557081
Description
Quiz by turquoise_cat, updated more than 1 year ago
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Created by turquoise_cat
about 10 years ago
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Question 1
Question
Which major activities do managers carry out?
Answer
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Planning.
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Directing and motivating.
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Controlling.
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All of the answers are correct.
Question 2
Question
Which one of the following costs would not be considered an indirect cost of serving a particular customer at a delicatessen?
Answer
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The salary of the manager.
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The cost of the tables and chairs used to furnish the restaurant.
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The cost of the bread used to make the sub sandwich that is ordered.
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The cost of lighting and heating the restaurant.
Question 3
Question
Usually, the wages of the janitorial staff in a factory would:
Answer
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not be considered as indirect labor but would be included in manufacturing overhead.
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be classified as indirect labor but would not be included in manufacturing overhead.
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be classified as indirect labor and included in manufacturing overhead.
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not be classified as indirect labor and not be included in manufacturing overhead.
Question 4
Question
If the cost of goods manufactured is greater than the cost of goods sold, then:
Answer
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work in process inventory has decreased during the period.
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finished goods inventory has increased during the period.
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total manufacturing costs must be greater than cost of goods manufactured.
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finished goods inventory has decreased during the period.
Question 5
Question
The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
The cost of the raw materials used in production during the year (in thousands of dollars) was:
Image:
ch02q05_06789 (image/jpg)
Answer
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$360.
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$600.
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$640.
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$760.
Question 6
Question
The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
Image:
ch02q05_06789 (image/jpg)
Answer
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$2,000.
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$2,080.
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$2,160.
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$2,360.
Question 7
Question
The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
The cost of goods sold for the year (in thousands of dollars) was:
Image:
ch02q05_06789 (image/jpg)
Answer
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$2,000.
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$2,320.
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$2,640.
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$2,800.
Question 8
Question
The following data (in thousands of dollars) have been taken from the accounting records of Fairbanks Corporation for the just completed year.
The net income for the year (in thousands of dollars) was:
Image:
ch02q05_06789 (image/jpg)
Answer
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$600.
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$800.
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$1,000.
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$1,960.
Question 9
Question
Within the relevant range:
Answer
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both total variable costs and total fixed costs will remain constant.
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both total variable costs and total fixed costs fluctuate.
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fixed costs per unit will remain constant and variable costs per unit will fluctuate.
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variable costs per unit will remain constant and fixed costs per unit will fluctuate.
Question 10
Question
An opportunity cost is:
Answer
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the difference between the total cost of one alternative and the total cost of another alternative.
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the benefit forgone when one alternative is selected rather than another.
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a cost that is saved by not adopting a given alternative.
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a cost that continues to be incurred even when there is no activity.
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