Principles of Cost Accounting – ACC 201 – Edward J. Vanderbeck 17th Edition Chapters 1–10 Complete Test Bank Questions and Answers

CHAPTER 1: INTRODUCTION TO COST ACCOUNTING



Test Bank For Principles Of Cost Accounting,
17th Edition Edward J. Vanderbeck
Chapters 1 - 10, Complete




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, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING


Contents

1. Ch 1: Introduction to Cost Accounting


2. Ch 2: Accounting for Materials


3. Ch 3: Accounting for Labor


4. Ch 4: Accounting for Factory Overhead


5. Ch 5: Process Cost Accounting-General Procedures


6. Ch 6: Process Cost Accounting-Additional Procedures; Accounting for Joint Products and By-Products


7. Ch 7: The Master Budget and Flexible Budgeting


8. Ch 8: Standard Cost Accounting-Materials, Labor, and Factory Overhead


9. Ch 9: Cost Accounting for Service Businesses, the Balanced Scorecard, and Quality Costs


10. Ch 10: Cost Analysis for Management Decision Making




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,CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities
is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Not-for-profit service agency.
ANSWER: a
RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor,
technology, and facilities is a manufacturer.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Analytic
DARDS: ACCT.AICPA.FN.03 - Measurement
BUSPROG.03 - Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering

2. The business entity that purchases finished goods for resale is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Wholesaler.
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering

3. The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to
theconsumer is a:
a. Manufacturer.
b. Retailer.
c. Wholesaler.
d. Service business.
ANSWER: c
RATIONALE: A wholesaler purchases goods from the producer and sells them to the retailer.
POINTS: 1
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, CHAPTER 1: INTRODUCTION
DIFFICULTY: Easy TO COST ACCOUNTING




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