ACC 350 Quiz 1 Question and answers
already passed 2025
What costs are often divided into prime and conversion costs? - correct
answer ✔product
JIT (Just in Time) Management - correct answer ✔- a cost management
system in which a company produces a product just in time to satisfy needs
-a cost management approach that focuses on maintaining lean inventory
levels
-company produces product only after receiving an order
Find unit cost per service. INFO available: revenue, operating expense, non-
operating expense, # of clients - correct answer ✔operating expense / # of
clients
Good that are produced by a manufacturing company and are ready to sell
are put in the _______ account - correct answer ✔finished goods inventory
Which of the following would be considered a product cost for a manufacturing
business:
-research and development
-delivery costs
-property taxes on the factory
-advertising - correct answer ✔Property taxes on the factory
Works in Process Inventory account includes - correct answer ✔goods that
are partially completed
, Find cost per service. INFO AVAILABLE: building rent expense, depreciation
expense-equipment, supplies expense, utilities expense, revenue, # of clients
- correct answer ✔add up everything besides revenue and # of clients. then
divide by # of clients
which is true of service companies?:
-modify and resell products from mfg companies
-service companies carry no inventories of product for sale
-all costs of service companies are product costs - correct answer ✔service
companies carry no inventories of product for sale
T or F: Managerial Accounting can be used to calculate costs for service and
merchandising companies - correct answer ✔T
Which is product cost:
-delivery van depreciation
-CEO salary
-depreciation on products equipment
-sales commision - correct answer ✔depreciation on products equipment
Is factory depreciation a period or product cost? - correct answer ✔product
is factory depreciation expensed when incurred or when the manufactured
product is sold? - correct answer ✔when manufactured product is sold
Total Quality Management - correct answer ✔a philosophy of continuous
improvement of products and processes
already passed 2025
What costs are often divided into prime and conversion costs? - correct
answer ✔product
JIT (Just in Time) Management - correct answer ✔- a cost management
system in which a company produces a product just in time to satisfy needs
-a cost management approach that focuses on maintaining lean inventory
levels
-company produces product only after receiving an order
Find unit cost per service. INFO available: revenue, operating expense, non-
operating expense, # of clients - correct answer ✔operating expense / # of
clients
Good that are produced by a manufacturing company and are ready to sell
are put in the _______ account - correct answer ✔finished goods inventory
Which of the following would be considered a product cost for a manufacturing
business:
-research and development
-delivery costs
-property taxes on the factory
-advertising - correct answer ✔Property taxes on the factory
Works in Process Inventory account includes - correct answer ✔goods that
are partially completed
, Find cost per service. INFO AVAILABLE: building rent expense, depreciation
expense-equipment, supplies expense, utilities expense, revenue, # of clients
- correct answer ✔add up everything besides revenue and # of clients. then
divide by # of clients
which is true of service companies?:
-modify and resell products from mfg companies
-service companies carry no inventories of product for sale
-all costs of service companies are product costs - correct answer ✔service
companies carry no inventories of product for sale
T or F: Managerial Accounting can be used to calculate costs for service and
merchandising companies - correct answer ✔T
Which is product cost:
-delivery van depreciation
-CEO salary
-depreciation on products equipment
-sales commision - correct answer ✔depreciation on products equipment
Is factory depreciation a period or product cost? - correct answer ✔product
is factory depreciation expensed when incurred or when the manufactured
product is sold? - correct answer ✔when manufactured product is sold
Total Quality Management - correct answer ✔a philosophy of continuous
improvement of products and processes
