Acc 240 – mcq | Accounting homework help

1 of 35

The focus of management accounting is on

[removed]	tax preparation.
[removed]	external reporting.
[removed]	internal reporting.
[removed]	auditing.

Question

2 of 35

________ is designed to meet the needs of internal decision makers.

[removed]	Tax accounting
[removed]	Managerial accounting
[removed]	Financial accounting
[removed]	Audit accounting

Question

3 of 35

The primary goal of managerial accounting is to provide information to

[removed]	internal decision makers.
[removed]	shareholders.
[removed]	creditors.
[removed]	both shareholders and creditors.

Question

4 of 35

The primary goal of financial accounting is to provide information for

[removed]	governmental regulators.
[removed]	creditors.
[removed]	potential investors.
[removed]	all of the above.

Question

5 of 35

Which of the following are the internal decision makers of a company?

[removed]	Vendors
[removed]	Managers
[removed]	Shareholders
[removed]	Customers

Question

6 of 35

Inventoriable product costs for a manufactured product include

[removed]	the costs of direct materials, direct labor, and manufacturing overhead.
[removed]	marketing and research and development costs.
[removed]	the costs of direct materials and direct labor only.
[removed]	none of the above.

Question

7 of 35

When do inventoriable costs become expenses?

[removed]	When direct materials are purchased
[removed]	When the manufacturing process begins
[removed]	When the manufacturing process is completed
[removed]	None of the above

Question

8 of 35

Manufacturers consider selling and administrative costs to be

[removed]	period costs.
[removed]	conversion costs.
[removed]	inventoriable costs.
[removed]	prime costs.

Question

9 of 35

Which of the following is an example of a period cost when manufacturing products?

[removed]	Depreciation expense on factory equipment
[removed]	Advertising expense
[removed]	Indirect materials used in the factory
[removed]	Property taxes on the plant

Question

10 of 35

Which of the following is an example of an inventoriable cost when manufacturing products?

[removed]	Depreciation on office equipment
[removed]	Depreciation on store building
[removed]	Sales salaries expenses
[removed]	Depreciation on factory equipment

Question

11 of 35

A ________ is used to accumulate the costs of a job.

[removed]	labor time record
[removed]	materials inventory requisition form
[removed]	bill of materials
[removed]	job cost record

Question

12 of 35

Which of these documents informs the storeroom to send specific materials to the factory floor?

[removed]	Receiving report
[removed]	Bill of materials
[removed]	Purchase order
[removed]	Materials requisition

Question

13 of 35

In the flow of costs, which of the following comes first?

[removed]	Cost of goods sold
[removed]	Finished goods inventory
[removed]	Work in process inventory
[removed]	Raw materials inventory

Question

14 of 35

In the flow of costs, which of the following comes last?

[removed]	Finished goods inventory
[removed]	Cost of goods sold
[removed]	Raw materials inventory
[removed]	Work in process inventory

Question

15 of 35

When used, raw materials

[removed]	would be classified as direct materials.
[removed]	would be classified as direct labor.
[removed]	would be classified as indirect materials.
[removed]	The answer cannot be determined with the information provided.

Question

16 of 35

The first step in the five-step process for costing procedure is

[removed]	compute output in terms of equivalent units.
[removed]	summarize total costs to account for.
[removed]	compute the cost per equivalent unit.
[removed]	summarize the flow of physical units.

Question

17 of 35

In Step 1 of the process costing procedure, the “total units accounted for” is the sum of

[removed]	the units completed and transferred out plus the units in ending WIP.
[removed]	the units in ending WIP plus the units started in production during the month.
[removed]	the units in beginning WIP plus the units in ending WIP.
[removed]	the units in beginning WIP plus the units completed and transferred out.

Question

18 of 35

How is the cost per equivalent unit computed?

