Cost Account

Hi, please help with the following multiple choice questions. If you are not positive about an answer please leave it blank or eliminate an incorrect answer. Thanks kindly!

1.Which of the following is NOT part of the financial accounting information system?

a. reporting a large contingent liability to current and potential shareholders

b. preparing GAAP financial statements

c. determining the future cashflows of a proposed flexible manufacturing system

d. filing reports with the SEC

2.Which of the following does NOT describe cost management system?

a. evaluation of segments or products within the firm

b. emphasis on the future

c. externally focused

d. focus on effective use of resources

3.Direct costs

a. can be assigned to products only by a process of allocation.

b. are those costs that can be easily and accurately traced to a cost object.

c. are incurred for the benefit of the business as a whole.

d. would continue even if a particular product were discontinued.

4.Which of the following costs is NOT a product cost?

a. indirect labor

b. repairs on manufacturing equipment

c. rent on an office building

d. steel used in inventory items produce

5.Which of the following costs is a period cost for a manufacturing company?

a. wages of machine operators

b. insurance on factory equipment

c. fringe benefits for factory employees

d. controller's salary

6.Which of the following costs is an indirect product cost?

a. property taxes on plant facilities

b. materials used

c. wages of assembly workers

d. president's salary

7.All of the following costs are included in factory overhead EXCEPT

a. indirect labor.

b. plant foreman's salary.

c. direct labor.

d. factory supplies.