1. Total assets turnover measures the ability of a firm to:
a. Generate profits on sales
b. Generates sales through the use of assets
C. Buy new Assets
D. Move inventory
E. Cover long term debt.
2.Managerial accounting :
a. focuses only on historical data
b. is govern by GAAP
c. focuses primarily on the needs of personnel within theorganization.
d. provides information for parties external to theorganization
e. focuses on the financial statement and other financialreports.
3. which of the following statement about similarities betweenprocess costing and job costing are true.
I. Both systems assign production costs to unit of output.
II. Both system require extensive knowledge of financialaccounting.
III. The flow of costs through the manaufacturing accopunts isessentially the same.
A. I only
B. I and III
C. II and III
D. III only
E. I,II, and III
4. The comprehensive set of budget that serves as a companyoverall financial plan si commonly known as:
A. Integrated budget
B. a Pro-forma budget
C. Master budget
D. a master budget
E. a rolling budget
5. A flexible budget:
A. classifies budget request by activity and estimates thebenefits arising from each activity.
B. presents a statement of expectations for a period of time butdoes not present a firm committment.
C. presents the plan for only one level of activity and does notadjust to changes in the level of activity.
D presents the plan for a range of activity so that the plan canbe adjust for changes in the activity level.
6. Which of the following is the correct method to calculate apredetermined overhead rate?
A. Budgeted total manufacturing cost budgeted amount of costdriver.
B. Budgeted overhead cost budgeted amount of cost driver
C. Budgeted amount of cost driver budgeted overhead cost
D. Actual overhead cost budgeted amount of cost driver
E. Actual overhead cost actual amount of cost driver.
7.Which of the following statements about joint-cost allocationis FALSE?
A. Joint cost allocation is useful in deciding whether tofurther process a product after split-off
B. Joint cost allocation is useful in making a profitdetermination about individual joint products
C. Joint cost allocation is helpful in inventory valuation
D. Joint cost allocation can be based on the number of unitsproduced.
E. Joint cost allocation can be accompanied by using differentmethods that focus on sale value and product worth.
8.The total production cost of a job is composed of:
A. Direct material and direct labor
B. direct material, direct labor, manufacturing overhead, andoutlays for selling costs.
C. direct material. direct labor, manufacturing overhead,andoutlays for both selling and administration costs.
D. direct materiaL, direct labor,and applied manufacturingoverhead
E. direct material, direct labor, and selling expenses.
9.What will cause the variable overhead efficiency variance?
A. Efficient or inefficient use of a specific component ofvariable overhead(e.g. electricity)
B. Full or partial utilization of major equipment resources
C. Production of unit in excess of the number of units sold.
D. Efficient or inefficient use of cost driver(e.g. machinehours) for variable overhead
E. Changes in the salary cost of manufacturing supervisors.
10. Which of the following is classified as an inventoryshortage cost?
A. Purchase order preparation
B. Production disruption
C. Lost sales and lost customers.
D. Spoilage
E. Production disruption, lost sales and lost customers.
1. Total assets turnover measures the ability of a firm to:
a. Generate profits on sales
b. Generates sales through the use of assets
C. Buy new Assets
D. Move inventory
E. Cover long term debt.
2.Managerial accounting :
a. focuses only on historical data
b. is govern by GAAP
c. focuses primarily on the needs of personnel within theorganization.
d. provides information for parties external to theorganization
e. focuses on the financial statement and other financialreports.
3. which of the following statement about similarities betweenprocess costing and job costing are true.
I. Both systems assign production costs to unit of output.
II. Both system require extensive knowledge of financialaccounting.
III. The flow of costs through the manaufacturing accopunts isessentially the same.
A. I only
B. I and III
C. II and III
D. III only
E. I,II, and III
4. The comprehensive set of budget that serves as a companyoverall financial plan si commonly known as:
A. Integrated budget
B. a Pro-forma budget
C. Master budget
D. a master budget
E. a rolling budget
5. A flexible budget:
A. classifies budget request by activity and estimates thebenefits arising from each activity.
B. presents a statement of expectations for a period of time butdoes not present a firm committment.
C. presents the plan for only one level of activity and does notadjust to changes in the level of activity.
D presents the plan for a range of activity so that the plan canbe adjust for changes in the activity level.