[removed]	Total equivalent units divided by total costs to account for
[removed]	Total costs to account for divided by total equivalent units
[removed]	Costs in beginning WIP inventory divided by equivalent units in beginning WIP
[removed]	Costs added to production during the month divided by equivalent units in ending WIP

Question

19 of 35

Which item would appear last on a production cost report?

[removed]	Cost of goods finished for the month
[removed]	Total costs accounted for
[removed]	Beginning WIP inventory, if any
[removed]	Ending WIP inventory, if any

Question

20 of 35

For which of the following do you prepare calculations for equivalent units?

[removed]	Both direct labor and manufacturing overhead
[removed]	Both direct materials and conversion costs
[removed]	Both direct labor and direct materials
[removed]	Neither direct materials nor conversion costs

Question

21 of 35

When calculating a departmental overhead rate, what should the numerator be?

[removed]	Total estimated amount of the departmental allocation base
[removed]	Total estimated departmental overhead cost pool
[removed]	Total estimated amount of manufacturing overhead for the factory
[removed]	Actual quantity of the departmental allocation base used by the job

Question

22 of 35

Which of the following condition(s) favors using departmental overhead rates in place of a plantwide overhead rate?

[removed]	A. Different departments incur different amounts and types of manufacturing overhead.
[removed]	B. Different jobs or products use the departments to a different extent.
[removed]	C. Both A and B.
[removed]	D. Neither A or B.

Question

23 of 35

What will the use of departmental overhead rates generally result in?

[removed]	The use of a separate cost allocation base for each department in the factory
[removed]	The use of a single cost allocation base
[removed]	The use of a single overhead cost pool for the factory
[removed]	The use of separate cost allocation base for each activity in the factory

Question

24 of 35

Using factory utilities would most likely be classified as a ________ cost.

[removed]	unit-level
[removed]	batch-level
[removed]	facility-level
[removed]	product-level

Question

25 of 35

In ABC, how is the activity allocation rate computed?

[removed]	The total estimated activity allocation base is divided by the total estimated activity cost pool.
[removed]	The total estimated activity cost pool is divided by the total estimated activity allocation base.
[removed]	The total estimated activity allocation base is multiplied by the total estimated activity cost pool.
[removed]	You take the total estimated activity allocation base and subtract the total estimated total activity. cost pool.

Question

26 of 35

A(n) ________ cost is a cost whose total amount changes in direct proportion to a change in volume.

[removed]	variable
[removed]	fixed
[removed]	mixed
[removed]	irrelevant

Question

27 of 35

Which of the following costs is an example of a fixed cost?

[removed]	Sales commissions
[removed]	Salary of the plant manager
[removed]	Direct materials
[removed]	Delivery costs

Question

28 of 35

With respect to total variable costs, which of the following statements is true?

[removed]	They will remain the same as production levels change within the relevant range.
[removed]	They will decrease as production decreases within the relevant range.
[removed]	They will decrease as production increases within the relevant range.
[removed]	They will increase as production decreases within the relevant range.

Question

29 of 35

Total fixed costs for Taylor Incorporated are $240,000. Total costs, including both fixed and variable, are $500,000 if 125,000 units are produced. The variable cost per unit is

[removed]	$5.92/unit.
[removed]	$2.08/unit.
[removed]	$4.00/unit.
[removed]	$1.92/unit.

Question

30 of 35

Total fixed costs for Randolph Manufacturing are $754,000. Total costs, including both fixed and variable, are $1,000,000 if 150,000 units are produced. The variable cost per unit is

[removed]	$6.67/unit.
[removed]	$5.03/unit.
[removed]	$11.69/unit.
[removed]	$1.64/unit.

Question

31 of 35

Total contribution margin less total fixed expenses equals

[removed]	contribution margin ratio.
[removed]	operating income.
[removed]	gross profit.
[removed]	sales revenue.

