24 May Question : Week 8 Exam 3 – Exam
Question
: Week 8 Exam 3 – Exam
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| Standard costs provide a basis for assessing the reasonableness of actual costs incurred for producing a product or service.(Points : 2) |
True
False
| Service companies do not have work in process and finished goods accounts.(Points : 2) |
True
False
| At the end of the period, the balance remaining in Finished Goods is reported on the income statement.(Points : 2) |
True
False
| Cost of goods manufactured must be determined prior to computing cost of goods sold.(Points : 2) |
True
False
| If Paterno Company’s turnover(asset utilization) measure is 2.5 and its margin is 7.5%, its ROI is 10%. (Points : 2) |
True
False
| Organization charts are drawn in a hierarchical fashion with low level managers shown at the bottom of the chart, middle level managers in the middle of the chart, and senior level managers shown at the top of the chart. (Points : 2) |
True
False
| Direct costs must be allocated across departments.(Points : 2) |
True
| Responsibility performance reports usually compare actual costs to the budgeted costs amounts.(Points : 2) |
True
False False
| When direct labor is the best cost driver for variable manufacturing overhead, a favorable direct labor efficiency variance would result in:
(Points : 2) |
A favorable variable manufacturing overhead efficiency variance
An unfavorable variable manufacturing overhead efficiency variance
An unfavorable variable manufacturing overhead efficiency variance and an unfavorable total variable manufacturing overhead variance
The answer cannot be determined
The July manufacturing overhead budget of Kyoto Corporation, shown below, was constructed assuming an activity level of 48,000 direct labor hours:
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