In most business organizations. the chief management accountant is called the

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13. _____. In most business organizations, the chief accountant
is called the: A. chief accounting officer B. controller C.
chairman of the board D. chief executive officer E. None of the
above

14. _____. What term is used to identify a cost that can be
traced directly to a cost object within the enterprise? A. Variable
cost B. Opportunity cost C. Direct cost D. Indirect cost E. None of
the above

15. _____. The cost of a manufactured product generally consists
of which of the following costs? A. Direct materials cost and
factory overhead cost B. Direct labor cost and factory overhead
cost C. Direct labor cost, direct materials cost, and factory
overhead cost D. Direct materials cost and direct labor cost E.
None of the above

16. _____. Which of the following is an example of direct
materials cost for an automobile manufacturer? A. Cost of oil
lubricants for factory machinery B. Cost of wages of assembly
worker C. Salary of production supervisor D. Cost of interior
upholstery E. None of the above

17. _____. The cost of wages paid to employees directly involved
in the manufacturing process in converting materials into finished
product is classified as: A. factory overhead cost B. direct labor
cost C. wages expense D. direct materials cost E. None of the
above

18. _____. Costs other than direct materials cost and direct
labor cost incurred in the manufacturing process are classified as:
A. factory overhead cost B. miscellaneous expense C. product costs
D. other manufacturing costs E. None of the above

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19. _____. Which of the following is an example of a factory
overhead cost? A. Repair and maintenance cost on the administrative
building B. Factory heating and lighting cost C. Insurance premiums
on salespersons automobiles D. Presidents salary E. None of the
above

20. _____. Which of the following costs is referred to as prime
cost? A. Direct labor cost and factory overhead cost B. Direct
materials cost and direct labor cost C. Factory overhead cost D.
Direct materials cost and factory overhead cost E. None of the
above

21. _____. For a manufacturing enterprise, the manufacturing
costs for the period are summarized in the: A. statement of cash
flow B. statement of cost of goods sold C. statement of cost of
goods manufactured D. statement of costs E. None of the above

22. _____. The document authorizing the issuance of materials
from the storeroom is the: A. materials requisition B. purchase
requisition C. receiving report D. purchase order E. None of the
above

23. _____. The source of the data for debiting Work in Process
for direct materials is the: A. purchase order B. purchase
requisition C. materials requisition D. receiving report E. None of
the above

24. _____. The amount of time spent by each employee and the
labor cost incurred for each individual job or for factory overhead
are recorded on: A. clock cards B. in-and-out cards C. time tickets
D. employees earnings records E. None of the above

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25. _____. The amount of time spent by an employee in the
factory is usually recorded on: A. time cards B. job order cost
sheets C. employees earnings records D. clock cards E. None of the
above

Answer

13. In most business organizations, the chief
accountant is called the

Answer: B. Controller

.

.

14. What term is used to identify a cost that
can be traced directly to a cost object within the enterprise?

Answer: C. Direct Cost

.

.

15. The cost of a manufactured product
generally consists of which of the following costs?

Answer:  C. Direct labor cost, direct
materials cost, and factory overhead cost

.

.

16. Which of the following is an example of
direct materials cost for an automobile manufacturer?

Answer: D. Cost of interior upholstery

.

Direct materials
include
materials and supplies that are consumed to
manufacture a finished unit, and which are clearly directly
identified
with that finished unit.

Since interior upholstery would be
used in every car and clearly identifiable to each
car, the cost of interior upholstery is a direct material cost.

.

Note:

A. Cost of oil lubricants for
factory machinery – Factory overhead

B. Cost of wages of assembly worker
– Direct labor cost

C. Salary of production supervisor –
Factory overhead

.

.

17. The cost of
wages paid to employees directly involved in the manufacturing
process in converting materials into the finished product is
classified as:

Answer: B. direct
labor cost

.

.

18. Costs other
than direct materials cost and direct labor cost incurred in the
manufacturing process are classified as:

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Answer: A. factory
overhead cost

.

.

19. Which of the
following is an example of a factory overhead cost?

Answer: B. Factory
heating and lighting cost

.

Note:

A. Repair and maintenance cost on
the administrative building – Administrative expenses

C. Insurance premiums on
salespersons automobiles – Selling expenses

D. Presidents salary –
Administrative expenses

.

.

20. Which of the
following costs is referred to as prime cost?

Answer: A. Direct
labor cost and factory overhead cost

.

.

21. For a
manufacturing enterprise, the manufacturing costs for the period
are summarized in the:

Answer: C.
statement of cost of goods manufactured

.

.

22. The document
authorizing the issuance of materials from the storeroom is
the:

Answer: A.
materials requisition

.

.

23. The source of
the data for debiting Work in Process for direct materials is
the:

Answer: C.
materials requisition

.

.

24. The amount of
time spent by each employee and the labor cost incurred for each
individual job or for factory overhead are recorded on:

Answer: C. time
tickets

.

.

25. The amount of
time spent by an employee in the factory is usually recorded
on:

Answer: A. time
cards


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