Question

32 of 35

The unit contribution margin is computed by

[removed]	subtracting the variable cost per unit from the sales price per unit.
[removed]	dividing the sales revenue by variable cost per unit.
[removed]	dividing the variable cost per unit by the sales revenue.
[removed]	subtracting the sales price per unit from the variable cost per unit.

Question

33 of 35

Dairy Days Ice Cream sells ice cream cones for $4 per customer. Variable costs are $3 per cone. Fixed costs are $2,500 per month. What is Dairy Days’ contribution margin per ice cream cone?

[removed]	$1.00
[removed]	$3.00
[removed]	$0.25
[removed]	$4.00

Question

34 of 35

Mom and Pop’s Ice Cream Shoppe sells ice cream cones for $5per customer. Variable costs are $2.25 per cone. Fixed costs are $3,000 per month. What is the company’s contribution margin per ice cream cone?

[removed]	$2.25
[removed]	$2.75
[removed]	$0.55
[removed]	$1.82

Question

35 of 35

Electric Jet Skis operates a Jet Ski rental business. Assume the jet skis rent for $55 for 6 hours. The variable costs are $33 per six-hour rental, and its fixed costs are $80,000 each month. What is the contribution margin per six-hour jet ski rental?

[removed]	$33.00
[removed]	$0.40
[removed]	$22.00
[removed]	$2.50

1 of 35

Which of the following employees is most likely to only use financial accounting information?

[removed]	Vice president of plant operations
[removed]	Product manager
[removed]	Plant manager
[removed]	Bank loan officer

2 of 35

Which of the following people or groups would be least likely to receive detailed managerial accounting reports?

[removed]	CEO
[removed]	Plant managers
[removed]	Current shareholders
[removed]	Sales territory managers

5 of 35

Which of following statements is true?

[removed]	Managerial accounting focuses on historical transactions.
[removed]	Financial accounting focuses on future data.
[removed]	Management accounting focuses on relevant data.
[removed]	Managerial accounting uses the cash basis for recording transactions.

6 of 35

Where would period costs be found on the financial statements?

[removed]	Under current assets on the balance sheet
[removed]	Under current liabilities on the balance sheet
[removed]	As operating expenses on the income statement in the period incurred
[removed]	As operating expenses on the income statement for a previous period

7 of 35

Which of the following costs include all costs associated with production of a product?

[removed]	Inventoriable
[removed]	Direct
[removed]	Mixed
[removed]	Overhead

8 of 35

Manufacturing overhead costs for a product include

[removed]	direct material.
[removed]	operating expenses.
[removed]	indirect manufacturing costs.
[removed]	prime costs.

10 of 35

Certain materials used in a manufacturing plant cannot be traced to a specific unit. What are these materials called?

[removed]	General materials
[removed]	Direct materials
[removed]	Indirect materials
[removed]	Finished materials

12 of 35

When direct materials are requisitioned, they flow directly into

[removed]	cost of goods sold.
[removed]	finished goods inventory.
[removed]	work in process inventory.
[removed]	manufacturing overhead.

14 of 35

In the flow of costs, which of the following comes third?

[removed]	Finished goods inventory
[removed]	Cost of goods sold
[removed]	Raw materials inventory
[removed]	Work in process inventory

17 of 35

The five steps of the process costing procedure are scrambled below. Which of the following places the steps in the correct order?

1. Assign total costs to units completed and to units in ending WIP inventory.

2. Summarize total costs to account for.

3. Compute the cost per equivalent unit.

4. Summarize the flow of physical units.

5. Compute output in terms of equivalent units.

The correct order for these steps is:

[removed]	3, 1, 4, 2, 5.
[removed]	5, 3, 1, 4, 2.
[removed]	2, 4, 5, 1, 3.
[removed]	4, 5, 2, 3, 1.

19 of 35

On a production cost report, which of the following cost(s) appear?

[removed]	A. Beginning work in process
[removed]	B. Costs added during the period
[removed]	C. Total operating costs during the period
[removed]	D. Both A and B are included on a production cost report.

