September 2023 QUIZ 1 The cost of a manufactured product generally consists of which of the following costs removed B Direct labor cost and
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QUIZ 1 The cost of a manufactured product generally consists of which of the following costs removed B Direct labor cost and 2023
QUIZ 1. The cost of a manufactured product generally consists of which of the following costs? [removed]B) Direct labor cost and factory overhead cost [removed]C) Direct labor cost, direct materials cost, and factory overhead cost [removed]D) Direct materials cost and direct labor cost 3. Which of the following is an example of a factory overhead cost? [removed]B) Factory heating and lighting cost [removed]C) Insurance premiums on salespersons’ automobiles [removed]D) President’s salary 4. Which of the following is expensed as incurred in a manufacturing setting? [removed]A) Sales commissions [removed]B) Depreciation of factory buildings [removed]D) Direct materials used 6. Managerial accounting [removed]B) Is governed by generally accepted accounting principles [removed]C) Is highly discretionary and varies greatly from business to business [removed]D) Should be considered as a substitute for financial accounting 7. Which of the following is an example of a variable cost? [removed]A) Salary of the plant supervisor [removed]B) Advertising costs [removed]C) Direct materials 9. Which of the following accounts is not a current asset on the balance sheet? [removed]A) Direct Materials [removed]C) Cost of Goods Sold [removed]D) Finished goods 11. Which of the following is an example of an indirect labor cost for an airplane manufacturer? [removed]B) Cost of wages of assembly worker [removed]C) Salary of plant supervisor [removed]D) Cost of jet engines 15. If a company manufactured 10,000 units at a cost of $70,000. They sold 8,000 units for $10 each. What is the gross margin? [removed]B) $24,000 [removed]C) $70,000 [removed]D) $20,000 16. Cash paid to purchase equipment is: [removed]A) A financing activity [removed]B) An investing activity [removed]C) A noncash activity 17. On the Statement of Cash Flow, paying dividends is [removed]A) A financing activity [removed]B) An investing activity [removed]C) A noncash activity 18. A lender wants to know if they can collect on their loans. A cash flow statement for the company owing the money will help the lender to predict all EXCEPT [removed]A) Their ability to pay debts and dividends [removed]B) Future cash flows [removed]D) Future net income 19. The cash flow statement is the communicating link between the: [removed]A) Statement of stockholders’ equity and the cash reported on the balance sheet [removed]C) Cash reported on the balance sheet and the accrual based income statement. [removed]D) Cash reported on the balance sheet and the statement of goods purchased 20. Which of the following is NOT a part of operating activities? [removed]A) Paying dividends [removed]B) Paying payables [removed]D) Paying utilities
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