Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell

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
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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
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a:
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a. Manufacturer.
b. Merchandiser.
c. Service business. m




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




ANSWER: a
RATIONALE: The business entity that converts purchased raw materials into finished goods by using labor,
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technology, and facilities is a manufacturer.
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POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIm PRIN.EDWA.16.1 - Introduction m m




VES:
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ACCREDITING STAN AACSB Analytic m m m




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




BUSPROG.03 - Analytic m m m




IMA-Business Applications m




OTHER: Bloom's: Remembering m




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




d. Wholesaler.
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser.
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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:
m MeasurementBUSPROG.03 - m m m




Analytic m




IMA-Business Applications m




OTHER: Bloom's: Remembering m




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




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




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