Question 1

TRUE or FALSE In the Manufacturing Overhead Budget, Fixed MFG OVHD Costs is a given value provided to you by the Accounting Department.

True

False

Question 2

In Absorption Costing FOH is treated as a ____________ cost and treated as a ______________ cost in Variable Costing.

		Period, Product
		Product, Product
		Product, Period
		Period, Period

Question 3

Which of the following would probably be a fixed cost in a fast-food restaurant?

		French Fry cost
		Utility Cost
		Cost of the hamburger
		Shift Managers Salary

Question 4

Which of the following is an example of a period cost?

		Selling and Marketing commisions
		Direct Labor
		Corporate Accountants Salaries
		Direct Materials

Question 5

Which of the following businesses is most likely to use process costing?

		Chemical Plant
		Architectural Firm
		Manufacturer of fine furniture
		CPA firm