22 of 35

When calculating the total amount of manufacturing overhead to allocate to a particular job, the company would multiply each departmental overhead rate by ________ and then ________ together the allocated amounts from each department.

[removed]	the actual amount of the departmental allocation based used by the job; multiply
[removed]	the actual amount of the plantwide allocation based used by the job; add
[removed]	the actual amount of the departmental allocation based used by the job; add
[removed]	the actual amount of the plantwide allocation based used by the job; multiply

23 of 35

In using an ABC system, all of the following steps are performed before the company’s year begins except:

[removed]	identify the primary activities and estimate a total cost pool for each.
[removed]	select an allocation base for each activity.
[removed]	allocate the costs to the cost object using the activity cost allocation rates.
[removed]	calculate an activity cost allocation rate for each activity.

24 of 35

Four basic steps are used in an ABC system. Select the correct order of these steps below:

a. Identify the primary activities and estimate a total cost pool for each.

b. Allocate the costs to the cost object using the activity cost allocation rates.

c. Select an allocation base for each activity.

d. Calculate an activity cost allocation rate for each activity.

[removed]	c, a, b, d
[removed]	a, c, d, b
[removed]	b, a, c, d
[removed]	a, d, c, b

25 of 35

The use of which of the following costing systems is most likely to reduce cost distortion to a minimum?

[removed]	Plantwide overhead rate
[removed]	Departmental overhead allocation rates
[removed]	Traditional costing system
[removed]	Activity-based costing

27 of 35

Which of the following is a fixed cost?

[removed]	Direct materials cost
[removed]	Direct labor cost
[removed]	Straight-line depreciation expense
[removed]	Sales commissions expense

28 of 35

Renting a scooter and paying $30 per day plus $.20 per mile driven is an example of what type of cost?

[removed]	Mixed cost
[removed]	Fixed cost
[removed]	Conversion cost
[removed]	Variable cost

29 of 35

Total fixed costs for Diamond Enterprises are $800,000. Total costs, including both fixed and variable, are $890,000 if 120,000 units are produced. The fixed cost per unit at 200,000 units would be

[removed]	$4.00/unit.
[removed]	$7.42/unit.
[removed]	$4.45/unit.
[removed]	$0.45/unit.

30 of 35

Total fixed costs for Toys and Trinkets Incorporated are $88,000. Total costs, including both fixed and variable, are $155,000 if 268,000 units are produced. The total variable costs at a level of 275,000 units would be

[removed]	$68,750.
[removed]	$159,049.
[removed]	$90,299.
[removed]	$151,055.

32 of 35

CVP analysis assumes all of the following except

[removed]	the mix of products will not change.
[removed]	revenues are linear throughout the relevant range.
[removed]	inventory levels will increase.
[removed]	a change in volume is the only factor that affects costs.

33 of 35

Contribution margin ratio is computed by

[removed]	dividing contribution margin by operating income.
[removed]	dividing contribution margin by sales revenue.
[removed]	dividing sales revenue by contribution margin.
[removed]	dividing operating income by contribution margin.

35 of 35

Electric Jet Skis operates a jet ski rental business. Assume the jet skis rent for $55 per 6 hours. The variable costs are $33 per six-hour rental, and its fixed costs are $80,000 each month. What is the contribution margin ratio?

[removed]	40%
[removed]	60%
[removed]	250%
[removed]	22%

Continue to order Manage Your Orders

Presentation/PPT

27/08/2022

The writer is very fast, professional and responded to the review request fast also. Thank you.

Essay (any type)

27/08/2022

Outstanding job in writing my paper. I am always thrill to receive a well written paper that follows the instructions and the thorough details put into my paper. The quality of this paper is beyond awesome. Thank you so much.

Essay (any type)

27/08/2022

I absolutely love this writer! He/she always cranks out a fabulous paper and follows the assignment guidelines/instructions perfectly. Thanks again for always providing such quality work!!!

