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Test bank For Cost Accounting - ACCT 321 - Exam #1 - Bo 1st Edition by Farmer
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Test bank For Cost Accounting - ACCT321 - Exam #1 - Bo 1st Edition by Farmer
Cost Accounting
a.)is concerned with assigning costs to various cost objectives.
b) attempts to satisfy the costing objectives of both financial accounting and managerial
accounting.
c) provides cost information that supports planning, controlling, and decision making.
d) all of these. - ANSd) all of these
(pg 2)
Software that has integrated system capability using real time data is
a) enterprise resource planning
b) on-line analytic programs
c) computer-assisted engineering software
d) none of these - ANSa) enterprise resource planning
(pg 5)
JIT is a critical part of a more comprehensive approach referred to as:
a) supply chain management
b) lean manufacturing
c) just-in-time manufacturing
d) computer-assisted engineering software - ANSb) lean manufacturing
(pg 7)
Monitoring the number of defects produced in an example of the management function of
a) planning
b) control
c) decision making
d) both a and c - ANSb) control
(pg 12)
Continuous improvement
a) critical in a dynamic environment
b) important to finding and maintaining a competitive advantage
c) an effort to find ways to increase overall efficiency, improve quality, and reduce costs
, d) all of these - ANSd) all of these
(pg 13)
Persons in the United States who provide external auditing services are designated as
a) Certified Public Accountants
b) Certified Financial Accountants
c) Chartered Accountants
d) Certified Management Accountants - ANSa) Certified Public Accountants
(pg 16)
In a company that supplies muffins to bakeries, which of the following would be considered an
input?
a) delivered muffins
b) flour
c) baking
d) none of these - ANSb) flour
A cost used up in the production of revenues is a(n)
a) unexpired cost
b) lost
c) expense
d) asset - ANSc) expense
(pg 33)
Which cost assignment method would likely assign the cost of heading in a plant that makes
beds and dressers when the bed product line is the cost object?
a) driver tracing
b) direct tracing
c) allocation
d) arbitration - ANSc) allocation
(pg 35)
Direct costs
a) are incurred for the benefit of the business as a whole.
b) would continue even if a particular product were discontinued.
c) are those costs that can be easily and accurately traced to a cost object.
d) can be assigned to products only by a process of allocation. - ANSc) are those costs that can
be easily and accurately traced to a cost object.
(pg 34)
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