Principles of Cost Accounting Test Bank 17th Edition | Edward Vanderbeck, Maria Mitchell

TEST BANK
Principles of Cost Accounting
EDWARD VANDERBECK, MARIA MITCHELL
17th Edition

, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
d




Contents
1. Ch 1: Introduction to Cost Accounting

2. Ch 2: Accounting for Materials

3. Ch 3: Accounting for Labor

4. Ch 4: Accounting for Factory Overhead

5. Ch 5: Process Cost Accounting-General Procedures

6. Ch 6: Process Cost Accounting-Additional Procedures; Accounting for Joint Products and By-Products

7. Ch 7: The Master Budget and Flexible Budgeting

8. Ch 8: Standard Cost Accounting-Materials, Labor, and Factory Overhead

9. Ch 9: Cost Accounting for Service Businesses, the Balanced Scorecard, and Quality Costs

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
facilitiesi s a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Not-for-profit service agency.
ANSWER: a
RATIONALE:
The business entity that converts purchased raw materials into finished goods by using
labor,techn ology, and facilities is a manufacturer.
POINTS: 1
DIFFICULTY: Easy
LEARNING PRIN.EDWA.16.1 - Introduction
OBJECTIVE S:
ACCREDITING STAN AACSB Analytic
DARDS: ACCT.AICPA.FN.03 -
MeasurementBUSPROG.0
3 - Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering

2. The business entity that purchases finished goods for resale is a:
a. Manufacturer.
b. Merchandiser.
c. Service business.
d. Wholesaler.
ANSWER: b
RATIONALE: The business entity that purchases finished goods for resale is a merchandiser.
d


POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING AACSB Analytic ACCT.AICPA.FN.03 -
STANDARD S: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering

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




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, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
d

POINTS: 1
DIFFICULTY: Easy

LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING AACSB Analytic ACCT.AICPA.FN.03 -
STANDARD S: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering

4. Examples of service businesses include:
a. Airlines, accountants, and hair stylists.
b. Department stores, poster shops, and wholesalers.
c. Aircraft producers, home builders, and machine tool makers.
d. None of these are correct.
ANSWER: a
RATIONALE: Examples of service businesses include airlines, architects, and hair stylists.
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVE PRIN.EDWA.16.1 - Introduction
S:
ACCREDITING STAN AACSB Reflective Thinking
DARDS: ACCT.AICPA.FN.03 -
MeasurementBUSPROG.0
6 - Reflective ThinkingIdMA-
Business Applications
OTHER: Bloom's: Understanding

5. ISO 9000 is a set of international standards for:
a. determining the selling price of a product.
b. cost control.
c. quality management.
d. delivering product,
ANSWER: c
RATIONALE: ISO 9000 is a set of international standards for quality management.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: PRIN.EDWA.16.1 - Introduction

ACCREDITING STANDAR AACSB Analytic
DS: ACCT.AICPA.FN.03 -
MeasurementBUSPROG.03 -
Analytic
IMA-Strategic Planning
OTHER: Bloom's: Remembering




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