Principles of Cost Accounting 17th Edition Edward J Vanderbeck Maria R Mitchell- Test Bank

CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
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Test Bank For Principles Of Cost Accounting,
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17th Edition Edward J. Vanderbeck
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Chapters 1 - 10, Complete t t t t




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, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
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Contents

1. Ch 1: Introduction to Cost Accounting
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2. Ch 2: Accounting for Materials
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3. Ch 3: Accounting for Labor
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4. Ch 4: Accounting for Factory Overhead
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5. Ch 5: Process Cost Accounting-General Procedures
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6. Ch 6: Process Cost Accounting-Additional Procedures; Accounting for Joint Products and By-Products
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7. Ch 7: The Master Budget and Flexible Budgeting
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8. Ch 8: Standard Cost Accounting-Materials, Labor, and Factory Overhead
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9. Ch 9: Cost Accounting for Service Businesses, the Balanced Scorecard, and Quality Costs
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10. Ch 10: Cost Analysis for Management Decision Making
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,CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
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The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilitiesis a:
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a. Manufacturer.
b. Merchandiser.
c. Service business. t




d. Not-for-profit service agency. t t




ANSWER: a
RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor,technology,
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and facilities is a manufacturer.
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POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
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VES:
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ACCREDITING STAN AACSB Analytic t t t




DARDS: ACCT.AICPA.FN.03 - Measurement t t




BUSPROG.03 - Analytic t t t




IMA-Business Applications t




OTHER: Bloom's: Remembering t




2. The business entity that purchases finished goods for resale is a:
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a. Manufacturer.
b. Merchandiser.
c. Service business. t




d. Wholesaler.
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser. t t t t t t t t t t t




POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
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:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
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RDS:
t MeasurementBUSPROG.03 - Analytic t t t t




IMA-Business Applications t




OTHER: Bloom's: Remembering t




3. The type of merchandiser who purchases goods from the producer and sells them to retailers that sell them to the
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consumer is a:
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a. Manufacturer.
b. Retailer.
c. Wholesaler.
d. Service business. t




ANSWER: c
RATIONALE: A wholesaler purchases goods from the producer and sells them to the retailer.
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POINTS: 1
DIFFICULTY: Easy
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, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
t t t t t




LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
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:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
t t t t




RDS:
t MeasurementBUSPROG.03 - Analytic t t t t




IMA-Business Applications t




OTHER: Bloom's:Remembering t




4. Examples of service businesses include:
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a. Airlines, accountants, and hair stylists. t t t t




b. Department stores, poster shops, and wholesalers. t t t t t




c. Aircraft producers, home builders, and machine tool makers.
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d. None of these are correct. t t t t




ANSWER: a
RATIONALE: Examples of service businesses include airlines, architects, and hair stylists. t t t t t t t t t




POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTI tPRIN.EDWA.16.1 - Introduction t t




VES:
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ACCREDITING STAN AACSB Reflective Thinking
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DARDS: ACCT.AICPA.FN.03 - Measurement t t




BUSPROG.06 - Reflective Thinking t t t t




IMA-Business Applications t t




OTHER: Bloom's: Understanding t




5. ISO 9000 is a set of international standards for:
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a. determining the selling price of a product. t t t t t t




b. cost control. t




c. quality management. t




d. delivering product, t




ANSWER: c
RATIONALE: ISO 9000 is a set of international standards for quality management. t t t t t t t t t t




POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES:PRIN.EDWA.16.1 - Introduction
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ACCREDITING STANDARAACSB Analytic t t t




DS: ACCT.AICPA.FN.03 - Measurement t t




BUSPROG.03 - Analytic t t t




IMA-Strategic Planning t




OTHER: Bloom's: Remembering t




6. Unit cost information is important for making all of the following marketing decisions except:
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a. Determining the selling price of a product. t t t t t t




b. Bidding on contracts. t t




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