Book/movie review

27/08/2022

They have a magnificent team. These people are always kind and willing to listen to your concerns or issues. Better yet, your assignment is always ready before the time, they usually send you a draft to double-check before they finalize your paper.

Case study

27/08/2022

Made 100% on both the outline and the paper. Quick turnaround time and my writer responded within 30 min or less. Any edits my instructor needed, my writer was patient and worked diligently to accomplish the task. Would recommend my writer to anyone!

Essay (any type)

27/08/2022

My third using this writer and absolutely amazing work! Very punctual and very understanding

Essay (any type)

27/08/2022

It took some time to achieve the product I was looking for, but we eventually got there. I do feel like a lot of hard work was put into this, and it even exceeded the page requirement. I'm pretty pleased overall. I give my thanks.

Essay (any type)

27/08/2022

Outstanding work! This writer followed every instruction and my paper came back with an A! I recommend to anyone needing help! Thank you again ❤️

Thesis/Thesis chapter

27/08/2022

Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.

Term paper

27/08/2022

The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.

Essay (any type)

22/09/2021

This is a very nice paper and reads very well. Thank you for another job well done!

Creative writing

22/09/2021

This writer is awesome! He always goes above the expectations. He will always be my preference.

Article

22/09/2021

Thank you so much! It’s great and done is such a short period of time!

Journal article

22/09/2021

Thanks to the writer, I liked your job. Well done I really appreciate it.

Blog post

22/09/2021

Thank you so much for this beautifully written paper. I am delighted with the quality of your writing and your quick responses.

Poem

22/09/2021

The writer is very serious! Customer service response is also very timely, communication is very friendly, and handle very quickly.

Project

22/09/2021

I am very satisfied with the paper. Thank you to the writer and support team. You are amazing, I will continue using your services.

Other

22/09/2021

Thank you for the cooperation and dedication. Looking forward to working in the near future.

Personal reflection

22/09/2021

Omg!! This is an excellent paper that you helped write for me. Thank you, so much!! I know, I'll be coming again your services with my Cost Accounting course and Accounting Finance course. :)

Response essay

22/09/2021

excellent work and the quality is amazing. I have referred this service to 3 of my co-workers.

Reflection paper/Reflection essay

22/09/2021

This is amazing! Big words for my grade level but I can personally fix that. However, overall amazing.

Report (any type)/Brief report

22/09/2021

Thank you for all your excellent work you have helped me tremendously....

Presentation/PPT

22/09/2021

Thank you so much for writing my paper. All the details you added to the paper made the paper very informative. The organization was super great. Once again thank you.

Analysis (any type)

22/09/2021

Thank you. You did a great job. I love that you return my papers earlier than the due dates. good quality paper.

Outline

22/09/2021

The writer did a phenomenal job with this paper! I am really happy with how the paper came out! :)

Lab Report

22/09/2021

This is absolutely what a great service means! Special thank you to the support team for being above and beyond, when it came to a very short deadline for a revision. Their cooperation was exceptional.

Memo/Letter

22/09/2021

Followed all my revisions. The writer did an awesome job. Well written and very solid quality paper. Thank you!

Literature Analysis/Review

22/09/2021

Truly appreciate the things your company does. It truly helps people with certain deadlines and a hectic life they have.

Journal article

22/09/2021

This turned out very good, thank you very much for all of your extra effort, as it was very much appreciated.

Response essay

22/09/2021

Thank you very much for everything - this paper is excellent. Very much appreciate all your extra effort. Thanks again for another job well done!

Project

22/09/2021

Thank you very much. You did an excellent job on the power point presentation. Thanks!

Article review

22/09/2021

Thank you very much. This is great now. Appreciate all your help and revisions. Thank you once again! You did a wonderful job.

Research proposal

22/09/2021

Thank you so much, and thanks for your patience with me. These service is really a life saver. I appreciate you.

