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

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 are required to 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