1. Which of the following isnotpart of a manufacturing firm's inventory:

Select one:

A.Cost of Goods Sold

B.Finished Goods

C.Materials

D.Work in Process

2. Which of the following types of firms normally carry inventory?

Select one:

A.Manufacturing firms

B.Service firms

C.Merchandising firms

D.All of the above

E.Merchandising and Manufacturing firms

3. A variable cost is one that varies both in total (with respect to the amount of items produced) and per unit.

Select one:

True

False

4. As part of its typical year-end accounting procedures, a manufacturing firm would prepare a worksheet showing all the debit and credit balances of all general ledger accounts.

Select one:

True

False

5. Because the cost of Indirect Materials is included in Manufacturing Overhead, these materials are not included in Materials Inventory.

Select one:

True

False

6. Companies arerequiredto disclose a separate Schedule of Cost of Goods Manufactured as part of their financial statements.

Select one:

True

False

7. Of the various types of firms, accounting for the operations of a manufacturing firm is typically the most complex.

Select one:

True

False

8. The journal entry to record indirect labor includes a debt to Manufacturing Overhead.

Select one:

True

False

9. The total of all debits and all credits must be equal in the Adjusted Trial Balance.

Select one:

True

False

10. When goods are sold, the costs associated with those goods are transferred from Work in Process to Cost of Goods Sold.

Select one:

True

False