MULTIPLE CHOICE
1. The cost of inventory reported on the balance sheet may include the cost of all the following EXCEPT: (Points : 2)
2. The one cost that would be classified as part of both prime cost and conversion cost would be: (Points : 2)
3. Which of the following is NOT one of the three major customer value propositions discussed in the text? (Points : 2)
4. Which of the following is NOT a period cost? (Points : 2)
5. A plant manufactures several different products. The wages of the maintenance staff in the plant can be classified as a (an): (Points : 2)
6. Consider the following costs incurred in a recent period:
Direct materials $33,000
Depreciation on factory equipment $12,000
Factory janitor's salary $23,000
Direct labor $28,000
Utilities for factory $9,000
Selling expense $16,000
Production supervisor's salary $34,000
Administrative expenses $21,000
What was the total amount of the period costs listed above for the period?
(Points : 2)
7. Which of the following statements refers to management accounting information? (Points : 2)
8. The Institute of Management Accountants (IMA): (Points : 2)
9. Financial accounting: (Points : 2)
10. All of the following are characteristics of a pull production system EXCEPT: (Points : 2)
11. Conversion costs consist of: (Points : 2)
12. ____________ is an example of a line position. (Points : 2)
13. The accounting process is constrained by mandated reporting requirements by all of the following organizations EXCEPT the: (Points : 2)
14. The person MOST likely to use management accounting information is a(n): (Points : 2)
15. Which of the following types of information are used in management accounting? (Points : 2)
16. The Institute of Management Accountants' Standards of Ethical Conduct contains a policy regarding confidentiality that requires that management accountants: (Points : 2)
17. Manufacturing costs include: (Points : 2)
18. Which of the following groups would be LEAST likely to receive detailed management accounting reports? (Points : 2)
19. Which of the following is NOT one of the Institute of Management Accountants' five Standards of Ethical Conduct? (Points : 2)
20. Management accounting information can be used for all of the following except: (Points : 2)
Click here for the solution: The cost of inventory reported on the balance sheet may include the cost of all the following EXCEPT
