Accounting 231 Final Exam 51 Questions with Verified
Answers
The total assets of Brown Company are $98,000 and its stockholders' equity is
$33,000. What is the amount of its total liabilities? - CORRECT ANSWER $65,000
Apple Gate's Canning Shop started the year with total assets of $347,000 and
total liabilities of $208,000. During the year, the business recorded $823,000 in
revenues, and $458,000 in expenses, and paid dividends of $69,400.
The net income reported by Apple Gate's Canning Shop for the year was -
CORRECT ANSWER $365,000
Which financial statement provides information about a company's management
performance for a specific period of time and lists only revenue and expenses? -
CORRECT ANSWER income statement
Which financial statements provide company financial information for a period of
time either monthly, quarterly or annually? - CORRECT ANSWER Income
Statement, Statement of Stockholder's or Owner's Equity and Statement of Cash
Flows
Managerial accounting is also called - CORRECT ANSWER management accounting
_____ involves coordinating the diverse activities and human resources of a
company to produce a smooth-running operation. This function relates to the
implementation of planned objectives. - CORRECT ANSWER directing
_____ are the materials and/or parts used directly in the manufacturing process. -
CORRECT ANSWER direct materials
_____ are the sum of the product costs - direct materials, direct labor, and
manufacturing overhead - incurred in the current period. - CORRECT ANSWER
total manufacturing costs
, The work of factory employees that can be physically and directly associated with
converting raw materials into finished goods is _____. - CORRECT ANSWER direct
labor
_____ are resources a business owns, even if they have a loan against the
resource, and can be used to benefit the business in the future. - CORRECT
ANSWER assets
_____ consists of the cost associated with indirect activities and processes that
convert raw materials into finished goods. - CORRECT ANSWER manufacturing
overhead
all raw materials are direct materials - CORRECT ANSWER false
direct materials are raw materials that cannot easily associated directly with the
finished product - CORRECT ANSWER false
A company uses a _____ when it manufactures a large volume of similar products.
- CORRECT ANSWER process cost system
_____ means that the overhead applied to work in process is greater than the
actual overhead incurred - CORRECT ANSWER overapplied overhead
A(n) _____ is any event, action, transaction, or work sequence that incurs costs
when producing a product or performing a service. - CORRECT ANSWER activity
_____ involves measuring, recording, and reporting product and service costs. -
CORRECT ANSWER cost accounting
The _____ is the activity that has a direct cause-effect relationship with the
resources consumed. - CORRECT ANSWER cost driver
Under a _____, the company assigns costs to each job or to each batch of goods. -
CORRECT ANSWER job order cost system
Answers
The total assets of Brown Company are $98,000 and its stockholders' equity is
$33,000. What is the amount of its total liabilities? - CORRECT ANSWER $65,000
Apple Gate's Canning Shop started the year with total assets of $347,000 and
total liabilities of $208,000. During the year, the business recorded $823,000 in
revenues, and $458,000 in expenses, and paid dividends of $69,400.
The net income reported by Apple Gate's Canning Shop for the year was -
CORRECT ANSWER $365,000
Which financial statement provides information about a company's management
performance for a specific period of time and lists only revenue and expenses? -
CORRECT ANSWER income statement
Which financial statements provide company financial information for a period of
time either monthly, quarterly or annually? - CORRECT ANSWER Income
Statement, Statement of Stockholder's or Owner's Equity and Statement of Cash
Flows
Managerial accounting is also called - CORRECT ANSWER management accounting
_____ involves coordinating the diverse activities and human resources of a
company to produce a smooth-running operation. This function relates to the
implementation of planned objectives. - CORRECT ANSWER directing
_____ are the materials and/or parts used directly in the manufacturing process. -
CORRECT ANSWER direct materials
_____ are the sum of the product costs - direct materials, direct labor, and
manufacturing overhead - incurred in the current period. - CORRECT ANSWER
total manufacturing costs
, The work of factory employees that can be physically and directly associated with
converting raw materials into finished goods is _____. - CORRECT ANSWER direct
labor
_____ are resources a business owns, even if they have a loan against the
resource, and can be used to benefit the business in the future. - CORRECT
ANSWER assets
_____ consists of the cost associated with indirect activities and processes that
convert raw materials into finished goods. - CORRECT ANSWER manufacturing
overhead
all raw materials are direct materials - CORRECT ANSWER false
direct materials are raw materials that cannot easily associated directly with the
finished product - CORRECT ANSWER false
A company uses a _____ when it manufactures a large volume of similar products.
- CORRECT ANSWER process cost system
_____ means that the overhead applied to work in process is greater than the
actual overhead incurred - CORRECT ANSWER overapplied overhead
A(n) _____ is any event, action, transaction, or work sequence that incurs costs
when producing a product or performing a service. - CORRECT ANSWER activity
_____ involves measuring, recording, and reporting product and service costs. -
CORRECT ANSWER cost accounting
The _____ is the activity that has a direct cause-effect relationship with the
resources consumed. - CORRECT ANSWER cost driver
Under a _____, the company assigns costs to each job or to each batch of goods. -
CORRECT ANSWER job order cost system
