Test Bank for
Principles of Cost Accounting, 17th Edition by Edward J.
Vanderbeck and Maria R. Mitchell || ISBN: 9781305087408 || All
Chapters 1-10 Covered, Complete Questions with Correct Answers
and Detailed Rationales || LATEST UPDATED VERSION
Grade37 Stuvia
,Table of Contents:
1. Chapter 1: Introduction to Cost Accounting
2. Chapter 2: Accounting for Materials
3. Chapter 3: Accounting for Labor
4. Chapter 4: Accounting for Factory Overhead
5. Chapter 5: Process Cost Accounting-General Procedures
6. Chapter 6: Process Cost Accounting-Additional Procedures; Accounting for Joint Products and By-
Products
7. Chapter 7: The Master Budget and Flexible Budgeting
8. Chapter 8: Standard Cost Accounting-Materials, Labor, and Factory Overhead
9. Chapter 9: Cost Accounting for Service Businesses, the Balanced Scorecard, and Quality Costs
10.Chapter 10: Cost Analysis for Management Decision Making
, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
1. The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities
is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Not-for-profit service agency.
ANSWER: a
RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor,
technology, and facilities is a manufacturer.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Analytic
DARDS: ACCT.AICPA.FN.03 - Measurement
BUSPROG.03 - Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering
2. The business entity that purchases finished goods for resale is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Wholesaler.
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
, OTHER: Bloom's: Remembering
3. The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to
theconsumer is a:
a. Manufacturer.
b. Retailer.
c. Wholesaler.
d. Service business.
ANSWER: c
RATIONALE: A wholesaler purchases goods from the producer and sells them to the retailer.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering
4. Examples of service businesses include:
a. Airlines, accountants, and hair stylists.
b. Department stores, poster shops, and wholesalers.
c. Aircraft producers, home builders, and machine tool makers.
d. None of these are correct.
ANSWER: a
RATIONALE: Examples of service businesses include airlines, architects, and hair stylists.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Reflective Thinking
DARDS: ACCT.AICPA.FN.03 - Measurement
BUSPROG.06 - Reflective Thinking
IMA-Business Applications
Principles of Cost Accounting, 17th Edition by Edward J.
Vanderbeck and Maria R. Mitchell || ISBN: 9781305087408 || All
Chapters 1-10 Covered, Complete Questions with Correct Answers
and Detailed Rationales || LATEST UPDATED VERSION
Grade37 Stuvia
,Table of Contents:
1. Chapter 1: Introduction to Cost Accounting
2. Chapter 2: Accounting for Materials
3. Chapter 3: Accounting for Labor
4. Chapter 4: Accounting for Factory Overhead
5. Chapter 5: Process Cost Accounting-General Procedures
6. Chapter 6: Process Cost Accounting-Additional Procedures; Accounting for Joint Products and By-
Products
7. Chapter 7: The Master Budget and Flexible Budgeting
8. Chapter 8: Standard Cost Accounting-Materials, Labor, and Factory Overhead
9. Chapter 9: Cost Accounting for Service Businesses, the Balanced Scorecard, and Quality Costs
10.Chapter 10: Cost Analysis for Management Decision Making
, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
1. The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities
is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Not-for-profit service agency.
ANSWER: a
RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor,
technology, and facilities is a manufacturer.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Analytic
DARDS: ACCT.AICPA.FN.03 - Measurement
BUSPROG.03 - Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering
2. The business entity that purchases finished goods for resale is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Wholesaler.
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
, OTHER: Bloom's: Remembering
3. The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to
theconsumer is a:
a. Manufacturer.
b. Retailer.
c. Wholesaler.
d. Service business.
ANSWER: c
RATIONALE: A wholesaler purchases goods from the producer and sells them to the retailer.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering
4. Examples of service businesses include:
a. Airlines, accountants, and hair stylists.
b. Department stores, poster shops, and wholesalers.
c. Aircraft producers, home builders, and machine tool makers.
d. None of these are correct.
ANSWER: a
RATIONALE: Examples of service businesses include airlines, architects, and hair stylists.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Reflective Thinking
DARDS: ACCT.AICPA.FN.03 - Measurement
BUSPROG.06 - Reflective Thinking
IMA-Business Applications
