How would Honda classify its partially completed vehicles

Assignment Help Accounting Basics

Reference no: EM132721380

Questions -

Q1. Which of the following describes full costs for a product for profitability analysis?

A. Full product costs consist of direct materials, direct labour and manufacturing overhead.

B. Full product costs do not include non-manufacturing costs.

C. Full product costs are narrower in scope than inventoriable product costs.

D. Full product costs include all costs of the value chain.

Q2. When the number of units produced is less than the number of units sold, how does operating income under variable costing differ from operating income under absorption costing?

A. It is higher than operating income under absorption costing.

B. It depends upon the amount of decline.

C. It is the same as operating income under absorption costing.

D. It is lower than operating income under absorption costing.

Q3. Which of the following describes the way in which variable costs per unit behave?

A. They will increase as production decreases.

B. They will remain the same as production levels change.

C. They will decrease as production decreases.

D. They will decrease as production increases.

Q4. How would Honda classify its partially completed vehicles?

A. Supplies

B. Work in process

C. Finished goods

D. Raw materials

Q5. Which of the following is the most significant cost for a service company?

A. Supplies

B. Labour

C. Manufacturing overhead

D. Indirect costs

Q6. Preparing budgets is an example of the management function of

A. controlling.

B. decision-making.

C. directing.

D. planning.

Reference no: EM132721380

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