62 63 64 9. In a job-order costing system, direct labour costs usually are recorded initially with a debit to which of the following accounts? A. Direct Labour Expense. B. Finished Goods inventory. C. Manufacturing Overhead. 65 66 67 68 Answer: D. Work in Process. 69 70 6222 10. Which of the following companies is most likely to use a job-order costing system rather than a process costi A. Candy maker B. Crude oil refinery 71 72 73 C. Custom furniture building 72 74 D. Fast food restaurant Answer: 75 76 77 Instructions Ex. 1 Ex. 2 Ex. 3 Ex. 4 Ex. 5 Ex. 6 Ex. 7 New... C. Direct materials and direct labour cost. D. Manufacturing overhead cost. Answer: 8. What will result from an increase in the activity level within the relevant range? A. A proportionate increase in total fixed costs. B. A decrease in fixed cost per unit. C. An increase in fixed cost per unit. D. An unchanged fixed cost per unit. Answer: 9. In a job-order costing system, direct labour costs usually are recorded initially with a debit to which of the following accounts? A. Direct Labour Expense. B. Finished Goods inventory. C. Manufacturing Overhead. D. Work in Process. Answer: 10. Which of the following companies is most likely to use a job-order costing system rather than a pro A. Candy maker B. Crude oil refinery Instructions Ex. 1 Ex. 2 Ex. 3 Ex. 4 Ex. 5 Ex. 6 Ex. 7 New... S Which of the following is a cost object? A. conversion costs B. cost assignments C. customers D. direct materials 28 29 30 31 32 Answer 33 34 35 5. Which one of the following is a variable cost in a grocery store? A. rent B. property taxes C. president's salary D. inventory of vegetables 36 37 38 39 Answer 40 41 42 6. Which of the following is a fixed cost in a clothing store? A. electricity B. inventory C. paper for the cash register 43 44 45 D. store manager's salary 46 Answer 47 48 49 50 7. What does conversion cost consist of? A. Direct labour and manufacturing overhead cost. B. Direct labour cost. Instructions Ex. 1 Ex. 2 Ex. 3 Ex 4 Ex. 5 Ex. 6 Ex. 7 New 10 11 12 13 14 15 16 17 18 19 20 A. focus and emphasis B. primary users C. purpose of information D. rules of measurement and reporting Answer 2. Management accounting A. measures, analyzes, and reports financial and nonfinancial information to internal managers. B. must follow generally accepted accounting principles. C. provides information about the company as a whole. D. provides information that is generally available only on a quarterly or annual basis. Answer 21 22 23 24 25 25 26 27 28 29 3. Strategy specifies A. how an organization matches its own capabilities with the opportunities in the marketplace. B. incremental changes for improved performance. C. standard procedures to ensure quality products. D. that a company's financial procedures are in compliance with IFRS ASPE Answer 4. Which of the following is a cost object? A conversion costs B. cost assignments Instructions Ex 2 Ex. 3 Ex. 4 Ex 5 Ex. 6 Ex. 7 New S AB 128 D Exercise One (10 Points); Choose the best answer: 1. There are six major differences between management and financial accounting. The "managers of th organization" is an example of which of the following classes of differences? A. focus and emphasis B. primary users C. purpose of information D. rules of measurement and reporting 10 11 Answer 12 13 14 15 16 17 18 19 20 21 22 3 2. Management accounting A. measures, analyzes, and reports financial and nonfinancial information to internal manage B. must follow generally accepted accounting principles. C. provides information about the company as a whole. D. provides information that is generally available only on a quarterly or annual basis. Answer 3. Strategy specifies A. how an organization matches its own capabilities with the opportunities in the marketp B. incremental changes for improved performance. C. standard procedures to ensure quality products. D. that a company's financial procedures are in compliance with IFRS/ASPE. Answer 4. Which of the following is a cost object? A. conversion costs B. cost assignments AB 128 D Exercise One (10 Points); Choose the best answer: 1. There are six major differences between management and financial accounting. The "managers of th organization" is an example of which of the following classes of differences? A. focus and emphasis B. primary users C. purpose of information D. rules of measurement and reporting 10 11 Answer 12 13 14 15 16 17 18 19 20 21 22 3 2. Management accounting A. measures, analyzes, and reports financial and nonfinancial information to internal manage B. must follow generally accepted accounting principles. C. provides information about the company as a whole. D. provides information that is generally available only on a quarterly or annual basis. Answer 3. Strategy specifies A. how an organization matches its own capabilities with the opportunities in the marketp B. incremental changes for improved performance. C. standard procedures to ensure quality products. D. that a company's financial procedures are in compliance with IFRS/ASPE. Answer 4. Which of the following is a cost object? A. conversion costs B. cost assignments