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MANEGERIAL ACCOUNTING 18TH EDITION BY GARRISON, NOREEN, BREWER TEST BANK

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Chapter 1 MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements are true? 1. A factory supervisor's salary w... ould be classified as an indirect cost with respect to a unit of product. 2. A direct cost is a cost that can be easily traced to the particular cost object under consideration. 3. A cost can be direct or indirect. The classification can change if the cost object changes. A) Only statement I is true. B) Statements I and II are true. C) All of the statements are true. D) None of the statements are true. 2) Which of the following statements are true? 1. Wages paid to production supervisors would be classified as manufacturing overhead. 2. Indirect costs, such as manufacturing overhead, are variable costs. 3. Selling costs are indirect costs. 4. Administrative costs are indirect costs. A) Only statement I is true. B) Statements I and III are true. C) All statements are true. D) None of the statements are true. 3) Which of the following statements are true? 1. The sum of all manufacturing costs except for direct materials and direct labor is called manufacturing overhead. 2. The three cost elements ordinarily included in product costs are direct materials, direct labor, and manufacturing overhead. A) Only statement I is true. B) Only statement II is true. C) Both of the statements are true. D) Neither of the statements are true. Version 1 2 4) Which of the following statements are true? 1. Depreciation is always considered a period cost for external financial reporting purposes in a manufacturing company. 2. Depreciation on equipment a company uses in its selling and administrative activities would be classified as a period cost. A) Only statement I is true. B) Only statement II is true. C) Both of the statements are true. D) Neither of the statements are true. 5) Which of the following statements are true? 1. Conversion cost is the sum of direct labor cost and manufacturing overhead cost. 2. Conversion cost is the same thing as manufacturing overhead. 3. Conversion cost equals product cost less direct materials cost. A) Only statement I is true. B) Statements I and III are true. C) All statements are true. D) None of the statements are true. 6) Which of the following statements are true? 1. In a manufacturing company, all costs are period costs. 2. Selling and administrative expenses are period costs under generally accepted accounting principles. 3. The cost of shipping parts from a supplier is considered a period cost. A) Only statement I is true. B) Only statement II is true. C) Statements I and II are true. D) Statements I and III are true. [Show More]

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