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 bb bb bb bb




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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 bb bb bb bb bb




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. bb




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




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:
b




ACCREDITING STAN AACSB Analytic bb b b bb




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




BUSPROG.03 - Analytic b bb bb




IMA-Business Applications bb




OTHER: Bloom's: Remembering bb




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




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




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:
b MeasurementBUSPROG.03 - Analytic bb b bb bb




IMA-Business Applications bb




OTHER: Bloom's: Remembering bb




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. bb




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
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LEARNING OBJECTIVES PRIN.EDWA.16.1- Introduction
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:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
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RDS:
b MeasurementBUSPROG.03 - Analytic bb b bb bb




IMA-Business Applications bb




OTHER: Bloom's:Remembering bb




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




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




c. Aircraft producers, home builders, and machine tool makers. bb bb bb bb bb bb bb




d. None of these are correct. bb bb bb bb




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




POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTI PRIN.EDWA.16.1- Introduction
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VES:
b




ACCREDITING STAN AACSB Reflective Thinking bb b b bb bb




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




BUSPROG.06 - Reflective Thinking b bb bb bb




IMA-Business Applications b bb




OTHER: Bloom's: Understanding bb




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




b. cost control. bb




c. quality management. bb




d. delivering product, bb




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




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




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




BUSPROG.03 - Analytic b bb bb




IMA-Strategic Planning bb




OTHER: Bloom's: Remembering bb




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. bb bb bb bb bb bb




b. Bidding on contracts. bb bb




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