Of the following companies, which one would not likely employ the specific identification method for inventory costing?
) The first step in activity-based costing is to __________.
A. identify the cost driver that has a strong correlation to the activity cost pool
B. identify and classify the major activities involved in the manufacture of specific products
C. assign manufacturing overhead costs for each activity cost pool to products
D. compute the activity-based overhead rate per cost driver
2) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers?
A. It should sell an equal quantity of both
B. Selling either results in the same additional income for the company
C. Beer
D. Wine
3) Balance sheet accounts are considered to be __________.
A. nominal accounts
B. capital accounts
C. temporary stockholders’ accounts
D. permanent accounts
4) In what situations will a static budget be most effective in evaluating a manager’s effectiveness?
A. The company has no fixed costs.
B. The planned activity levels match actual activity levels.
C. The company has substantial fixed costs.
D. The company has substantial variable costs.
5) Sam’s Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?
A. $8,250
B. $750
C. $5,250
D. $4,500
6) The conceptual framework developed by the Financial Accounting Standards Board __________.
A. is legally binding on all accountants
B. is viewed as providing a constitution for setting accounting standards for financial reporting
C. was approved by a vote of all accountants
D. are rules that all accountants must follow
7) The income statement and balance sheet columns of Pine Company’s worksheet reflects the following totals:
Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000
The net income (or loss) for the period is __________.
A. not determinable
B. $10,000 loss
C. $48,000 income
D. $10,000 income
8) Of the following companies, which one would not likely employ the specific identification method for inventory costing?
A. Hardware store
B. Antique shop
C. Music store specializing in organ sales
D. Farm implement dealership
9) What is value chain management best defined as?
A. All activities associated with providing a product or service
B. The incremental value of costs associated with hiring a new production floor leader
C. A large chain that keeps the machines from falling on the production floor
D. Management decisions that affect how quickly the production run occurs
10) A well-designed activity-based costing system starts with __________.
A. analyzing the activities performed to manufacture a product
B. assigning manufacturing overhead costs for each activity cost pool to products
C. identifying the activity-cost pools
D. computing the activity-based overhead rate
11) Multinational corporations __________.
A. are U.S. companies that trade their securities on the exchanges in other countries
B. are U.S. companies that sell goods and services in other countries
C. are required to use international accounting standards
D. are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries
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Of the following companies, which one would not likely employ the specific identification method for inventory costing? was first posted on August 25, 2019 at 5:39 pm.
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Of the following companies, which one would not likely employ the specific identification method for inventory costing? was first posted on August 25, 2019 at 8:59 pm.
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