Top Mark Questions and Correct Verified Answers
ACC 312 Exam 1 Quizzes-Questions and
Correct Verified Answers
Other names for manufacturing overhead include...
✓ - factory overhead
✓ - factory burden
✓ - indirect manufacturing costs
Manufacturing overhead costs include...
✓ indirect materials, factory supervisors' salaries, and factory depreciation
Factory costs such as cleaning supplies, taxes, insurance, and janitor wages are classified
as...
✓ period costs
Salaries of factory supervisors and factory maintenance personnel are examples of...
✓ indirect labor costs
Selling and administrative costs are...
✓ direct or indirect costs
Indirect materials and indirect labor are classified as...
✓ manufacturing overhead
A company purchased a 12 month insurance policy on October 1 for $1,200. On the
December 31 annual financial statements...
Top Mark !!!
11
, Top Mark Questions and Correct Verified Answers
✓ $300 is reported as a expense and $900 is reported as an asset
Period costs are always expensed on the income statement in the period in which...
✓ they are incurred
How individual costs react to changes in activity level is referred to as...
✓ cost behavior
The accrual concept that costs incurred to generate a revenue are expensed in the same
period the revenue is recognized is known as the...
✓ matching principle
Variable costs...
✓ vary in total and remain constant per unit
Period costs...
✓ are expensed in the period incurred and include all costs that are not product costs
Cost behavior...
✓ categorizes costs as fixed, mixed and variable and refers to how a cost will change as
activity level changes
Discretionary fixed costs include...
✓ advertising, research, public relations, management development programs, and
internships for students
Committed fixed costs include...
Top Mark !!!
22
ACC 312 Exam 1 Quizzes-Questions and
Correct Verified Answers
Other names for manufacturing overhead include...
✓ - factory overhead
✓ - factory burden
✓ - indirect manufacturing costs
Manufacturing overhead costs include...
✓ indirect materials, factory supervisors' salaries, and factory depreciation
Factory costs such as cleaning supplies, taxes, insurance, and janitor wages are classified
as...
✓ period costs
Salaries of factory supervisors and factory maintenance personnel are examples of...
✓ indirect labor costs
Selling and administrative costs are...
✓ direct or indirect costs
Indirect materials and indirect labor are classified as...
✓ manufacturing overhead
A company purchased a 12 month insurance policy on October 1 for $1,200. On the
December 31 annual financial statements...
Top Mark !!!
11
, Top Mark Questions and Correct Verified Answers
✓ $300 is reported as a expense and $900 is reported as an asset
Period costs are always expensed on the income statement in the period in which...
✓ they are incurred
How individual costs react to changes in activity level is referred to as...
✓ cost behavior
The accrual concept that costs incurred to generate a revenue are expensed in the same
period the revenue is recognized is known as the...
✓ matching principle
Variable costs...
✓ vary in total and remain constant per unit
Period costs...
✓ are expensed in the period incurred and include all costs that are not product costs
Cost behavior...
✓ categorizes costs as fixed, mixed and variable and refers to how a cost will change as
activity level changes
Discretionary fixed costs include...
✓ advertising, research, public relations, management development programs, and
internships for students
Committed fixed costs include...
Top Mark !!!
22
