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Period costs are often referred to as

A. Operating expenses.

B. Selling, general, and administrative expenses.

C. neither Selling, general, and administrative expenses nor Operating expenses.

D. both Selling, general, and administrative expenses and Operating expenses.

Prime costs consist of

A. direct materials and manufacturing overhead.

B. direct materials and direct labor.

C. direct materials, direct labor, and manufacturing overhead.

D. direct labor and manufacturing overhead.

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Req 4

Which of the following types of companies will always have the Cost of Goods Sold account on their income statements?

A. Merchandising and manufacturing companies

B. Service and manufacturing companies

C. Service and merchandising companies

D. Service, merchandising, and manufacturing companies

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Req 5

For which of the following would job costing not be appropriate?

A. Law firm

B. Electrician

C. Manufacturer of mass-produced carbonated beverages

D. Manufacturer of custom-ordered production equipment

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The amount of manufacturing overhead recorded on a job cost record for a particular job is found by

A. either tracing or allocating manufacturing overhead costs (management's choice).

B. allocating manufacturing overhead to the job.

C. tracing manufacturing overhead to the job.

D. None of the answers listed is correct.

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Which of the following is true?

A. If manufacturing overhead is underallocated, then jobs will be overcosted.

B. If manufacturing overhead is overallocated, then jobs will be undercosted.

C. Both of the statements are true.

D. None of the statements is true.

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Whenever direct material, direct labor, and manufacturing overhead are recorded on a job cost record, an associated journal entry is made to debit which of the following accounts?

A. Sales Revenue

B. Work in Process Inventory

C. Finished Goods Inventory

D. Cost of Goods Sold

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When a job is completed, the total cost of manufacturing the job should be moved to which of the following general ledger accounts?

A. Finished Goods Inventory

B. Sales Revenue

C. Cost of Goods Sold

D. Work in Process Inventory

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The potential benefits of ABC/ABM are generally higher for companies that

A. produce high volumes of some products and low volumes of other products.

B. have low manufacturing overhead costs.

C. produce one product.

D. are in non-competitive markets.

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The contribution margin is

A. Sales revenue minus operating expenses B. Sales revenue minus variable expenses C. Sales revenue minus cost of goods sold D. Sales revenue minus fixed expenses

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The formula to find the breakeven point or a target profit volume in terms of number of units that need to be sold is:

A.(Fixed expenses + Variable expenses) / Sales revenue

B.(Fixed expenses + Operating income) / Contribution margin per unit

C.(Fixed expenses + Variable expenses) / Contribution margin per unit

D.(Fixed expenses + Operating income) / Sales revenue

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Benefits of budgeting include

A. planning.

B. benchmarking.

C. coordination and communication.

D. all of the above.

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The comprehensive planning document for the entire organization is called the ______ budget.

A. cash

B. financial

C. operating

D. master

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Which of the following are non-cash expenses that will always result in differences between the budgeted operating expenses for a given period and the budgeted cash payments for the same period?

A. Depreciation expense and bad debt expense

B. Advertising expense and rent expense

C. Depreciation expense and rent expense

D. Advertising expense and bad debt expense

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The direct material price variance can be defined as which of the following?

A. Standard price x (Actual quantity used - Standard quantity allowed)

B. Actual price x (Actual quantity used - Standard quantity allowed)

C. Standard quantity allowed x (Actual price - Standard price)

D. Actual quantity purchased x (Actual price - Standard price)

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Which of the following methods of analyzing capital investments factors in the time value of money?

A. Payback period

B. Internal rate of return

C. Accounting rate of return

D. All of the above methods factor in the time value of money

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An investment's NPV is calculated as which of the following?

A. The future value of the investment minus the investment's initial investment

B. The present value of the investment minus the investment's initial investment

C. The investment's initial investment minus the present value of the investment

D. The investment's initial investment minus the future value of the investment