ACCT 344 All Quizzes

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ACCT 344 Week 1 Quiz

1. Question: (TCO 2) Which cost assignment
method would likely assign the cost of heating in a
plant that makes beds and dressers when the bed
product line is the cost object?

2. Question: (TCO 2) Which cost is an example

of product costs?
3. Question: (TCO 2) Period costs do not include
4. Question: (TCO 2) Based on the following
information, which are the conversion costs?
Beginning work-in-process inventory $160,000
Ending work-in-process inventory $180,000 Cost
of goods manufactured $500,000 Direct materials
used $130,000
5. Question: (TCO 2) Based on the following
information, which are the prime costs for the
year? Cost of goods manufactured $380,000
Beginning work-in-process inventory $140,000
Ending work-in-process inventory $120,000
Manufacturing overhead $70,000
6. Question: (TCO 2) The absolute maximum
production activity of a manufacturing firm is
called

7. Question: (TCO 2) Which item is a basic

costing system record in a job-order costing
system?
8. Question: (TCO 2) Which firm would make
extensive use of job-order costing?
9. Question: (TCO 2) ABC Manufacturing
Company has the following total job cards. Job A
$6,500 Job B $5,630 Job C $3,825 Job D $3,800
Job E $6,300 Job F $4,200 Jobs A and B were in
Finished Goods Inv. at the beginning of the
month. Jobs C and D were in Work-in-Process at
the beginning of the month. Jobs E and F were
started during the month. At the end of the month,
Jobs A and E were sent to customers. At the end
of the month, Jobs C, E, and F were completed
and sent to finished goods. Which is the cost of
goods sold for the month?
10. Question: (TCO 2) Action Corporation uses

activity-based costing to apply overhead to jobs

within a job-order costing system. The following
overhead activities were budgeted for the year.
ACCT 344 Week 2 Quiz
1. Question: (TCO 3) The appropriate cost
accounting system to use when inventory items
are produced on an assembly line is
2. Question: (TCO 3) As production occurs,
materials, direct labor, and applied manufacturing
overhead are recorded in
3. Question: (TCO 3) Equivalent units
expresses all activity of the period in terms of
4. Question: (TCO 3) Holly Inc. manufactures
dolls. The following data were provided for
production results for the current month. 0 Units,
beginning work-in-process 300 Units started ?
Units completed 100 Units, ending work-inprocess (40% complete) Which are the equivalent

units?
5. Question: (TCO 3) When products and their
costs are moved from one process to the next
process, these costs are referred to as
6. Question: (TCO 3) Keller Inc. manufactures
office chairs. The following data were provided for
production results for the current month. 0 Units,
beginning work-in-process 6,000 Units started ?
Units completed 2,000 Units, ending work-inprocess $440,000 Cost of direct materials
$64,000 Cost of conversion Ending inventory is
100% complete for materials and 20% complete
for conversion. How many units were started and
completed?
7. Question: (TCO 3) The two methods used to
determine equivalent units of production are
8. Question: (TCO 3) Abby Corp. adds raw
materials to production at the beginning of the

process in the Assembly Dept. Materials data for

this department for the current month are as
follows.
9. Question: (TCO 3) The following information
was provided by Sally Company...........How many
equivalent units for materials would there be using
the weighted average method?
10. Question: (TCO 3) The material cost per
equivalent unit using the weighted average
method is calculated as..........
ACCT 344 Week 3 Quiz
1. Question: (TCO 8) A predetermined overhead
rate is calculated using which formula?
2. Question: (TCO 8) All of the following are unitbased activity drivers EXCEPT
3. Question: (TCO 8) A department that is capital
intensive most likely would use a predetermined
departmental overhead rate based on which

activity base?
4. Question: (TCO 8) Star Inc. uses a job-order
costing system to account for product costs. The
following information was provided for the current
year. Materials placed in production $160,000
Indirect labor $50,000 Direct labor (10,000 hours)
$180,000 Depreciation of factory building $80,000
Other factory overhead $130,000 Increase in
work-in-process inventory $45,000 Factory
overhead rate per direct labor hour $25 Which is
the amount of under- or overapplied overhead for
Star Inc.?
5. Question: (TCO 8) Acme Company
manufactures two products (anvils and barrels).
Overhead costs ($84,000) have been divided into
three cost pools, which use the following activity
drivers.
6. Question: (TCO 8) Which is NOT a limitation of

a plantwide overhead rate?

7. Question: (TCO 8) The resources consumed
by the activity in producing its output are called
8. Question: (TCO 8) Which is NOT part of the
cost dimension of the activity-based management
model?
9. Question: (TCO 8) Which is an example of a
non-value-added manufacturing activity?
10. Question: (TCO 8) The process that involves
choosing among various sets of activities that are
caused by competing strategies is called......
ACCT 344 Week 5 Quiz
1. Question: (TCO 7) A common cost occurs
2. Question: (TCO 7) Which would be the most
appropriate base for allocating the costs of the
housekeeping department?
3. Question: (TCO 7) The Ruling Company
assigns plant administration costs to the

production departments based on the number of

employees. Which would NOT be a good
combination of common costs with an activity
driver?
4. Question: (TCO 7) Joint costs are allocated
because of
5. Question: (TCO 7) Which method allocates
support department costs?
6. Question: (TCO 7) Joint costs are
7. Question: (TCO 7) Which method allocates
joint production costs based on the pounds of
product produced?
8. Question: (TCO 7) DeeDee Corporation
manufactures the following products in its factory.
$400,000 of costs were incurredHow
much joint cost would be allocated to Product A
based on the physical units method?
9. Question: (TCO 7) Sally Corporation

manufactures four products. The following data

were provided by the cost accountant for the
current year.
10. Question: (TCO 7) Lamb Inc. processes wool
into four grades of yarn as follows.Which is
the amount of joint costs assigned to Superwash
Wool using the constant gross margin percentage
method?
ACCT 344 Week 6 Quiz1. Question: (TCO
5) Which is NOT a component of the master
budget?
2. Question: (TCO 5) The budgets that are
comprehensive financial plans made up of various
individual departmental and activity budgets are
the...........
3. Question: (TCO 5) The budget committee
4. Question: (TCO 5) Which is a financial
budget?

5. Question: (TCO 5) When budgets are used for

control,
6. Question: (TCO 5) Flexible budgets do NOT
provide
7. Question: (TCO 5) Volume variances examine
differences between
8. Question: (TCO 5) Goal congruence means
9. Question: (TCO 5) Participative budgeting has
which potential problem?
10. Question: (TCO 5) Bored Manufacturing has
projected the followingWhich is the total
amount of overhead included in the overhead
budget?