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Bus 215 Cal poly || Questions with complete solutions.
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  • Bus 215
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Work of Management correct answers planning, controlling, decision making Types of Cost classifications correct answers Financial reporting, predicting cost behavior, assigning costs to cost objects, making business decisions Direct Costs correct answers Costs that can be easily and convenien...

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  • August 3, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Bus 215
  • Bus 215

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Bus 215 Cal poly || Questions with complete solutions.
Work of Management correct answers planning, controlling, decision making

Types of Cost classifications correct answers Financial reporting, predicting cost behavior,
assigning costs to cost objects, making business decisions

Direct Costs correct answers Costs that can be easily and conveniently traced to a unit of
product or other cost object

EX. Direct Costs correct answers Direct material, direct labor

radio on a car, wages to assembly

Indirect costs correct answers costs that cant easily be traced back to unit of production

ex indirect correct answers manufacturing overhead

common costs correct answers indirect costs incurred to support a number of cost objects,
cannot be traced back

Manufacturing Costs correct answers direct materials, direct labor and manufacturing
overhead

Manufacturing Overhead correct answers costs that cannot be easily traced back to product,
indirect labor/materials

lubricants in plant, security guards

nonmanufacturing costs correct answers selling costs: costs necessary to secure the order and
deliver the product
Administrative costs: Executive, organizational and clerical costs

DIRECT OR INDIRECT

Product Costs correct answers Direct materials, direct labor and manufacturing overhead

Period Costs correct answers Selling and Administrative

Prime Cost correct answers Direct Material and Direct labor

Conversion Cost correct answers Direct LAbor and Manufacturing overhead

Activity Base (Cost Driver) correct answers Units produced, machine hours, miles driven,
labor hours

Quality Costs correct answers prevention costs, appraisal costs, internal failure costs, external
failure costs

, Job Order Costing correct answers Used when many different products are produced in a
period

when products are manufactured to order

Job requires essentially a unique cost structure for each record

Predetermined Overhead Rate correct answers Estimated Total Manufacturing Overhead Cost
for the Coming Period/
Estimated total units in the allocation base for the coming period

Used because Mfg. Overhead is a mixed cost that varies year to year

How to calculate PDOR correct answers estimate amount of units
estimate fixed costs and variable costs per unit

calculate overhead rate

Raw Materials correct answers Any materials that go into the final product

Work in Process correct answers Units that are only partially complete and will require
further work before they are ready for sale to customers

Finished Goods correct answers completed units of products that have not been sold to
customers

Costs of Goods Manufactured correct answers Manufacturing costs associated with goods of
that period

Issue of raw materials correct answers credit: raw materials (direct/indirect)

Debit: Work in Process (DM) Mfg. Overhead (IDM)

Recording of Labor Costs correct answers Credit: Salaries and Wages payable
(direct/indirecct)

Debit:WIP (direct mat.)
mfg. Overhead (indirect mat.)

Applying Manufacturing Overhead correct answers Credit: Mfg. Overhead
Debit: WIP

Transferring Completed Units correct answers Credit: Costs of goods manufactured

Debit: Finished Goods

Transferring Units Sold correct answers Debit: Costs of Goods Sold
Credit: Finished Goods

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