GCU ACC650 Week 1 Quiz

GCU ACC650 Week 1 Quiz

GCU ACC650 Week 1 Quiz

Question

A custom-home builder would likely utilize:

joint costing.

process budgeting.

job-order costing.

process costing.

mass customization.

• Harrison
Industries began July with a finished-goods inventory of $48,000. The
finished-goods inventory at the end of July was $56,000 and the cost of goods
sold during the month was $125,000. The cost of goods manufactured during July
was:

$117,000.

$125,000.

$133,000.

$104,000.

None of the answers is correct.

• Shu
Corporation recently computed total product costs of $567,000 and total period
costs of $420,000, excluding $35,000 of sales commissions that were overlooked
by the company’s administrative assistant. On the basis of this information,
Shu’s income statement should reveal operating expenses of:

$602,000.

$567,000.

$420,000.

$455,000.

$35,000.

• Which of
the following is not an element of competency?

To refrain from engaging in an activity that would discredit
the accounting profession.

To prepare clear reports after an analysis of relevant and
reliable information.

To develop appropriate knowledge about a particular subject.

To perform duties in accordance with relevant technical
standards.

To perform duties in accordance with relevant laws.

• Metalica
Company applies overhead based on machine hours. At the beginning of 20×1, the
company estimated that manufacturing overhead would be $500,000, and machine
hours would total 20,000. By 20×1 year-end, actual overhead totaled $525,000,
and actual machine hours were 25,000. On the basis of this information, the
20×1 predetermined overhead rate was:

$0.04 per machine hour.

$25 per machine hour.

$21 per machine hour.

$0.05 per machine hour.

$20 per machine hour.

• The value
chain of a manufacturer would tend to include activities related to:

marketing.

manufacturing.

product design.

all of the answers are correct.

research and development.

• Farrina
Manufacturing uses a predetermined overhead application rate of $8 per direct
labor hour. A review of the company’s accounting records for the year just
ended discovered the following:

Underapplied manufacturing overhead: $7,200

Actual manufacturing overhead: $392,000

Budgeted labor hours: 50,000

Simone’s actual labor hours worked totaled:

49,900.

cannot be determined based on the information presented.

48,100.

49,100.

50,900.

• Conversion
costs are:

direct material, direct labor, and manufacturing overhead.

direct labor and manufacturing overhead.

period costs.

prime costs.

direct material and direct labor.

• Under- or
overapplied manufacturing overhead at year-end is most commonly:

prorated among Work-in-Process Inventory, Finished-Goods
Inventory, and Cost of Goods Sold.

ignored because there is no effect on the Cash account.

charged or credited to Cost of Goods Sold.

charged or credited to Work-in-Process Inventory.

charged or credited to a special loss account.

Strategic cost management is:

cost-causing factors.

the process of managing cost relationships to the firm’s
advantage

the process of determining cost drivers.

two of the answers are correct.

the recognition of the importance of cost relationships
among the activities in the value chain.

Which of the following employees would not be classified as
indirect labor?

Plant Custodian.

An employee that packs products for shipment.

Salesperson.

Plant security guard.

A line employee that produces parts for chairs using a saw
and template.

• Which of
the following is not a drawback of actual costing?

Costs avoid the estimation associated with predetermined
overhead rates.

Actual overhead costs may only be available after a
production period has passed.

Costs may not be evenly spread throughout the year due to
large payments for overhead costs.

All of these are drawbacks of actual costing.

Costs are subject to cyclicality.

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