ACCT 3030 WEAVER EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+ LATEST UPDATE!!!
Manufacturing costs include - (ANSWER)direct materials
manufacturing overhead
direct labor
A laptop computer manufacturer would consider the computer's processor chip to be a(n) Blank______
cost. - (ANSWER)direct material
A(n) is anything for which cost data are desired—including products, customers, plants, office locations,
and departments. - (ANSWER)Cost objects
Costs that can be easily and conveniently traced to a specific product are called ______ costs. -
(ANSWER)direct
Labor costs that can be easily and conveniently traced to specific products are _____ costs. -
(ANSWER)Direct labor
A cost may be direct or indirect, depending on the cost object. - (ANSWER)True
Direct materials and direct labor are both ______ costs. - (ANSWER)Manufacturing
Materials that become an important component of the finished product whose cost can be easily and
conveniently traced to the finished product are. materials. - (ANSWER)direct
Product costs flow through the inventory accounts until the goods are sold, at which time they are
matched against sales on the Blank - (ANSWER)Income statement
Cost objects include - (ANSWER)anything for which cost data is desired
customers
organizational subunits / departments
,ACCT 3030 WEAVER EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+ LATEST UPDATE!!!
Period costs - (ANSWER)include all costs that are not product costs
are expensed in the period incurred
Direct labor is also called labor. - (ANSWER)touch
How individual costs react to changes in activity level is referred to as cost - (ANSWER)behavior
Which of the following statements are true? - (ANSWER)A regional sales manager's salary is a direct cost
of the regional office in which the sales manager works.
A direct cost can be easily and conveniently traced to a specific cost object.
Manufacturing costs can be divided into three categories: direct , labor and manufacturing . -
(ANSWER)materials direct overhead
Inventoriable costs is another term for costs. - (ANSWER)product
Within the relevant range, a cost that changes in direct proportion to changes in the activity level is a
cost. - (ANSWER)Variable
Which of the following statements are true? - (ANSWER)Period costs do not flow through the inventory
accounts.
Period costs are expensed when incurred.
cost behavior - (ANSWER)categorizes costs as fixed, mixed and variable
refers to how a cost will change as activity level changes
Which of the following are most likely fixed costs? - (ANSWER)Factory rent
, ACCT 3030 WEAVER EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+ LATEST UPDATE!!!
Factory insurance
Administrative salaries
Direct materials and direct labor are both _____ costs. - (ANSWER)Manufacturing
Which type of cost changes in total, in direct proportion to changes in activity level? - (ANSWER)variable
Period costs are always expensed on the income statement in the period in which - (ANSWER)they are
incurred
A cost that contains both variable and fixed costs elements is called - (ANSWER)Mixed
An income statement focusing on product and period costs has been prepared using a(n) format, while
a(n) format income statement makes a distinction between fixed and variable costs. -
(ANSWER)traditional or GAAP, contribution or contribution margin
Within the relevant range of activity, ______ costs remain constant in total. - (ANSWER)Fixed
Cost of goods sold for a merchandising company, direct materials and commissions are all examples of -
(ANSWER)variable
The contribution approach to constructing income statements distinguishes between ____ costs. -
(ANSWER)Fixed and variable
The rise-over-run formula for the slope of a straight line is the basis of Blank - (ANSWER)the high-low
method
The best fitting line minimizes the sum of the squared errors when using - (ANSWER)least-square
regression
VERIFIED!!!! ALREADY GRADED A+ LATEST UPDATE!!!
Manufacturing costs include - (ANSWER)direct materials
manufacturing overhead
direct labor
A laptop computer manufacturer would consider the computer's processor chip to be a(n) Blank______
cost. - (ANSWER)direct material
A(n) is anything for which cost data are desired—including products, customers, plants, office locations,
and departments. - (ANSWER)Cost objects
Costs that can be easily and conveniently traced to a specific product are called ______ costs. -
(ANSWER)direct
Labor costs that can be easily and conveniently traced to specific products are _____ costs. -
(ANSWER)Direct labor
A cost may be direct or indirect, depending on the cost object. - (ANSWER)True
Direct materials and direct labor are both ______ costs. - (ANSWER)Manufacturing
Materials that become an important component of the finished product whose cost can be easily and
conveniently traced to the finished product are. materials. - (ANSWER)direct
Product costs flow through the inventory accounts until the goods are sold, at which time they are
matched against sales on the Blank - (ANSWER)Income statement
Cost objects include - (ANSWER)anything for which cost data is desired
customers
organizational subunits / departments
,ACCT 3030 WEAVER EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+ LATEST UPDATE!!!
Period costs - (ANSWER)include all costs that are not product costs
are expensed in the period incurred
Direct labor is also called labor. - (ANSWER)touch
How individual costs react to changes in activity level is referred to as cost - (ANSWER)behavior
Which of the following statements are true? - (ANSWER)A regional sales manager's salary is a direct cost
of the regional office in which the sales manager works.
A direct cost can be easily and conveniently traced to a specific cost object.
Manufacturing costs can be divided into three categories: direct , labor and manufacturing . -
(ANSWER)materials direct overhead
Inventoriable costs is another term for costs. - (ANSWER)product
Within the relevant range, a cost that changes in direct proportion to changes in the activity level is a
cost. - (ANSWER)Variable
Which of the following statements are true? - (ANSWER)Period costs do not flow through the inventory
accounts.
Period costs are expensed when incurred.
cost behavior - (ANSWER)categorizes costs as fixed, mixed and variable
refers to how a cost will change as activity level changes
Which of the following are most likely fixed costs? - (ANSWER)Factory rent
, ACCT 3030 WEAVER EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+ LATEST UPDATE!!!
Factory insurance
Administrative salaries
Direct materials and direct labor are both _____ costs. - (ANSWER)Manufacturing
Which type of cost changes in total, in direct proportion to changes in activity level? - (ANSWER)variable
Period costs are always expensed on the income statement in the period in which - (ANSWER)they are
incurred
A cost that contains both variable and fixed costs elements is called - (ANSWER)Mixed
An income statement focusing on product and period costs has been prepared using a(n) format, while
a(n) format income statement makes a distinction between fixed and variable costs. -
(ANSWER)traditional or GAAP, contribution or contribution margin
Within the relevant range of activity, ______ costs remain constant in total. - (ANSWER)Fixed
Cost of goods sold for a merchandising company, direct materials and commissions are all examples of -
(ANSWER)variable
The contribution approach to constructing income statements distinguishes between ____ costs. -
(ANSWER)Fixed and variable
The rise-over-run formula for the slope of a straight line is the basis of Blank - (ANSWER)the high-low
method
The best fitting line minimizes the sum of the squared errors when using - (ANSWER)least-square
regression
