Exam (elaborations)
Cost Accounting
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Exam of 2 pages for the course Financial Management at London School of Business and Finance (Cost Accounting)
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Course: ACC 341- Cost Accounting, Quiz 5, Spring 211. Many firms use the manufacturing overhead account to handle applied overhead and actual
overhead costs. During a typical accounting period, which side of the account typically receives the
highest number of journal entries?
a. Actual overhead
b. Applied overhead.
c. Both.
d. Neither
2. If the COGS for the Cole Manufacturing Company is 5105,000 and finished goods inventor
decreased by 59,000 during the year, what was the year-end Cost of Goods Manufactured?
a. $9.000
b. $96.000
c. $105,000
d. 5114.000
3. In process costing, application of manufacturing overhead usually is recorded as an increase in
a. COGS
b. WIP
c. Manufacturing overhead
d. FGI
4. Equivalent units of production are used in process costing to
a. Provide a means of assigning cost to partially-completed units.
b. Establish standard costs.
c. Allocate overhead to FGI,
d. None of the above.
5. Activity-based costing assigns
a. Costs to individual products based only on non-financial variables.
b. Costs to individual projects based on various activities involved.
c. Overhead to individual products based on some common measure.
d. Only costs that can be directly traced to individual products.
6. If manufacturing company budgets properly and uses responsibility accounting, which of the
following is LEAST likely to appear in a performance evaluation for an assembly-line manager?
a. Supervisory salaries.
b. Materials
c. Repairs, maintenance, and waste
d. Depreciation on equipment.
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