ACCT 344 All Quizzes

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ACCT 344 Week 1 Quiz
1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in
a plant that makes beds and dressers when the bed product line is the cost object?
2. Question: (TCO 2) Which cost is an example of product costs?
3. Question: (TCO 2) Period costs do not include
4. Question: (TCO 2) Based on the following information, which are the conversion costs?
Beginning work-in-process inventory $160,000 Ending work-in-process inventory $180,000
Cost of goods manufactured $500,000 Direct materials used $130,000
5. Question: (TCO 2) Based on the following information, which are the prime costs for the
year? Cost of goods manufactured $380,000 Beginning work-in-process inventory $140,000
Ending work-in-process inventory $120,000 Manufacturing overhead $70,000
6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is
called
7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing
system?
8. Question: (TCO 2) Which firm would make extensive use of job-order costing?
9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A
$6,500 Job B $5,630 Job C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were
in Finished Goods Inv. at the beginning of the month. Jobs C and D were in Work-in-Process at
the beginning of the month. Jobs E and F were started during the month. At the end of the month,
Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were completed
and sent to finished goods. Which is the cost of goods sold for the month?
10. Question: (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs
within a job-order costing system. The following overhead activities were budgeted for the year.

ACCT 344 Week 2 Quiz

1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are
produced on an assembly line is

2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing
overhead are recorded in
3. Question: (TCO 3) Equivalent units expresses all activity of the period in terms of
4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for
production results for the current month. 0 Units, beginning work-in-process 300 Units started ?
Units completed 100 Units, ending work-in-process (40% complete) Which are the equivalent
units?
5. Question: (TCO 3) When products and their costs are moved from one process to the next
process, these costs are referred to as
6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided
for production results for the current month. 0 Units, beginning work-in-process 6,000 Units
started ? Units completed 2,000 Units, ending work-in-process $440,000 Cost of direct materials
$64,000 Cost of conversion Ending inventory is 100% complete for materials and 20% complete
for conversion. How many units were started and completed?
7. Question: (TCO 3) The two methods used to determine equivalent units of production are
8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the
process in the Assembly Dept. Materials data for this department for the current month are as
follows.
9. Question: (TCO 3) The following information was provided by Sally Company...........How
many equivalent units for materials would there be using the weighted average method?
10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method
is calculated as..........

ACCT 344 Week 3 Quiz

1. Question: (TCO 8) A predetermined overhead rate is calculated using which formula?
2. Question: (TCO 8) All of the following are unit-based activity drivers EXCEPT
3. Question: (TCO 8) A department that is capital intensive most likely would use a
predetermined departmental overhead rate based on which activity base?
4. Question: (TCO 8) Star Inc. uses a job-order costing system to account for product costs. The
following information was provided for the current year. Materials placed in production
$160,000 Indirect labor $50,000 Direct labor (10,000 hours) $180,000 Depreciation of factory
building $80,000 Other factory overhead $130,000 Increase in work-in-process inventory
$45,000 Factory overhead rate per direct labor hour $25 Which is the amount of under- or
overapplied overhead for Star Inc.?
5. Question: (TCO 8) Acme Company manufactures two products (anvils and barrels).
Overhead costs ($84,000) have been divided into three cost pools, which use the following
activity drivers.
6. Question: (TCO 8) Which is NOT a limitation of a plantwide overhead rate?
7. Question: (TCO 8) The resources consumed by the activity in producing its output are called
8. Question: (TCO 8) Which is NOT part of the cost dimension of the activity-based
management model?
9. Question: (TCO 8) Which is an example of a non-value-added manufacturing activity?
10. Question: (TCO 8) The process that involves choosing among various sets of activities that
are caused by competing strategies is called......

ACCT 344 Week 5 Quiz

1. Question: (TCO 7) A common cost occurs

2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the
housekeeping department?
3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production
departments based on the number of employees. Which would NOT be a good combination of
common costs with an activity driver?
4. Question: (TCO 7) Joint costs are allocated because of
5. Question: (TCO 7) Which method allocates support department costs?
6. Question: (TCO 7) Joint costs are
7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of
product produced?
8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory.
$400,000 of costs were incurredHow much joint cost would be allocated to Product A
based on the physical units method?
9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were
provided by the cost accountant for the current year.
10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as
follows.Which is the amount of joint costs assigned to Superwash Wool using the constant
gross margin percentage method?

ACCT 344 Week 6 Quiz

1. Question: (TCO 5) Which is NOT a component of the master budget?
2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various
individual departmental and activity budgets are the...........
3. Question: (TCO 5) The budget committee
4. Question: (TCO 5) Which is a financial budget?
5. Question: (TCO 5) When budgets are used for control,
6. Question: (TCO 5) Flexible budgets do NOT provide
7. Question: (TCO 5) Volume variances examine differences between
8. Question: (TCO 5) Goal congruence means
9. Question: (TCO 5) Participative budgeting has which potential problem?
10. Question: (TCO 5) Bored Manufacturing has projected the followingWhich is the
total amount of overhead included in the overhead budget?