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ACF5955 Week2 in-class quiz Flashcards | StudBud

Explore/ACF5955 Week2 in-class quiz

ACF5955 Week2 in-class quiz

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Questions 8

Answers

1
Indirect costs:
are always variable costs.
cannot be traced to a particular cost object.
are always fixed costs.
cannot be economically traced to a particular cost object.
2
Which of the following is not a period cost?
Administrative costs
Research and development
Factory overheads
Marketing costs
3
Which of the following is not an example of a variable cost?
Commissions paid to sales personnel.
Timber used to make outdoor furniture.
Straight-line depreciation on a machine expected to last five years.
Wages paid to assembly line workers at a local manufacturing plant.
4
Which of the following is not an example of a manufacturing overhead?
Depreciation of factory machinery
Factory lighting
Factory rent
Assembly line workers' wages
5
Refer to the following information:
$20 000
$25 000
$5 000
$15 000
6
Which of the following statements is true?
Cost data, once classified and recorded, can be used for any purpose.
Different cost concepts & classifications are used for different purposes.
None of the given answers
The word cost has the same meaning in all situations in which it is used.
7
With respect to the flow of manufacturing costs through the accounts, what does the ending balance of WIP account show?
The amount of costs incurred for the period.
The amount of cost to be transferred to cost of goods sold.
The total costs for incomplete jobs.
The total costs for completed jobs.
8
As manufacturing companies become more automated, their cost structure will change so that:
variable costs decrease, fixed costs increase.
variable costs decrease, fixed costs decrease.
variable costs increase, fixed costs decrease.
there is no change in the ratio of variable to fixed costs.