25) What is the contribution margin per unit? A) $170 B) $220 C) $435 D) $510 26) For Coroid Manufacturers Inc., what is the minimum acceptable price of this special order? A) $330 B) $290 C) $340 D) $510 27) What is the change in operating profits if the one-time-only special order for 1,000 units is accepted for $540 a unit by Coroid? […]
71. What is the best definition of an accounting period? A. Any 12-month period B. The calendar year C. The period between any two balance sheet dates D. The period in which the major income-producing activity occurs E. The period between any two income statement dates 72. Which of the following concepts best characterizes the accrual basis of accounting?. A. Conservatism B. Matching C. Understandability D. Going concern E. Unit of measurement 73. The […]
81. Smith, West, and Krug form a partnership. Smith contributes $180,000, West contributes $150,000, and Krug contributes $270,000. Their partnership agreement calls for a 5% interest allowance on the partner’s capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is credited to Krug’s capital account? A. $58,000. B. $57,000. […]
111. The purpose of reversing entries is to: A. simplify the recording of certain journal entries in the future. B. correct an error made in a previous journal entry. C. ensure that closing entries have been properly posted to the ledger accounts. D. make certain that only permanent accounts are carried forward into the next accounting period. E. complete a required step in the accounting cycle. 112. All of the following […]
71. Closing entries for a merchandising business are not similar to those for a service business. 72. The ratio of net sales to assets measures how effectively a business is using its assets to generate sales. 73. Because many companies use computerized accounting systems, periodic inventory is widely used. 74. Computerized systems can be used to capture accounting information such as accounts receivable, inventory […]
98.During the last month of its fiscal year, Echo Lake Resort provided catering services for local business. Echo Lake Resort has not yet received payment from the local business. The entry to record this event is an example of an adjusting entry: A. To apportion unearned revenue. B. To accrue an uncollected revenue. C. To record unrecorded expenses. D. To record unearned revenue. […]
31.Which of the following is true about social security as a benefits program? A.It does not cover unemployment insurance. B.It is the only plan that requires no employee to meet any eligibility criteria. C.It covers mostly employees of railroad and federal, state, and local government employees. D.It does not require minimum earnings to be fully insured. E.It is entirely […]
51. The break-even time (BET) method is a variation of the:A. Payback method.B. Internal rate of return method.C. Accounting rate of return method.D. Net present value method.E. Present value method. 52. If a manager were concerned with the time value of money, from which two capital budgeting methods should the manager choose?A. IRR or Payback.B. BET or […]
125.Using the information below for Laurels Company; determine the cost of goods manufactured during the current year: A.$12,000. B.$16,100. C.$17,100. D.$18,100. E.$13,600. 126.Using the information below for Sundar Company; determine the total manufacturing costs added during the current year: A.$98,600. B.$43,500. C.$98,000. D.$42,900. E.$79,000. 127.Using the information below for Sundar Company; determine the cost of goods manufactured during the current year: A.$98,600. B.$43,500. C.$98,000. […]
11) For externally reported inventory costs, the Work-in-Process Control account is increased (debited) by ________. A) marketing costs B) allocated plant utility costs C) the purchase costs of direct and indirect materials D) customer-service costs 12) Which account is debited if materials costing $100,000 are sold? A) Revenues account B) Work-in-Process Control account C) Materials Control account D) Cost of Goods Sold account […]
11) For externally reported inventory costs, the Work-in-Process Control account is increased (debited) by ________.
A) marketing costs
B) allocated plant utility costs
C) the purchase costs of direct and indirect materials
D) customer-service costs
12) Which account is debited if materials costing $100,000 are sold?
A) Revenues account
B) Work-in-Process Control account
C) Materials Control account
D) Cost of Goods Sold account
13) Which account is credited if direct materials of $20,000 and indirect materials of $3,000 are sent to the manufacturing plant floor?
A) Manufacturing Overhead Control for $23,000
B) Work-in-Process Control for $23,000
C) Accounts Payable Control for $17,000
D) Materials Control for $23,000
14) Which of the following items is debited to the Work-in-Process account?
A) allocated manufacturing overhead
B) completed goods transferred out of the plant
C) accumulated depreciation on fixed assets
D) accounts receivable
15) Which account would be credited if the following labor wages were incurred in a furniture manufacturing company?
Assembly workers $20,000
Janitors $10,000
A) Work-in-Process Control, 30,000
B) Manufacturing Overhead Control, 30,000
C) Wages Payable Control, 30,000
D) Accounts Payable Control, 30,000
16) Manufacturing overhead costs incurred for the month are:
Utilities $30,000
Depreciation on equipment $25,000
Repairs $20,000
Which account is debited assuming utilities and repairs were on account?
A) Manufacturing Overhead Control, 75,000
B) Utilities Overhead Control, 30,000
C) Accumulated Depreciation Control, 25,000
D) Accounts Payable Control, 50,000
17) Which of the following statements regarding manufacturing overhead allocation is true?
A) It includes all manufacturing costs that cannot be directly traced to a product or service.
B) The costs can be grouped only as a single indirect-cost pool.
C) Total costs are unknown at the end of the accounting period.
D) Allocated amounts are debited to Manufacturing Overhead Control.
18) When a job is complete ________.
A) actual indirect manufacturing labor is excluded from the total cost of the job
B) Finished Goods Control is debited
C) the cost of the job is transferred to Manufacturing Overhead Control
D) it is reduced from Manufacturing Overhead Control account
19) During an accounting period, job costs are computed on an ongoing basis by the use of ________.
A) actual allocation rates
B) budgeted indirect-cost rates
C) overallocated indirect-cost rates
D) underallocated indirect-cost rates
20) The advantage of using normal costing instead of actual costing is ________.
A) indirect costs are assigned at the end of the year when they are known
B) the job cost is more accurate under normal costing
C) indirect costs are assigned to a job on a timely basis
D) normal costing provides a higher gross profit margin
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