6. Which of the following is the correct method to calculate apredetermined overhead rate?
A. Budgeted total manufacturing cost budgeted amount of costdriver.
B. Budgeted overhead cost budgeted amount of cost driver
C. Budgeted amount of cost driver budgeted overhead cost
D. Actual overhead cost budgeted amount of cost driver
E. Actual overhead cost actual amount of cost driver.
7.Which of the following statements about joint-cost allocationis FALSE?
A. Joint cost allocation is useful in deciding whether tofurther process a product after split-off
B. Joint cost allocation is useful in making a profitdetermination about individual joint products
C. Joint cost allocation is helpful in inventory valuation
D. Joint cost allocation can be based on the number of unitsproduced.
E. Joint cost allocation can be accompanied by using differentmethods that focus on sale value and product worth.
8.The total production cost of a job is composed of:
A. Direct material and direct labor
B. direct material, direct labor, manufacturing overhead, andoutlays for selling costs.
C. direct material. direct labor, manufacturing overhead,andoutlays for both selling and administration costs.
D. direct materiaL, direct labor,and applied manufacturingoverhead
E. direct material, direct labor, and selling expenses.
9.What will cause the variable overhead efficiency variance?
A. Efficient or inefficient use of a specific component ofvariable overhead(e.g. electricity)
B. Full or partial utilization of major equipment resources
C. Production of unit in excess of the number of units sold.
D. Efficient or inefficient use of cost driver(e.g. machinehours) for variable overhead
E. Changes in the salary cost of manufacturing supervisors.
10. Which of the following is classified as an inventoryshortage cost?
A. Purchase order preparation
B. Production disruption
C. Lost sales and lost customers.
D. Spoilage
E. Production disruption, lost sales and lost customers.
Related questions
1. Sork Inc. has a portfolio of marketable securities classified as available-for-sale securities. At the end of the year, the fair values of the securities exceeded their costs. How should Sork report the unrealized gains on its portfolio of marketable securities in the statement of stockholdersâ equity?
I. Only the cumulative amount of net gains are reported in the statement of stockholdersâ equity.
II. Only current period changes in the value of the investment are reported in the statement of stockholdersâ equity.
III. A correct journal entry to report unrealized gains would be an increase to the investment and an increase to other comprehensive income.
Multiple Choice
a. I and III only
b. II and III only
c. I only
d. III only
2. During 20X9, Alpha Co. purchased debt securities classified as trading securities. At the end of 20X9, the market value of Alphaâs investment in debt securities exceeded the amortized cost. Alpha should report the debt securities on its 20X9 balance sheet at
Multiple Choice
a. Amortized cost
b. Market value
c. Cost
d. Lower of cost or market
3. Misk Co. purchased the following securities during 20X7 to be classified as held-to-maturity securities, trading securities, or available-for-sale securities:
I. Debt securities bought and held for the purposes of reselling in the near future.
II. U.S. Treasury bonds that Misk intends and is able to hold to maturity.
III. Convertible preferred stock that Misk does not intend to sell in the near future.
Which of above securities purchased by Misk should be classified as available-for-sale securities?
Multiple Choice
a. I and II only
b. I and III only
c. III only
d. None of the above
4. Data regarding Rock Corp.âs available-for-sale securities follows:
| Cost | Market Value | ||||||
| December 31, 20X7 | $ | 80,000 | $ | 65,000 | |||
| December 31, 20X8 | $ | 80,000 | $ | 90,000 | |||
Differences between cost and market values are considered temporary. Rock does not elect the fair value option of accounting for available-for-sale securities.
Rockâs accumulated other comprehensive income would be
Multiple Choice
a. $0
b. $10,000
c. $25,000
d. $15,000
