Question1

Not answered

Marked out of 1.00

Flag question

Question text

Production line workers should be categorized as a:

Select one:

a.product

b.period cost

Feedback

The correct answer is: product

Question2

Not answered

Marked out of 1.00

Flag question

Question text

The best/most appropriate account used to record the cost of materials not yet put into production is:

Select one:

a.Raw materials inventory

b.Work-in-process inventoy

c.Finished goods inventory

d.Cost of goods sold

Feedback

The correct answer is: Raw materials inventory

Question3

Not answered

Marked out of 1.00

Flag question

Question text

The salary of a chief financial officer should be categorized as a:

Select one:

a.product

b.period cost

Feedback

The correct answer is: period cost

Question4

Not answered

Marked out of 1.00

Flag question

Question text

Production line workers should be categorized as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

d.selling

e.general and administrative

Feedback

The correct answer is: direct labor

Question5

Not answered

Marked out of 1.00

Flag question

Question text

Of the following personnel, who would perform the task of obtaining sources of financing and manages short-term investments?

Select one:

a.Chief financial officer

b.Controller

c.Treasurer

d.Internal auditor

e.Managerial accountant

f.Financial accountant

g.Tax accountant

Feedback

The correct answer is: Treasurer

Question6

Not answered

Marked out of 1.00

Flag question

Question text

The salary for salespeople should be categorized as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

d.selling

e.general and administrative

Feedback

The correct answer is: selling

Question7

Not answered

Marked out of 1.00

Flag question

Question text

Of the following personnel, who would perform the task of calculating estimated quarterly tax payments?

Select one:

a.Chief financial officer

b.Controller

c.Treasurer

d.Internal auditor

e.Managerial accountant

f.Financial accountant

g.Tax accountant

Feedback

The correct answer is: Tax accountant

Question8

Not answered

Marked out of 1.00

Flag question

Question text

The best/most appropriate account used to record product costs associated with goods that are sold is:

Select one:

a.Raw materials inventory

b.Work-in-process inventory

c.Finished goods inventory

d.Cost of goods sold

Feedback

The correct answer is: Cost of goods sold

Question9

Not answered

Marked out of 1.00

Flag question

Question text

The cost of nails used to assemble cabinets would be classified as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

Feedback

The correct answer is: manufacturing overhead

Question10

Not answered

Marked out of 1.00

Flag question

Question text

Insurance for the headquarters building should be categorized as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

d.selling

e.general and administrative

Feedback

The correct answer is: general and administrative

Question11

Not answered

Marked out of 1.00

Flag question

Question text

The cost of paint used to produce wagons would be classified as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

Feedback

The correct answer is: manufacturing overhead

Question12

Not answered

Marked out of 1.00

Flag question

Question text

Of the following personnel, who would perform the task of preparing annual reports for shareholders and creditors?

Select one:

a.Chief financial officer

b.Controller

c.Treasurer

d.Internal auditor

e.Managerial accountant

f.Financial accountant

g.Tax accountant

Feedback

The correct answer is: Financial accountant

Question13

Not answered

Marked out of 1.00

Flag question

Question text

Computer equipment depreciation for the accounting department should be categorized as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

d.selling

e.general and administrative

Feedback

The correct answer is: general and administrative

Question14

Not answered

Marked out of 1.00

Flag question

Question text

An upholstery repair shop would use:

Select one:

a.job costing

b.process costing

Feedback

The correct answer is: job costing

Question15

Not answered

Marked out of 1.00

Flag question

Question text

The salary for salespeople should be categorized as a:

Select one:

a.product

b.period cost

Feedback

The correct answer is: period cost

Question16

Not answered

Marked out of 1.00

Flag question

Question text

The costs of maintenance personnel would be classified as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead.

Feedback

The correct answer is: manufacturing overhead.

Question17

Not answered

Marked out of 1.00

Flag question

Question text

A bulder of pools would use:

Select one:

a.job costing

b.process costing

Feedback

The correct answer is: job costing

Question18

Not answered

Marked out of 1.00

Flag question

Question text

The best/most appropriate account used to record product costs associated with incomplete goods in the production process is:

Select one:

a.Raw materials inventory

b.Work-in-process inventory

c.Finished goods inventory

d.Cost of goods sold

Feedback

The correct answer is: Work-in-process inventory

Question19

Not answered

Marked out of 1.00

Flag question

Question text

Of the following personnel, who would perform the task of providing a quarterly summary of financial results to the CEO and board of directors?

Select one:

a.Chief financial officer

b.Controller

c.Treasurer

d.Internal auditor

e.Managerial accountant

f.Financial accountant

g.Tax accountant

Feedback

The correct answer is: Chief financial officer

Question20

Not answered

Marked out of 1.00

Flag question

Question text

Raw materials used in production easily traced to the product should be categorized as:

Select one:

a.direct materials

b.direct labor

c.manufacturing overhead

d.selling

e.general and administrative