Accounting First Quiz
Quick Check 1 (Topic 1) MCQs
1. The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is: a. cost accumulation b. cost assignment c. cost tracing d. conversion costing
1
Quick Check 2 (Topic 1)
2. The determination of a cost as either direct or indirect depends upon the: a. accounting system b. allocation system c. cost tracing system d. cost object chosen
2
Quick Check 3 (Topic 1)
3. Which one of the following items is a direct cost? a. Customer-service costs of a multiproduct firm; Product A Customeris the cost object. b. Printing costs incurred for payroll check processing; payroll check processing is the cost object. c. The salary of a maintenance supervisor in a multiproduct manufacturing plant; Product B is the cost object. d. Utility costs of the administrative offices; the accounting department is the cost object.
3
Quick Check 4 (Topic 1)
4. Kym Manufacturing provided the following information for last month: Sales $12,000 4,000 Variable costs Fixed costs 1,000 Operating income $7,000 If sales double next month, what is the projected operating income? a. $14,000 b. $15,000 c. $18,000 d. $19,000
4
Quick Check 1
Answer
If sales salaries and commissions are $10,000 when 80,000 units are sold and $14,000 when 120,000 units are sold, what is the variable portion per unit of sales salaries and commission? a. $0.08 per unit Units Cost b. $0.10 per unit High level 120,000 $ 14,000 Low level 80,000 10,000 c. $0.12 per unit Change 40,000 $ 4,000 d. $0.125 per unit
$4,000 ÷ 40,000 units = $0.10 per unit 5
Quick Check 2
Answer
If sales salaries and commissions are $10,000 when 80,000 units are sold and $14,000 when 120,000 units are sold, what is the fixed portion of sales salaries and commissions? a. $ 2,000 Total cost = Total fixed cost + b. $ 4,000 Total variable cost c. $10,000 $14,000 = Total fixed cost + ($0.10 × 120,000 units) d. $12,000
Total fixed cost Total
1. The general term used to identify both the tracing and the allocation of accumulated costs to a cost object is: a. cost accumulation b. cost assignment c. cost tracing d. conversion costing
1
Quick Check 2 (Topic 1)
2. The determination of a cost as either direct or indirect depends upon the: a. accounting system b. allocation system c. cost tracing system d. cost object chosen
2
Quick Check 3 (Topic 1)
3. Which one of the following items is a direct cost? a. Customer-service costs of a multiproduct firm; Product A Customeris the cost object. b. Printing costs incurred for payroll check processing; payroll check processing is the cost object. c. The salary of a maintenance supervisor in a multiproduct manufacturing plant; Product B is the cost object. d. Utility costs of the administrative offices; the accounting department is the cost object.
3
Quick Check 4 (Topic 1)
4. Kym Manufacturing provided the following information for last month: Sales $12,000 4,000 Variable costs Fixed costs 1,000 Operating income $7,000 If sales double next month, what is the projected operating income? a. $14,000 b. $15,000 c. $18,000 d. $19,000
4
Quick Check 1
Answer
If sales salaries and commissions are $10,000 when 80,000 units are sold and $14,000 when 120,000 units are sold, what is the variable portion per unit of sales salaries and commission? a. $0.08 per unit Units Cost b. $0.10 per unit High level 120,000 $ 14,000 Low level 80,000 10,000 c. $0.12 per unit Change 40,000 $ 4,000 d. $0.125 per unit
$4,000 ÷ 40,000 units = $0.10 per unit 5
Quick Check 2
Answer
If sales salaries and commissions are $10,000 when 80,000 units are sold and $14,000 when 120,000 units are sold, what is the fixed portion of sales salaries and commissions? a. $ 2,000 Total cost = Total fixed cost + b. $ 4,000 Total variable cost c. $10,000 $14,000 = Total fixed cost + ($0.10 × 120,000 units) d. $12,000
Total fixed cost Total