I got 2 wrong on here. It might just be because I have been up for 3 days but I can not find the one I got wrong on here. Any help would be appreciated. My answers are in Bold

Cost accounting, in relation to financial and managerial accounting is generally focused on:

multiple choice

1. accumulation and determination of product, process, or service cost.
2. Income measurement and inventory valuation.
3. Generally accepted accounting principles.
4. All of the answers are correct.

On the statement of cost of goods manufactured, which of the following items would be reported?

Multiple choice

1. income taxes
2. raw materials used
3. gross profit
4. delivery expense

For the partial value chain functions given below, which sequence is correct?

Multiple choice

1. marketing, production, distribution
2. customer service, marketing, distribution
3. research and development, production, distribution
4. design, production, marketing

Which of the following describes the correct sequence of flow of costs for a manufacturing firm?

Multiple choice

1. raw materials, work in process, cost of goods sold, finished goods
2. raw materials, work in process, finished goods, cost of goods sold
3. work in process, raw materials, finished goods, cost of goods sold
4. raw materials, finished goods, working process, cost of goods sold

The three sections of a statement of cost of goods manufactured include:

multiple choice

1. direct costs, indirect costs, operating profit
2. variable expenses, contribution margin, fixed expenses
3. raw material, direct labor, manufacturing overhead
4. sales revenue, gross profit, selling and administrative expenses

Cost of goods manufactured can be computed as:

1. Ending balance of work in process + raw materials used + direct labor costs incurred + manufacturing overhead costs applied - beginning balance of work in process
2. Beginning balance of work in process + raw materials used + direct labor cost incurred + manufacturing overhead costs applied - ending balance of the work in process
3. beginning balance of work in process + raw materials purchased + direct labor costs incurred + manufacturing overhead costs applied - ending balance of work in process
4. ending balance of work in process + raw materials purchased + direct labor costs incurred + manufacturing overhead costs applied - beginning balance of work in process

The three components of product costs are:

multiple choice

1. direct material, direct labor, manufacturing overhead
2. direct material, supervisor salaries, selling expenses
3. direct labor, manufacturing overhead, indirect material
4. manufacturing overhead, indirect material, indirect labor

Which of the following is not an inventory account for a manufacturing company?

Multiple choice

1. finished goods
2. work in process
3. manufacturing overhead
4. raw materials

Cost accounting is a subset of:

multiple choice

1. both financial accounting and managerial accounting
2. product accounting
3. managerial accounting
4. financial accounting

A cost that has a direct relationship with products being manufactured is:

multiple choice

1. bonuses of production executives
2. salaries of plant supervisors
3. sales force commissions
4. production labor wages

Product costs are inventoried and treated as assets until: multiple choice

1. the next accounting period
2. Related liabilities no longer exist
3. the period in which the products they relate to are sold
4. none of the answers are correct

Total manufacturing costs for the month on the statement of cost of goods manufactured equals:

multiple choice

1. cost of goods sold - cost of goods manufactured
2. variable costs plus fixed cost plus mixed costs
3. work in process inventory minus finished goods inventory
4. cost of raw material used plus direct labor cost incurred plus manufacturing overhead applied

Common costs pertained to costs that:

Multiple choice

1. are commonly incurred
2. are directly traceable to a cost object
3. are not directly traceable to a cost object
4. are direct costs

Direct costs pertain to cost that are:

multiple choice

1. are traceable to a cost object
2. are commonly incurred
3. are not traceable to a cost object
4. are variable costs

Cost accounting would best be characterized as:

multiple choice

1. serving the needs of both financial and managerial accounting
2. having financial accounting as a subset of cost accounting
3. as an alternative to both financial and managerial accounting
4. having managerial accounting as a subset of cost accounting

Which of the following cost would be classified as a period cost?

Multiple choice

1. plant electricity
2. advertising expense for the product
3. production line maintenance costs
4. indirect labor

An example of a product cost is:

multiple choice

1. property tax expense on a new sales office
2. a portion of the controllers compensation expenses
3. wages of the manufacturing assembly line staff
4. marketing expense for the product

The sequence of functions and related activities that, over the life of a product or service, can ultimately make a difference to the customer are:

multiple choice

1. the chain of production events
2. the strategic cost initiatives
3. the value chain
4. the value processes

Which of the following is more relevant to management accounting than to cost accounting?

Multiple choice

1. accumulation and determination of product or service cost
2. income measurement and inventory valuation
3. providing managers information for planning and control purposes
4. generally accepted accounting principles

Which of the following costs are included in the for product costing purposes In the big picture cost classification model?

Multiple choice

1. committed cost and controllable costs
2. product cost and period cost
3. differential cost and opportunity cost
4. variable cost and fixed cost