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Test Bank For Management Accounting Information for Creating and Managing Value Kim Langfield Smith 8th Edition

  • ISBN-10 ‏ : ‎ 1760420409
  • ISBN-13 ‏ : ‎ 978-1760420406
  • Publisher ‏ : ‎ McGraw Hill / Australia; 8th edition
  • Authors: Kim Langfield-Smith Professor, David Smith, Paul Andon, Helen Thorne Professor, Ronald W. Hilton

Original price was: $55.00.Current price is: $26.00.

SKU:TB0001007

Test Bank For Management Accounting Information for Creating and Managing Value Kim Langfield Smith 8th Edition

Chapter 04 Test Bank – Static KEY

1. Product costing is the process of:

A. accumulating the costs of a production process.

B. assigning costs to a firm’s products.

C. placing a value on fixed assets owned by a producer.

D. accumulating the costs of a production process AND assigning costs to a firm’s products.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.01 Explain the role of product costing systems

Topic: Types of Product Costing Systems

2. Under Australian accounting standards, manufactured products are generally:

A. valued at market value and expensed in the period made.

B. valued at market value and expensed in the period sold.

C. valued at cost and expensed in the period made.

D. valued at cost and expensed in the period sold.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing Learning Objective: 4.09 After studying the appendix, explain how inventories must be valued for external financial reporting Topic: Role of Product and Service Costing in Manufacturing and Non-Manufacturing Firms

3. Consider the following statements regarding product cost information.

i. Product cost information is necessary for planning, cost control and providing information for making decisions.

ii. Product cost information is not necessary to justify rate increases that are subject to the approval of government authorities.

iii. Product cost information is necessary to value inventory on the balance sheet. Which of the statement/s is/are correct?

A. i, ii and iii

B. i and ii

C. i and iii

D. iii

AACSB: Reflective Difficulty: Medium

Learning Objective: 4.02 Describe why managers need different measures of product costs for different purposes

Topic: Types of Product Costing Systems

4. Manufacturing costs consist of:

A. direct materials.

B. conversion costs.

C. downstream costs.

D. direct materials and conversion costs, but not downstream costs.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing

Topic: Job-Order Costing the Flow of Costs

5. As production takes place, all manufacturing costs are debited to the:

A. work in process inventory account.

B. manufacturing overhead account.

C. cost of goods sold account.

D. finished goods account.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing

Topic: Job-Order Costing the Flow of Costs

6. When products are completed, their product costs are transferred from work in process inventory to the:

A. manufacturing overhead accounts.

B. finished goods account.

C. cost of goods sold account.

D. indirect labour account.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing

Topic: Job-Order Costing the Flow of Costs

7. To transfer work in process inventory to finished goods inventory:

A. debit finished goods and credit work in process.

B. debit work in process and credit finished goods.

C. add direct labour to the work in process inventory.

D. add direct labour and direct materials to the finished goods inventory.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing

Topic: Job-Order Costing the Flow of Costs

8. Cost of goods sold is closed into the income summary account:

A. at the end of the production cycle.

B. when the product is sold.

C. at the end of the accounting period, along with other expenses and revenues of the period.

D. at no time.

AACSB: Reflective Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing

Topic: Cost of Goods Sold

9. The following data apply to Stratford Ltd

Direct materials inventory, beginning of the year

$ 5 500

Direct materials inventory, end of the year

$ 3 000

Direct materials purchased during the year

$  45 000

Calculate the amount of direct materials used during the year.

A. $36 500

B. $42 500

C. $47 500

D. $53 500

AACSB: Analytical Difficulty: Easy

Learning Objective: 4.03 Outline the flow of costs through the manufacturing accounts used in product costing

Topic: Job-Order Costing the Flow of Costs

10. The following data apply to Stratford Ltd

Direct materials inventory, beginning of the year

$ 5 500

Direct materials inventory, end of the year

$ 3 000

Direct materials purchased during the year

$  45 000

Work in process inventory, beginning of the year

$ 9 000

Manufacturing overhead applied during the year

$  20 000

Work in process inventory, end of the year

$  14 000

Predetermined overhead rate—200 per cent of direct labour cost

Calculate the amount of direct labour cost incurred during the year.

A. $20 000

B. $18 000

C. $10 000

D. None of the given answers

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