Exam (elaborations)

Test Bank for Managerial Accounting for Managers 5th Edition By Noreen updated edition

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Advance nursing

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Advance Nursing

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Managerial Accounting for Managers

Test Bank for Managerial Accounting for Managers, 5th Edition by Noreen – Latest Updated Edition Your Ultimate Resource for Mastering Managerial Accounting Concepts and Practice! The Test Bank for Managerial Accounting for Managers, 5th Edition by Noreen (latest updated edition) is an essen...

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Uploaded on November 19, 2022
Number of pages 247
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accounting for managers
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Test Bank for
Managerial Accounting
for Managers 5th
Edition By Noreen

,Test Bank
for
Managerial
Accounting
for Managers
5th Edition
By Noreen

,Managerial Accounting for Managers, 5e (Noreen)
Chapter 1 Managerial Accounting and Cost Concepts

1) A factory supervisor's salary would be classified as an indirect cost with respect to a unit of
product.

Answer: TRUE
Difficulty: 2 Medium
Topic: Cost Classifications for Assigning Costs to Cost Objects
Learning Objective: 01-01 Understand cost classifications used for assigning costs to cost
objects: direct costs and indirect costs.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

2) A direct cost is a cost that can be easily traced to the particular cost object under
consideration.

Answer: TRUE
Difficulty: 1 Easy
Topic: Cost Classifications for Assigning Costs to Cost Objects
Learning Objective: 01-01 Understand cost classifications used for assigning costs to cost
objects: direct costs and indirect costs.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

3) A cost can be direct or indirect. The classification can change if the cost object changes.

Answer: TRUE
Difficulty: 2 Medium
Topic: Cost Classifications for Assigning Costs to Cost Objects
Learning Objective: 01-01 Understand cost classifications used for assigning costs to cost
objects: direct costs and indirect costs.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

, 4) Wages paid to production supervisors would be classified as manufacturing overhead.

Answer: TRUE
Difficulty: 1 Easy
Topic: Cost Classifications for Manufacturing Companies
Learning Objective: 01-02 Identify and give examples of each of the three basic manufacturing
cost categories.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

5) Selling costs are indirect costs.

Answer: FALSE
Difficulty: 2 Medium
Topic: Cost Classifications for Manufacturing Companies
Learning Objective: 01-02 Identify and give examples of each of the three basic manufacturing
cost categories.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

6) The sum of all manufacturing costs except for direct materials and direct labor is called
manufacturing overhead.

Answer: TRUE
Difficulty: 2 Medium
Topic: Cost Classifications for Manufacturing Companies
Learning Objective: 01-02 Identify and give examples of each of the three basic manufacturing
cost categories.
Bloom's: Understand
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

7) The three cost elements ordinarily included in product costs are direct materials, direct labor,
and manufacturing overhead.

Answer: TRUE
Difficulty: 1 Easy
Topic: Cost Classifications for Manufacturing Companies
Learning Objective: 01-02 Identify and give examples of each of the three basic manufacturing
cost categories.
Bloom's: Remember
AACSB: Reflective Thinking
AICPA: BB Critical Thinking; FN Measurement

8) Administrative costs are indirect costs.

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