ACC 227 CHK2

1.      The practice of management accounting involves: __________

 

2.      Wages paid to workers who perform the work to transform materials into finished goods are called: __________

 

3.      Insurance on the factory building would be part of which type of cost: __________

 

4.      Which type of cost is normally incurred for the benefit of several segments?

 

5.      Another term for incremental costs is: __________

 

6.      In terms of cost behavior, direct materials costs are: __________

 

7.      In a manufacturing company, advertising expense would best be classified as a: __________

 

8.      A cost that is not affected by a future decision is termed: __________

 

9.      Assume that Gronen Company has total variable costs of $180,000 when 60,000 units are sold.  If 100,000 units were sold, total variable costs would be: __________

 

10.    Costs of manufacturing products can be broken down into what three elements?

 

11.    Units that have completed the production process and are ready for sale to customers are called: __________

 

12.    A company that produces posters customized to customer specifications would probably use which method of product costing?

 

13.    Raw material inventory is credited: __________

 

14.    Cost of goods sold is debited when: __________

 

 

15.    At year end, a company has a debit balance in the overhead account.  This means that: __________