29 Jun Question 1) A cost management system provides _
Question
1) A cost management system provides ________.
A) measures of inventory value and cost of goods sold for financial reporting
B) cost information for strategic management decisions
C) cost information for operational control
D) all of the above
2) Cost accounting is that part of the cost management system that measures costs for the sole purpose of financial reporting. True or False
3) Which of the following costs is a direct cost to a manufactured product?
A) depreciation expense on factory equipment used for the product
B) the wages of an assembly worker who works specifically on the product
C) accountants who accumulate the costs of the product
D) a factory supervisor who oversees the production of several different types of products
4) Physically tracing ________ costs is usually straightforward, but allocating ________ costs is usually more complex.
A) indirect; direct
B) direct; product
C) direct; indirect
D) unallocated; indirect
5) Unallocated costs ________.
A) have an identifiable relationship to a cost pool
B) lack an identifiable relationship to a cost pool
C) have an identifiable relationship to a cost object
D) lack an identifiable relationship to a cost object
6) Unallocated costs ________.
A) are not recorded in the cost accounting system
B) are not allocated to cost objects
C) are direct costs for service firms
D) are indirect costs for merchandising firms
7) The manufacturing division of an electronics company uses activity-based costing. The company has identified three activities and the related cost drivers for indirect production costs.
Activity Cost Driver
Activity 1 Direct materials cost
Activity 2 Direct labor cost
Activity 3 Kilowatt hours
Three types of products are produced. Direct costs and cost-driver activity for each product for a month are as follows:
Product A Product B Product C
Direct materials cost $75,000 $50,000 $125,000
Direct labor cost $6,000 $1,000 $3,000
Direct labor hours 1,000 500 1,500
Kilowatt hours 150,000 200,000 150,000
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