For questions 21-23: Identifying Cost Drivers.For the cost pool activity identified, choose the most appropriate cost driver.

Question21

Not yet answered

Marked out of 1.00

Flag question

Question text

Purchasing raw materials:

Select one:

a.Number of purchase orders processed, or units of material purchased (for example, pounds of material purchased)

b.Number of inspections, or units of material inspected

c.Units of raw materials stored, or storage space consumed

d.Number of machine hours

e.Number of machine setups

f.Number of tests, or number of products tested

Question22

Not yet answered

Marked out of 1.00

Flag question

Question text

Maintaining production equipment:

Select one:

a.Number of purchase orders processed, or units of material purchased (for example, pounds of material purchased)

b.Number of inspections, or units of material inspected

c.Units of raw materials stored, or storage space consumed

d.Number of machine hours

e.Number of machine setups

f.Number of tests, or number of products tested

Question23

Not yet answered

Marked out of 1.00

Flag question

Question text

The position title of the accountant that prepares annual reports for shareholders and creditors is:

Select one:

a.Chief financial officer

b.Controller

c.Treasurer

d.Internal auditor

e.Managerial accountant

f.Financial accountant

Information

Flag question

Information text

For questions 24-27: Job Costing Versus Process Costing.For each type of firm described, identify whether it would use:

a.job costing

b. process costing.

Question24

Not yet answered

Marked out of 1.00

Flag question

Question text

Facial tissue manufacturer:

Select one:

a.job costing

b.process costing

Question25

Not yet answered

Marked out of 1.00

Flag question

Question text

Chewing gum manufacturer:

Select one:

a.job costing

b.process costing

Question26

Not yet answered

Marked out of 1.00

Flag question

Question text

Custom automobile restorer:

Select one:

a.job costing

b.process costing

Question27

Not yet answered

Marked out of 1.00

Flag question

Question text

Accounting services provider:

Select one:

a.job costing

b.process costing

Question28

Not yet answered

Marked out of 1.00

Flag question

Question text

The Abacus Company had the following activity and balances for the year ended 2014:

Sales Revenue

[____________]

Selling Expenses

$665,000

General and Administrative Expenses

400,000

Cost of Goods Sold

900,000

Net Income

1,535,000

Current Assets

12,000,000

Long Term Assets

34,000,000

Current Liabilities

[_________]

Long Term Liabilities

14,000,000

Owners Equity

25,000,000

What is sales revenue?

Select one:

a.$2,170,000

b.$3,265,000

c.$4,165,000

d.$3,500,000

Question29

Not yet answered

Marked out of 1.00

Flag question

Question text

The Abacus Company had the following activity and balances for the year ended 2014:

Sales Revenue

[____________]

Selling Expenses

$665,000

General and Administrative Expenses

400,000

Cost of Goods Sold

900,000

Net Income

1,535,000

Current Assets

12,000,000

Long Term Assets

34,000,000

Current Liabilities

[_________]

Long Term Liabilities

14,000,000

Owners Equity

25,000,000

What is the correct balance for current liabilities?

Select one:

a.$5,000,000

b.$7,000,000

c.$900,000

d.$610,000