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Question 1
1.

The cost of goods that were finished and transferred out of work-in-process during the current period is: Cost of goods sold. Cost of goods available for use. Cost of goods manufactured. Cost of goods available for sale. Cost of goods purchased.
1 points

Question 2
1.

Variable costs within the relevant range for a firm are assumed: Not to vary per unit. Not to vary in total. To be nonlinear. To be curvilinear. None of the above are correct.
1 points

Question 3
1.

Any product, service, or organizational unit to which costs are assigned for some management purpose is a (n): Cost object. Direct cost. Indirect cost. Cost driver. Allocation base.
1 points

Question 4
1.

The term relevant range as used in cost accounting means the range over which: Costs may fluctuate. Cost relationships are approximately linear. Production may vary. Relevant costs are incurred.

1 points

Question 5
1.

Which of the following is not a product cost? Direct materials costs Selling costs Direct labor costs Factory overhead costs
1 points

Question 6
1.

Since indirect cost cannot be conveniently or economically traced directly to a cost pool or cost object, the management accountant will: Assign them by means of cost allocation. Assign them where needed. Assign them randomly to even out these costs. Not assign them at all. None of the above.
1 points

Question 7
1.

The total manufacturing cost consists of the costs for materials used, labor, and ________. Overhead cost Average cost Step cost Prime cost
1 points

Question 8
1.

The Gray Company has a staff of five clerks in its general accounting department. Three clerks who work during the day perform sundry accounting tasks; the two clerks who work in the evening are responsible for (1) collecting the cost data for the various jobs in process, (2) verifying manufacturing material and labor reports, and (3) supplying production reports to the supervisors by the next morning. The salaries of these two clerks who work at night should be classified as: Period costs. Direct costs. Product costs.

Indirect costs.
1 points

Question 9
1.

Which of the following is an example of an indirect cost? Cost of downtime Cost of labor Cost of materials Cost of packaging materials
1 points

Question 10
1.

If finished goods inventory has increased during the period, which of the following is always true? Cost of goods sold is less than cost of goods manufactured. Cost of goods sold is more than cost of goods manufactured. Cost of goods manufactured is more than total manufacturing costs. Cost of goods manufactured is less than total manufacturing costs.
1 points

Question 11
1.

Which of the following would not be considered a cost pool? Inventory manager Revenue Engineering department Direct materials cost
1 points

Question 12
1.

The change in total cost associated with each change in the quantity of the cost driver is: Average cost. Controllable cost. Variable cost. Unit cost.