ACCT 2302 EXAM 1 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

ACCT 2302 EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS

Question:
1. Classify manufacturing costs: Frames and tires used in manufacturing bicycles
Answer:
Direct materials

Question:
2. Classify manufacturing costs: Wages paid to production workers
Answer:
Direct labor

Question:
3. Classify manufacturing costs: Insurance on factory equipment and machinery
Answer:
Manufacturing overhead

Question:
4. Classify manufacturing costs: Depreciation on factory equipment
Answer:
Manufacturing overhead

Question:
5. Classify manufacturing costs: Windshield
Answer:
Direct materials

Question:
6. Classify manufacturing costs: Engine
Answer:
Direct materials

Question:
7. Classify manufacturing costs: Wages of assembly line worker
Answer:
Direct labor

Question:
8. Classify manufacturing costs: Depreciation of factory machinery
Answer:
Manufacturing overhead

Question:
9. Classify manufacturing costs: Factory machinery lubricants

, Answer:
Manufacturing overhead

Question:
10. Classify manufacturing costs: Tires
Answer:
Direct materials

Question:
11. Classify manufacturing costs: Steering wheel
Answer:
Direct materials

Question:
12. Classify manufacturing costs: Salary of painting supervisor
Answer:
Manufacturing overhead

Question:
13. Identify product and period costs: Manufacturing overhead
Answer:
Product

Question:
14. Identify product and period costs: Selling expenses
Answer:
Period

Question:
15. Identify product and period costs: Administrative expenses
Answer:
Period

Question:
16. Identify product and period costs: Advertising expenses
Answer:
Period

Question:
17. Identify product and period costs: Direct labor
Answer:
Product

Question:
18. Identify product and period costs: Direct materials