ACCT 526 Midterm Exam Questions With
Correct Answers
Costs that are matched with the revenue of a specific time period and charged to
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expense as incurred. - CORRECT ANSWER✔✔-period costs
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Work of factory employees that has no physical association with the finished
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product, or it is impractical to trace the costs to the goods produced. - CORRECT
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ANSWER✔✔-indirect labor |
Costs that are a necessary and integral part of producing the finished product. -
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CORRECT ANSWER✔✔-product costs | |
costs that are indirectly associated with the manufacture of the finished product.
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- CORRECT ANSWER✔✔-manufacturing overhead
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A field of accounting that provides economic and financial information for
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internal users. - CORRECT ANSWER✔✔-managerial accounting
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The work of factory employees that can be physically and conveniently associated
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with converting raw materials into finished goods. - CORRECT ANSWER✔✔-direct
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labor
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identify: Factory supervisor's salary - CORRECT ANSWER✔✔-manufacturing
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overhead
, identify: Supplies for the general office - CORRECT ANSWER✔✔-period costs
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identify: Rubber latex purchased for the use in the manufacture of automobile
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tires - CORRECT ANSWER✔✔-direct materials
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identify: advertising - CORRECT ANSWER✔✔-period costs
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identify: Rent on factory equipment - CORRECT ANSWER✔✔-manufacturing
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overhead
identify: Utility cost for the store - CORRECT ANSWER✔✔-period costs
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identify: Salary paid to the company's chief executive officer - CORRECT
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ANSWER✔✔-period costs |
identify: Salary paid to mechanics who maintain and repair factory equipment -
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CORRECT ANSWER✔✔-manufacturing overhead
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identify: Wages paid to assembly-line workers who install interiors in automobiles
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|- CORRECT ANSWER✔✔-direct labor
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Financial and managerial accounting are similar in that both:
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a. deal with the economic events of an enterprise.
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b. produce general-purpose reports.
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Correct Answers
Costs that are matched with the revenue of a specific time period and charged to
| | | | | | | | | | | | | | |
expense as incurred. - CORRECT ANSWER✔✔-period costs
| | | | | |
Work of factory employees that has no physical association with the finished
| | | | | | | | | | | |
product, or it is impractical to trace the costs to the goods produced. - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-indirect labor |
Costs that are a necessary and integral part of producing the finished product. -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-product costs | |
costs that are indirectly associated with the manufacture of the finished product.
| | | | | | | | | | |
- CORRECT ANSWER✔✔-manufacturing overhead
| | | |
A field of accounting that provides economic and financial information for
| | | | | | | | | | |
internal users. - CORRECT ANSWER✔✔-managerial accounting
| | | | |
The work of factory employees that can be physically and conveniently associated
| | | | | | | | | | |
with converting raw materials into finished goods. - CORRECT ANSWER✔✔-direct
| | | | | | | | | |
labor
|
identify: Factory supervisor's salary - CORRECT ANSWER✔✔-manufacturing
| | | | | | |
overhead
, identify: Supplies for the general office - CORRECT ANSWER✔✔-period costs
| | | | | | | | |
identify: Rubber latex purchased for the use in the manufacture of automobile
| | | | | | | | | | | |
tires - CORRECT ANSWER✔✔-direct materials
| | | |
identify: advertising - CORRECT ANSWER✔✔-period costs
| | | | |
identify: Rent on factory equipment - CORRECT ANSWER✔✔-manufacturing
| | | | | | | |
overhead
identify: Utility cost for the store - CORRECT ANSWER✔✔-period costs
| | | | | | | | |
identify: Salary paid to the company's chief executive officer - CORRECT
| | | | | | | | | | |
ANSWER✔✔-period costs |
identify: Salary paid to mechanics who maintain and repair factory equipment -
| | | | | | | | | | | |
CORRECT ANSWER✔✔-manufacturing overhead
| |
identify: Wages paid to assembly-line workers who install interiors in automobiles
| | | | | | | | | |
|- CORRECT ANSWER✔✔-direct labor
| | |
Financial and managerial accounting are similar in that both:
| | | | | | | |
a. deal with the economic events of an enterprise.
| | | | | | | |
b. produce general-purpose reports.
| | |
