Scribd Logo
Upload

Welcome to Scribd!

  • 154 views

    Chapter 2 Sample MCQ

    Uploaded by

    SWAPNIL BOBATE
    This document contains multiple choice questions about accounting concepts such as direct and indirect costs, product costs, period costs, and cost of goods manufactured. Specifically, it asks questions about which costs would be considered indirect materials for a refrigerator manufacturer, whether certain costs are period costs or not, calculating total product and period costs based on financial information, and determining beginning work in process based on production and inventory figures.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Chapter 2 Sample MCQ

    Uploaded by

    SWAPNIL BOBATE
    154 views15 pages
    This document contains multiple choice questions about accounting concepts such as direct and indirect costs, product costs, period costs, and cost of goods manufactured. Specifically, it asks questions about which costs would be considered indirect materials for a refrigerator manufacturer, whether certain costs are period costs or not, calculating total product and period costs based on financial information, and determining beginning work in process based on production and inventory figures.

    Original Description:

    Nothing just MA

    Original Title

    Chapter 2 Sample Mcq

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains multiple choice questions about accounting concepts such as direct and indirect costs, product costs, period costs, and cost of goods manufactured. Specifically, it asks questions about which costs would be considered indirect materials for a refrigerator manufacturer, whether certain costs are period costs or not, calculating total product and period costs based on financial information, and determining beginning work in process based on production and inventory figures.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    154 views15 pages

    Chapter 2 Sample MCQ

    Uploaded by

    SWAPNIL BOBATE
    This document contains multiple choice questions about accounting concepts such as direct and indirect costs, product costs, period costs, and cost of goods manufactured. Specifically, it asks questions about which costs would be considered indirect materials for a refrigerator manufacturer, whether certain costs are period costs or not, calculating total product and period costs based on financial information, and determining beginning work in process based on production and inventory figures.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    You are on page 1of 15

    Chapter 2

    Multiple choice questions


    1.Whirlpool Ltd manufactures
    refrigerators. Which of the
    following items is most likely
    considered an indirect material
    cost for Whirlpool Ltd?
    A. Supplies used by maintenance supervisor

    B. Gasoline costs for trucks used to deliver


    products to customers
    C. Paints used by painting shop

    D. Thermostat controller used in the refrigerators


    A. Supplies used by maintenance supervisor

    B. Gasoline costs for trucks used to deliver


    products to customers
    C. Paints used by painting shop

    D. Thermostat controller used in the refrigerators


    Which of the following is not a period cost?
    A. Legal costs.
    B. Public relations costs.
    C. Sales commissions.
    D. Wages of assembly-line workers.
    E. The salary of a company's chief financial
    officer (CFO).
    Which of the following is not a period cost?
    A. Legal costs.
    B. Public relations costs.
    C. Sales commissions.
    D. Wages of assembly-line workers.
    E. The salary of a company's chief financial
    officer (CFO).
    The accounting records of Georgia Company
    revealed the following costs: direct materials
    used, $250,000; direct labor, $425,000;
    manufacturing overhead, $375,000; and selling
    and administrative expenses, $220,000.
    Georgia's product costs total:
    A. $1,050,000.
    B. $830,000.
    C. $895,000.
    D. $1,270,000.
    The accounting records of Georgia Company
    revealed the following costs: direct materials
    used, $250,000; direct labor, $425,000;
    manufacturing overhead, $375,000; and selling
    and administrative expenses, $220,000.
    Georgia's product costs total:
    A. $1,050,000.
    B. $830,000.
    C. $895,000.
    D. $1,270,000.
    The accounting records of Reynolds
    Corporation revealed the following selected
    costs: Sales commissions, $65,000; plant
    supervision, $190,000; and administrative
    expenses, $185,000. Reynolds's period costs
    total:
    A. $255,000.
    B. $440,000.
    C. $375,000.
    D. $250,000.
    The accounting records of Reynolds
    Corporation revealed the following selected
    costs: Sales commissions, $65,000; plant
    supervision, $190,000; and administrative
    expenses, $185,000. Reynolds's period costs
    total:
    A. $255,000.
    B. $440,000.
    C. $375,000.
    D. $250,000.
    In a manufacturing company, the cost of
    goods completed during the period would
    include which of the following elements?
    A. Raw materials used.
    B. Beginning finished goods inventory.
    C. Marketing costs.
    D. Depreciation of delivery trucks.
    E. All of the above.
    In a manufacturing company, the cost of goods
    completed during the period would include which
    of the following elements?
    A. Raw materials used.
    B. Beginning finished goods inventory.
    C. Marketing costs.
    D. Depreciation of delivery trucks.
    E. All of the above.
    Carolina Plating Company reported a
    cost of goods manufactured of
    $520,000, with the firm's year-end
    balance sheet revealing work in process
    and finished goods of $70,000 and
    $134,000, respectively. If supplemental
    information disclosed raw materials
    used in production of $80,000, direct
    labor of $140,000, and manufacturing
    overhead of $240,000, the company's
    beginning work in process must have
    been:
    A. $130,000.
    B. $10,000.
    C. $66,000.
    D. $390,000.
    A. $10,000.
    B. $130,000.
    C. $66,000.
    D. $390,000.

    You might also like