Question
1. Which of the following is not part of a manufacturing firm's inventory: Select one: A.Cost of Goods Sold B.Finished Goods C.Materials D.Work in Process
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
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