ACCT 2000 Lowe-Ardoin Latest 2025
Exam (Verified Q’s & Answers)
matched with revenues of a specific time period and charged directly to expense. -
✔✔period costs
beginning finished inventory + cost of goods manufactured- ending finished goods = cost
of goods sold - ✔✔cost of goods sold (manufacturer)
manufacturers have 3 types of inventory on the balance sheet - ✔✔1. finished goods
2. work in process
3. raw materials
the function that pertains to keeping the activities of the enterprise on track is: -
✔✔a. planning
b. directing
c. controlling
d. accounting
C. CONTROLLING
for a manufacturing company, which of the following is an example of a period cost rather
than a product cost? - ✔✔a. depreciation of factory equipment
b. wages of salesperson
c. wages of matching operator
d. insurance on factory equipment
B. WAGES OF SALESPERSON
, for the year, mahatma company has cost of goods manufactured $325,000, beginning finished
goods inventory $150,000, and ending finished goods inventory is $175,000. The cost of goods
sold is: - ✔✔a. $275,000
b. $300,000
c. $325,000
d. 350,000
B. 300,000
the salary of a plant manager would be considered a: - ✔✔product cost, not a period cost
per unit cost remains the same with changes in activity. in total vary directly and
proportionately with changes in activity - ✔✔variable cost
in total remain the same with changes in activity. per unit costs vary inversely with changes
in activity - ✔✔fixed costs
are part fixed and part variable - ✔✔mixed costs
uses the total costs incurred at the high and low levels of activity to classify mixed costs into
fixed and variable components - ✔✔high-low method
main components of a CVP income statement - ✔✔sales- variable costs =
contribution margin - fixed costs = net income
CVP income statement is for ______ purposes only - ✔✔internal
breakeven is where: - ✔✔-contribution margin = fixed costs
Exam (Verified Q’s & Answers)
matched with revenues of a specific time period and charged directly to expense. -
✔✔period costs
beginning finished inventory + cost of goods manufactured- ending finished goods = cost
of goods sold - ✔✔cost of goods sold (manufacturer)
manufacturers have 3 types of inventory on the balance sheet - ✔✔1. finished goods
2. work in process
3. raw materials
the function that pertains to keeping the activities of the enterprise on track is: -
✔✔a. planning
b. directing
c. controlling
d. accounting
C. CONTROLLING
for a manufacturing company, which of the following is an example of a period cost rather
than a product cost? - ✔✔a. depreciation of factory equipment
b. wages of salesperson
c. wages of matching operator
d. insurance on factory equipment
B. WAGES OF SALESPERSON
, for the year, mahatma company has cost of goods manufactured $325,000, beginning finished
goods inventory $150,000, and ending finished goods inventory is $175,000. The cost of goods
sold is: - ✔✔a. $275,000
b. $300,000
c. $325,000
d. 350,000
B. 300,000
the salary of a plant manager would be considered a: - ✔✔product cost, not a period cost
per unit cost remains the same with changes in activity. in total vary directly and
proportionately with changes in activity - ✔✔variable cost
in total remain the same with changes in activity. per unit costs vary inversely with changes
in activity - ✔✔fixed costs
are part fixed and part variable - ✔✔mixed costs
uses the total costs incurred at the high and low levels of activity to classify mixed costs into
fixed and variable components - ✔✔high-low method
main components of a CVP income statement - ✔✔sales- variable costs =
contribution margin - fixed costs = net income
CVP income statement is for ______ purposes only - ✔✔internal
breakeven is where: - ✔✔-contribution margin = fixed costs
