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A Quiz That'll Add To Your Knowledge Of Accounting

Question 1 of 3

Q1 . Which of the following is TRUE?

Q2 . Manufacturing overhead would include:

Q3 . Mountain Made quilts had a predetermined overhead allocation rate of $5.00 per direct labor hour. If 5 direct laborers worked 1 ½ hours each to make a batch of 10 quilts, how much total overhead would be allocated to the batch of quilts?

Q4 . Before the year began, Johnson Manufacturing estimated that manufacturing overhead for the year would be $160,000 and that 12,000 direct labor hours would be worked. Actual results for the year included the following: Actual manufacturing overhead cost $175,000 Actual direct labor hours 15,000 The predetermined manufacturing overhead rate per direct labor hour is closest to:

Q5 . Which of the following represents the flow of costs in a manufacturing firm?

Q6 . Which of the following statements is true regarding the salary of the manager of a fast food hamburger restaurant?

Q7 . Active Apparel Company reports the following data for its first year of operation (000s omitted). Cost of goods manufactured $500,000 Work in process inventory, beginning 0 Work in process inventory, ending 120,000 Direct materials used 85,000 Manufacturing overhead 100,000 Finished goods inventory, ending 72,000 What is the cost of goods sold?

Q8 . Which of the following is an example of overhead in a factory?

Q9 . Use the following data to answer the next three questions: Data below pertains to Garrett Company's most recently completed fiscal year before any adjustments for overallocated or underallocated overhead were made: Estimated manufacturing overhead $ 240,000 Factory utilities $ 29,100 Estimated labor hours 35,000 Indirect labor $ 23,500 Actual direct labor hours 36,000 Sales commissions $ 53,700 Estimated direct labor cost $ 300,000 Factory rent $ 49,200 Actual direct labor cost $ 320,000 Factory property taxes $ 28,100 Factory depreciation $ 67,200 Indirect materials $ 33,000 If the company allocates manufacturing overhead based on direct labor cost, what are the allocated manufacturing overhead costs?

Q10 . When manufacturing products, which of the following is an example of an inventoriable product cost?

Q11 . What type of product costing system would a manufacturer plywood include?

Q12 . The primary goal of financial accounting is to provide infomation for:

Q13 . Which of the following is most likely NOT to use process costing?

Q14 . Assume that the total cost for the batch of 10 quilts made above in #10 was $400. If Mountain Made wants to earn a gross profit of 40% on each quilt, what price should be charged for each quilt?

Q15 . Which of the following groups are external users of financial information

Q16 . Job 2301 requires $12,000 of direct materials, $5,000 of direct labor, 500 direct labor hours, and 300 machine hours. Manufacturing overhead is computed at $15 per direct labor hour used and $12 per machine hour used. The total cost of Job 1547 is:

Q17 . If manufacturing overhead has been overallocated during the period, and most of the jobs produced have been sold, then:

Q18 . Use the following data to answer the next three questions: Data below pertains to Garrett Company's most recently completed fiscal year before any adjustments for overallocated or underallocated overhead were made: Estimated manufacturing overhead $ 240,000 Factory utilities $ 29,100 Estimated labor hours 35,000 Indirect labor $ 23,500 Actual direct labor hours 36,000 Sales commissions $ 53,700 Estimated direct labor cost $ 300,000 Factory rent $ 49,200 Actual direct labor cost $ 320,000 Factory property taxes $ 28,100 Factory depreciation $ 67,200 Indirect materials $ 33,000 At the end fo the period and before any adjustments are made, overhead would be

Q19 . Preparing budgets is an example of the managent function of:

Q20 . The requisition of direct and indirect materials into production:

Q21 . Use the following data to answer the next three questions: Data below pertains to Garrett Company's most recently completed fiscal year before any adjustments for overallocated or underallocated overhead were made: Estimated manufacturing overhead $ 240,000 Factory utilities $ 29,100 Estimated labor hours 35,000 Indirect labor $ 23,500 Actual direct labor hours 36,000 Sales commissions $ 53,700 Estimated direct labor cost $ 300,000 Factory rent $ 49,200 Actual direct labor cost $ 320,000 Factory property taxes $ 28,100 Factory depreciation $ 67,200 Indirect materials $ 33,000 Actual overhead incurred during the year totaled

Q22 . When manufacturing products, direct labor and direct materials are classified as:

Q23 . Rent on a factory building would be considered to be:

Q24 . Which of the following costs would appear on the income statements for both a merchandiser and manufacturer?

Q25 . Use the following information for the next three questions: Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $ 11,000 Depreciation on factory equipment $ 16,000 Factory supervisor salary $ 52,500 Sales commissions $ 23,000 Lubricants used in factory equipment $ 3,000 Insurance costs for factory $ 21,000 Wages paid to maintenance workers $ 115,000 Fabric used to upholster furniture $ 7,000 Costs of delivery to customers $ 9,000 Wages paid to assembly-line workers $ 132,500 Lumber used to build product $ 72,000 Utilities in factory $ 44,500 Utilities in sales office $ 26,500 Manufacturing overhead costs for Comfy Furniture Company totaled:

Q26 . Before the year began, Johnson Manufacturing estimated that manufacturing overhead for the year would be $160,000 and that 12,000 direct labor hours would be worked. Actual results for the year included the following: Actual manufacturing overhead cost $175,000 Actual direct labor hours 15,000 The amount of manufacturing overhead allocated for the year based on direct labor hours would have been: