cost of all materials purchases and on hand to be used in the manufacturing process is:

•  Merchandise Inventory.
•  Finished Goods.
•  Work in Process.
•  Materials.

The process of establishing objectives or goals for the firm and determining the means by which they will be met is:

•  controlling.
•  analyzing profitability.
•  planning.
•  assigning responsibility.

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

•  Manufacturer.
•  Merchandiser.
•  Service business.
•  Not-for-profit service agency.

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

•  Manufacturer.
•  Merchandiser.
•  Service business.
•  For-profit service business.

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

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

A budget:

•  is a monthly financial statement issued to a company’s lenders.
•  is management’s operating plan expressed in units and dollars.
•  documents the production department’s schedule.
•  is the basis for the annual sales forecast.

Inventory accounts for a manufacturer include all of the following except:

•  Merchandise Inventory.
•  Finished Goods.
•  Work in Process.
•  Materials.

In the financial statements, Materials should be categorized as:

•  Revenue.
•  Expenses.
•  Assets.
•  Liabilities.

Umberg Merchandise Company’s cost of goods sold last month was $1,350,000. the Merchandise Inventory at the beginning of the month was $250,000 and there was $325,000 of Merchandise Inventory at the end of the month. Umberg’s merchandise purchases were:

•  $1,350,000
•  $1,275,000
•  $1,425,000
•  $1,675,000

Dan Louis is the supervisor of the Assembly Department of Wiggerman Corporation. He has control over and is responsible for manufacturing costs traced to the department. The Assembly Department is an example of a(n):

•  cost center.
•  inventory center.
•  supervised work center.
•  worker’s center.

For a manufacturer, manufacturing costs incurred to date for goods in various stages of production, but not yet completed is:

•  Merchandise Inventory.
•  Finished Goods.
•  Work in Process.
•  Materials.

A(n) __________ requires estimating inventory balances during the year for interim financial statements and shutting down operations to count all inventory items at the end of the year.

•  periodic inventory system
•  inventory control account
•  perpetual inventory system
•  inventory cost method

The type of merchandiser who purchases goods from the producer and sells them to shops that sell them to the consumer is a:

•  Manufacturer.
•  Retailer.
•  Wholesaler.
•  Service business.

Joshua Company prepares monthly performance reports for each department. The budgeted amounts of wages for the Finishing Department for the month of August and for the eight-month period ended August 31 were $12,000 and $100,000, respectively. Actual wages paid through July were $91,500, and wages for the month of August were $11,800. The month and year-to-date variances, respectively, for wages on the August performance report would be:

•  $200 F; $8,500 F
•  $200 F; $3,300 U
•  $200 U; $3,300 U
•  $200 U; $8,500 F

Responsibility accounting would most likely hold a manager of a manufacturing unit responsible for:

•  cost of raw materials.
•  quantity of raw materials used.
•  the number of units ordered.
•  amount of taxes incurred.

Cost accounting differs from financial accounting in that financial accounting:

•  Is mostly concerned with external financial reporting.
•  Is mostly concerned with individual departments of the company.
•  Provides the additional information required for special reports to management.
•  Puts more emphasis on future operations.

Which of the following is not a key element of the Sarbanes Oxley Act to improve corporate governance?

•  The establishment of the Public Company Accounting Oversight Board
•  Requiring a company’s annual report to contain an internal control report that includes management’s opinion on the effectiveness of internal control
•  Severe criminal penalties for retaliation against “whistleblowers”
•  Requiring that the company’s performance reports are prepared in accordance with generally accepted accounting principles

For a manufacturer, the total cost of manufactured goods completed but still on hand is:

•  Merchandise Inventory.
•  Finished Goods.
•  Work in Process.
•  Materials.

Examples of service businesses include:

•  Airlines, architects, and hair stylists.
•  Department stores, poster shops, and wholesalers.
•  Aircraft producers, home builders, and machine tool makers.
•  None of these are correct.

Ashley Corp. had finished goods inventory of $50,000 and $60,000 at April 1 and April 30, respectively, and cost of goods manufactured of $175,000 in April. Cost of goods sold in April was:

•  $165,000
•  $175,000
•  $185,000
•  $225,000