Complete Solutions Manual for Government and Not-for-Profit Accounting: Concepts and Practices, 9th Edition 9e by Michael H. Granof, Saleha B. Khumawala, Thad D. Calabrese. ISBN-13: 3898 1 The Government and Not- for- Profit Environment 1 How Do Governments and Not- For- Profits Compare With Busine...
,CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
1. The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities
is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Not-for-profit service agency.
ANSWER: a
RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor,
technology, and facilities is a manufacturer.
POINTS: 1
DIFFICULTY: Easy
M
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Analytic
DARDS: ACCT.AICPA.FN.03 - Measurement
E
BUSPROG.03 - Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering
2. The business entity that purchases finished goods for resale is a:
a. Manufacturer.
D
G
b. Merchandiser.
c. Service business.
d. Wholesaler.
E
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser.
POINTS: 1
E
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
K
3. The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to the
consumer is a:
a. Manufacturer.
b. Retailer.
c. Wholesaler.
d. Service business.
ANSWER: c
RATIONALE: A wholesaler purchases goods from the producer and sells them to the retailer.
POINTS: 1
DIFFICULTY: Easy
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4. Examples of service businesses include:
a. Airlines, accountants, and hair stylists.
b. Department stores, poster shops, and wholesalers.
M
c. Aircraft producers, home builders, and machine tool makers.
d. None of these are correct.
ANSWER: a
RATIONALE: Examples of service businesses include airlines, architects, and hair stylists.
E
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Reflective Thinking
DARDS: ACCT.AICPA.FN.03 - Measurement
D
G
BUSPROG.06 - Reflective Thinking
IMA-Business Applications
OTHER: Bloom's: Understanding
E
5. ISO 9000 is a set of international standards for:
a. determining the selling price of a product.
E
b. cost control.
c. quality management.
d. delivering product,
K
ANSWER: c
RATIONALE: ISO 9000 is a set of international standards for quality management.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: PRIN.EDWA.16.1 - Introduction
6. Unit cost information is important for making all of the following marketing decisions except:
a. Determining the selling price of a product.
b. Bidding on contracts.
c. Determining the amount to spend on social media to promote the product.
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