29 Jun 1. Question : When completed units are
Question
1. Question : When completed units are transferred to the warehouse:
Cost of Goods Sold account is debited.
Cost of Goods Manufactured account is debited.
Finished Goods Inventory account is debited.
Work-in-Process Inventory account is debited.
Finished Goods Inventory account is credited.
Question 2. Question : Which of the following companies uses process costing systems?
Accenture.
Coca-Cola.
Jiffy Lube International.
A professional service firm.
All of the above.
Question 3. Question : Which one of the following is the amount that actual factory overhead exceeds the factory overhead applied?
Factory overhead applied.
Actual factory overhead.
Overapplied overhead.
Allocated factory overhead.
Underapplied overhead.
Question 4. Question : Abnormal spoilage:
Is considered part of good production.
Arises under efficient operating conditions.
Is controllable in the short run.
Is unacceptable spoilage that should not occur under efficient operating conditions.
Is part of inventory product cost.
Question 5. Question : An activity that is performed to support the production of a new custom-order product is a(n):
Product-level activity.
Facility-level activity.
Unit-level activity.
Customer-support activity.
Batch-level activity.
Question 6. Question : The general sales manager’s salary is an example of a:
Customer unit-level cost.
Customer batch-level cost.
Customer-sustaining cost.
Distribution-channel cost.
Sales-level cost.
Question 7. Question : Which of the following activities is a facility-level activity?
Plant management salaries.
Depreciation on a highly specialized piece of production equipment.
Direct labor.
Product design.
Question 8. Question : Effective implementation of activity-based costing (ABC) requires:
Normally the assistance of a consultant.
A sophisticated and expensive computer system.
Support of top management and key employees.
Capturing properly the complexity of the data.
ABC has no significant implementation issues.
Question 9. Question : Process cost systems are used in all of the following industries except:
Chemicals.
Ship building.
Oil refining.
Textiles.
Steel.
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