ACCT 526 Certification Exam Test
Practice Questions and Answers Verified
Solutions Latest Update 2026/2027
Answer:
c. annual balance sheet prepared in accordance with US GAAP
●● Direct labor costs related to production are:
Select one:
a. included in manufacturing overhead
b. expensed when the products are sold
c. expensed in the period in which they are incurred
d. period costs.
Answer:
b. expensed when the products are sold
●● Which of the following is classified as a general and administrative expense?
Select one:
a. utility costs for the production facility
b. salaries of sales personnel
c. salaries of production supervisors
d. None of these
e. salaries of human resource department personnel.
Answer:
e. salaries of human resource department personnel
●● Costs of completed but unsold products would be found in which account?
Select one:
a. work in process inventory
b. cost of goods sold
c. raw materials inventory
d. None of these
e. finished goods inventory.
Answer:
, e. finished goods inventory
●● All of the following are included in Balance Sheet accounts containing product costs except:
Select one:
a. cost of goods manufactured
b. None of these
c. raw materials
d. work in process inventory
e. cost of good sold.
Answer:
e. cost of good sold
●● All of the following are examples of firms who would use job costing except:
Select one:
a. None of these
b. a sport drink manufacturing company
c. an interior designing firm
d. an automobile repair business e. a custom sailboat builder.
Answer:
b. a sport drink manufacturing company
●● All of the following are reasons that managers track revenues and costs using a job costing
system except:
Select one:
a. managers compare actual costs with estimated costs throughout the
project to identify
unexpected changes as early as possible
b. None of these
c. managers access the accuracy of original cost estimates
d. managers want to know if individual jobs are profitable
e. managers use the information to record product costs as period costs.
Answer:
e. managers use the information to record product costs as period costs
●● Process costing is best described by which statement?
Select one:
a. None of these
b. units produced in a process costing system are unique and are
produced individually
Practice Questions and Answers Verified
Solutions Latest Update 2026/2027
Answer:
c. annual balance sheet prepared in accordance with US GAAP
●● Direct labor costs related to production are:
Select one:
a. included in manufacturing overhead
b. expensed when the products are sold
c. expensed in the period in which they are incurred
d. period costs.
Answer:
b. expensed when the products are sold
●● Which of the following is classified as a general and administrative expense?
Select one:
a. utility costs for the production facility
b. salaries of sales personnel
c. salaries of production supervisors
d. None of these
e. salaries of human resource department personnel.
Answer:
e. salaries of human resource department personnel
●● Costs of completed but unsold products would be found in which account?
Select one:
a. work in process inventory
b. cost of goods sold
c. raw materials inventory
d. None of these
e. finished goods inventory.
Answer:
, e. finished goods inventory
●● All of the following are included in Balance Sheet accounts containing product costs except:
Select one:
a. cost of goods manufactured
b. None of these
c. raw materials
d. work in process inventory
e. cost of good sold.
Answer:
e. cost of good sold
●● All of the following are examples of firms who would use job costing except:
Select one:
a. None of these
b. a sport drink manufacturing company
c. an interior designing firm
d. an automobile repair business e. a custom sailboat builder.
Answer:
b. a sport drink manufacturing company
●● All of the following are reasons that managers track revenues and costs using a job costing
system except:
Select one:
a. managers compare actual costs with estimated costs throughout the
project to identify
unexpected changes as early as possible
b. None of these
c. managers access the accuracy of original cost estimates
d. managers want to know if individual jobs are profitable
e. managers use the information to record product costs as period costs.
Answer:
e. managers use the information to record product costs as period costs
●● Process costing is best described by which statement?
Select one:
a. None of these
b. units produced in a process costing system are unique and are
produced individually
