Test Bank for Managerial Accounting Tools for Business Decision Making, 17th Edition by Jerry J.

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Test Bank for Managerial Accounting Tools for Business Decision Making, 17th Edition by Jerry J.

Name: Test Bank for Managerial Accounting Tools for Business Decision Making, 17th Edition by Jerry J.
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Test Bank for Managerial Accounting Tools for Business Decision Making, 17th Edition by Jerry J.

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Chapter 02 Managerial Accounting and Cost Concepts Answer Key
n n n n n n n n

Truen/nFalsenQuestions

1. Directnmaterialncostsnarengenerallynvariablencosts.
TRUE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
01nIdentifynandngivenexamplesnofneachnofnthenthreenbasicnmanufacturingncostncategoriesn LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nEasy

2. Propertyntaxesnandninsurancenpremiumsnpaidnonnanfactorynbuildingnarenexamplesnofn
manufacturingnoverhead.
TRUE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
01nIdentifynandngivenexamplesnofneachnofnthenthreenbasicnmanufacturingncostncategoriesn Level:nEasy

3. Manufacturingnoverheadncombinednwithndirectnmaterialsnisnknownnasnconversionncost.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
01nIdentifynandngivenexamplesnofneachnofnthenthreenbasicnmanufacturingncostncategoriesn Level:nEasy

,4. Allncostsnincurredninnanmerchandisingnfirmnarenconsideredntonbenperiodncosts.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
02nDistinguishnbetweennproductncostsnandnperiodncostsnandngivenexamplesnofneachn Level:nEasy

5. Depreciationnisnalwaysnconsiderednanproductncostnfornexternalnfinancialnreportingn
purposesninnanmanufacturingnfirm.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nC
omprehension
LearningnObjective:n02-
02nDistinguishnbetweennproductncostsnandnperiodncostsnandngivenexamplesnofneachn Level:nMedium

6. Innexternalnfinancialnreports,nfactorynutilitiesncostsnmaynbenincludedninnannassetnaccountno
nnthenbalancensheetnatnthenendnofnthenperiod.
TRUE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nC
omprehension
LearningnObjective:n02-
02nDistinguishnbetweennproductncostsnandnperiodncostsnandngivenexamplesnofneachn Level:nHard

7. Advertisingncostsnarenconsiderednproductncostsnfornexternalnfinancialnreportsnbecausent
heynarenincurredninnorderntonpromotenspecificnproducts.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nC
omprehension
LearningnObjective:n02-
02nDistinguishnbetweennproductncostsnandnperiodncostsnandngivenexamplesnofneachn Level:nMedium

,8. Sellingnandnadministrativenexpensesnarenproductncostsnunderngenerallynacceptedn
accountingnprinciples.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
02nDistinguishnbetweennproductncostsnandnperiodncostsnandngivenexamplesnofneachn Level:nEasy

9. Anvariablencostnisnancostnwhosencostnpernunitnvariesnasnthenactivitynlevelnrisesnandnfalls.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nEasy

10. Whennthenlevelnofnactivitynincreases,ntotalnvariablencostnwillnincrease.
TRUE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nEasy

11. Andecreaseninnproductionnwillnordinarilynresultninnannincreaseninnfixednproductionncostsnp
ernunit.
TRUE

AACSB:nAnalytic
AICPAnBB:nCriticalnThinkingn AI
CPAnFN:nMeasurementn Bloom's
:nKnowledge
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nEasy

, 12. Automationnresultsninnanshiftnawaynfromnvariablencostsntowardnmorenfixedncosts.
TRUE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nEasy

13. Innordernfornancostntonbenvariablenitnmustnvarynwithneithernunitsnproducednornunitsnsold.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nC
omprehension
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nMedium

14. Thenconceptnofnthenrelevantnrangendoesnnotnapplyntonfixedncosts.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nK
nowledge
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nEasy

15. Indirectncosts,nsuchnasnmanufacturingnoverhead,narenalwaysnfixedncosts.
FALSE

AACSB:nReflectivenThinkingn AI
CPAnBB:nCriticalnThinkingn AICP
AnFN:nMeasurementn Bloom's:nC
omprehension
LearningnObjective:n02-
03nUnderstandncostnbehaviornpatternsnincludingnvariablencosts;nfixedncosts;nandnmixedncostsn Level:nMedium

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Weygandt Financial and Managerial Accounting 3E

Publisher: 2018 ISBN: 9781119391548 Edition: Unknown

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