Question 1

Service companies sell their time,skills,and knowledge.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following will be classified as a conversion cost?

Accepted Answer

A)  cost of direct materials used
B)  depreciation on factory equipment
C)  salary of sales personnel
D)  depreciation on office furnitureE) A) and B)
F) A) and C)

Question 3

Daryl Corporation reports costs for the year as follows:

How much is the total product costs for the year?

Accepted Answer

A)  $785,000
B)  $1,400,000
C)  $1,453,500
D)  $615,000E) None of the above
F) All of the above

Question 4

In manufacturing,the cost objects are often units of product.

Accepted Answer

A) True 
 B)False

Question 5

Knowing the unit cost per item helps managers set appropriate selling prices.

Accepted Answer

A) True 
 B)False

Question 6

The following information has been provided by Squash Corporation:

The beginning balance of Work-in-Process Inventory account was ________.

Accepted Answer

A)  $9,900
B)  $9,690
C)  $26,310
D)  $9,510E) B) and D)
F) B) and C)

Question 7

ERP systems can integrate all of a company's functions,departments,and data into a single system.

Accepted Answer

A) True 
 B)False

Question 8

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year:

How much was the unit cost per item of product sold? (Round your answer to the nearest cent. )

Accepted Answer

A)  $5.48
B)  $6.13
C)  $2.61
D)  $100.65E) All of the above
F) B) and C)

Question 9

Samson,Inc.reported the following information for the year:

How much was the unit cost per service? (Round your answer to the nearest cent. )

Accepted Answer

A)  $3.33
B)  $1.46
C)  $1.88
D)  $5.21E) A) and B)
F) None of the above

Question 10

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Accepted Answer

A) True 
 B)False

Exam 18: Introduction to Managerial Accounting

In manufacturing,the cost objects are often units of product.

Correct Answer
verified

Which of the following will be classified as a conversion cost?

Correct Answer
verified

Samson,Inc.reported the following information for the year: How much was the unit cost per service? (Round your answer to the nearest cent. )

Correct Answer
verified

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Correct Answer
verified

The following information has been provided by Squash Corporation: The beginning balance of Work-in-Process Inventory account was ________.

Correct Answer
verified

Daryl Corporation reports costs for the year as follows: How much is the total product costs for the year?

Correct Answer
verified

Service companies sell their time,skills,and knowledge.

Correct Answer
verified

Knowing the unit cost per item helps managers set appropriate selling prices.

Correct Answer
verified

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year: How much was the unit cost per item of product sold? (Round your answer to the nearest cent. )

Correct Answer
verified

ERP systems can integrate all of a company's functions,departments,and data into a single system.

Correct Answer
verified

Exam 18: Introduction to Managerial Accounting

In manufacturing,the cost objects are often units of product.

Correct AnswerverifiedShow Answer

Which of the following will be classified as a conversion cost?

Correct AnswerverifiedShow Answer

Samson,Inc.reported the following information for the year: How much was the unit cost per service? (Round your answer to the nearest cent. )

Correct AnswerverifiedShow Answer

Unit cost per service is calculated by dividing total costs by the total number of services provided.

Correct AnswerverifiedShow Answer

The following information has been provided by Squash Corporation: The beginning balance of Work-in-Process Inventory account was ________.

Correct AnswerverifiedShow Answer

Daryl Corporation reports costs for the year as follows: How much is the total product costs for the year?

Correct AnswerverifiedShow Answer

Service companies sell their time,skills,and knowledge.

Correct AnswerverifiedShow Answer

Knowing the unit cost per item helps managers set appropriate selling prices.

Correct AnswerverifiedShow Answer

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year: How much was the unit cost per item of product sold? (Round your answer to the nearest cent. )

Correct AnswerverifiedShow Answer

ERP systems can integrate all of a company's functions,departments,and data into a single system.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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