Show the process costing system

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Reference no: EM1313064

Multiple choice questions in managerial accounting.

1. Cross Functional Decision Making:

a.Brings together individuals from diverse functions and backgrounds in order to generate innovative solutions to problems

b.Brings together individuals from different industries to benchmark solutions to similar problems

c.Brings together individuals with different jobs in the same function to generate innovative solutions to problems

d.Focuses on finding new opportunities, informed but not restricted to what has worked in the past

2. Maria Kadison, Controller at Robbins Corporation, became aware that Robbins is in talks with Hallion Company for a friendly merger. Maria discloses this information to her immediate family. No member of Maria's family purchases either Robbins' or Hallion's stock before the merger. Which of the following is true?

a.Maria has violated the ethical standard of integrity

b.Maria has violated the ethical standard of confidentiality

c.Maria has not violated any ethical standards because the disclosure was made only to her immediate family

d.Maria has not violated any ethical standards because her immediate family did not profit from the information that she disclosed

3. Which of the following would be found in a low risk, low reward strategic mission?

a.Need to maintain growth

b.The company must be a major player in the market

c.Declining market

d.Focus on capturing market share

4. The delivery of products or services to customers is an example of which element in the value chain?

a.Supply

b.Design

c.Marketing

d.Distribution

5. In its first month of operations, Oliveira Corporation produced 100,000 units. 80,000 units were sold. The manufacturing cost per unit was as follows:

Direct materials cost	$40
Direct labor cost	10
Variable overhead cost	30
Fixed overhead cost	50
Total per unit cost	$130

Oliveira's operating income under absorption costing will be:

a.Lower than variable costing by $1,000,000

b.Higher than variable costing by $600,000

c.Higher than variable costing by $1,000,000

d.The same as variable costing

6. Which of the following statements is True?

a.Operating income under variable costing equals contribution margin less operating expenses

b.When sales exceed production, absorption costing income will be higher than variable costing income

c.Throughput costing assigns all variable costs to cost of goods sold

d.When production exceeds sales, absorption costing income will be higher than variable costing income

7. Under throughput costing:

a.Both conversion and indirect costs are added to inventory

b.Neither conversion nor indirect costs are added to inventory

c.Conversion costs are added to inventory but indirect costs are not

d.Indirect costs are added to inventory but conversion costs are not

8. Which of the following would be considered an indirect product cost?

a.Depreciation on sales staff automobiles

b.President's salary

c.Maintenance on factory equipment

d.Direct Materials used in production

9. Depreciation on forklifts used to transport materials should be accounted for as:

a.Manufacturing overhead cost

b.Period cost

c.Prime cost

d.Part of the direct materials cost

10. Which of the following companies would most likely use a process costing system?

a.A law firm

b.A tax return preparer

c.A paint manufacturer

d.A shipbuilder

Reference no: EM1313064

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