Outline

22/09/2021

I am very satisfied with the paper and the writer was excellent and did more than I expected. Thank you

Essay (any type)

23/08/2021

Writer did an excellent job on completing the discussion board assignment questions in a timely manner and the revising. I will be hiring this writer for future assignments.

Essay (any type)

23/08/2021

You can completely rely on most of the writers of Homeworkfest! They really provide a superior client experience, and the assignments are delivered on time.

Dissertation

23/08/2021

Was very satisfied with my order. It was professionally done. Thank you very much.

Essay (any type)

23/08/2021

Very well written paper. Writer completed it before the deadline as well.

Coursework

23/08/2021

Very prompt. Written as requested. Would use this writer again.

Annotated Bibliography

23/08/2021

Very impressed with the turnaround time and the attention to detail needed for the assignment.

Discussion Essay

23/08/2021

Truly impressed with the quality of the work!

Essay (any type)

23/08/2021

This writer was amazing. Great communication and followed instructions. Most importantly, the writing was well written and on time.

Journal Article

23/08/2021

This was the first time ever using this writer and it’s safe to say he did an amazing job on my essay and got an A! Will use her again for sure!

Research proposal

23/08/2021

This is a great website. The chat group is available 24/7. To me, it's the most helpful thing. They are always there to assist and they're willing to help. Price-wise it's also fair. Most of the writers are highly professional and provide great quality work. Keep up the good work.,

Coursework

23/08/2021

The paper was detailed and exact to what I had instructed. Thank you!

Discussion Essay

23/08/2021

Excellent communication skills, essay was written so beautifully and ahead of deadline. I would defo use this writer again.

Report

23/08/2021

The orders that i have placed required the writer to employ SPSS, and answer questions. The writer has done a great job because I used their work to compare to work that was already completed. I have been very please and hope to continue the same writer for future help, because they make my work a lot easier.

Essay (any type)

23/08/2021

Thank you writer ID# 110762, I will definitely hire you again. I appreciate your service and time...awesome work.

Annotated Bibliography

23/08/2021

I've used this site multiple times and I absolutely love them! The writer is my go to for amazing work and customer service is always there to help you find the best fit and price. I pay a little more for the writer but the work is well worth it.

Essay (any type)

23/08/2021

If you are scanning reviews trying to find a great tutoring service, then scan no more. This service elite!

Coursework

23/08/2021

I really love this website, excellent work so far. Will use in the near future.

Research Proposal

23/08/2021

Great writer, will definitely be using again. I received a 98 on my paper for my MBA.

Literature Review

23/08/2021

Excellent paper is done in a quick and timely manner. The writer did an amazing job of including all of my topics and much more. Thank you!

Essay (any type)

23/08/2021

Excellent communication skills, essay was written so beautifully and ahead of deadline. I would defo use this writer again.

Journal Article

23/08/2021

Consistently excellent work, helps me get rid of stuck thoughts

Essay (any type)

23/08/2021

Amazing!!! Really a wonderful job! Thank you so much!!!

Essay (any type)

23/08/2021

Always does an awesome job!

Report

23/08/2021

Homeworkfest is a great platform to get your assignments completed. They have some awesome writers and they do exactly what is asked and more. I have had nothing but good experiences since I've used Homeworkfest. Definitely recommend!!!!

Easy Testimonials

23/08/2021

I love your product! I would recommend this to anyone. What a great find!

Easy Testimonials

23/08/2021

I receieved excellent customer support, and quickly. Thank you so much!

Easy Testimonials

23/08/2021

I needed a simple, easy-to-use way to add testimonials to my website and display them. Easy Testimonials Pro did all of that and more!

Acc 240 – mcq | Accounting homework help

Calculate the price of your order

Our guarantees

Money-back guarantee

Zero-plagiarism guarantee

Free-revision policy

Privacy policy

Fair-cooperation guarantee