57.
Consider the following for Guardian
Manufacturing Company:

What are the cost of goods manufactured
and cost of goods sold?

A.
Option A
B.
Option B

C.
Option C
D.
Option D
.0/msohtmlclip1/01/clip_image001.jpg”>.0/msohtmlclip1/01/clip_image002.jpg”>.0/msohtmlclip1/01/clip_image003.jpg”>.0/msohtmlclip1/01/clip_image004.jpg”>

62. In
order to assure that accounting information is accurate and to avoid
potentially costly mistakes in the decision making process, firms should:

A.
Design and monitor an
effective system of internal accounting controls.

B. Have
the internal auditors and controller each check the accounting data before it
is released to management.

C.
Purchase an accounting
system that is designed specifically for the industry in which the firm
conducts business.

D.
None of the above.

63.
Which of the following best describes a
fixed cost?
A.
It may change in total
when such change is unrelated to changes in production volume.

B.
It may change in total
when such change is related to changes in production volume.
C.
It is constant per unit
of change in production volume.
D.
It may change in total
when such change depends on production volume within the relevant range.

64.
The income statement for a manufacturing
company includes:
A.
Indirect Labor, Factory
Overhead, and Total Manufacturing Cost

B.
Total Manufacturing Cost
and Cost of Goods Sold.
C.
Indirect Materials,
Factory Overhead, and Cost of Goods Manufactured.
D.
Indirect Labor, Indirect
Materials and Cost of Goods Sold.
E.
None of the above.

65.
The income statement for a merchandising
company includes:
A.
Direct Labor.

B.
Factory Overhead.
C.
Total Manufacturing
Cost.
D.
Cost of Goods Sold.
E.
None of the above.

66.
Which of the following should be
considered a structural cost driver?
A.
Scale.
B.
Experience.
C.
Complexity.
D.
Technology.
E.
All of the above.

67.
A manager of a small
manufacturing firm is interested in knowing what the company’s product costs
are. Which of the following would be considered a product cost for the
manager’s company?

A.
Direct materials.
B.
Product design cost.
C.
Office expenses.
D.
Selling expenses.
E.
Advertising expense.

68. A
manager of a large retail firm is interested in knowing what the company’s
product costs are. Which of the following would be considered a product cost
for the manager’s company?

A.
Direct materials.
B.
Direct labor.
C.
Factory overhead.
D.
Transportation costs
paid by the retailer to transport the purchased product to its distribution
location.
E.
None of the above.

69.
The main objective(s) of internal
accounting controls is/are:
A.
To increase customer
satisfaction.

B.
To increase revenue.
C.
To prevent or detect
errors and fraudulent acts.
D.
To facilitate new
product lines.
E.
To increase employee
morale.

70. Direct
materials and direct labor costs total $70,000 and factory overhead costs total
$100 per machine hour. If 200 machine hours were used for Job #333, what is the
total manufacturing cost for Job #333?

A.
$20,000
B.
$70,200
C.
$70,000
D.
$90,000
E.
$100,000

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now