TESTBANK FOR Principles of Cost Accounting 17th Edition by Edward J. Vanderbeck

CHAPTER 1: INTRODUCTION TO COST ACCOUNTING



Test Bank For Principles Of Cost Accounting,
17th Edition Edward J. Vanderbeck
Chapters 1 - 10, Complete




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, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING


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
The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities
is 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,
technology, and facilities is a manufacturer.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTI PRIN.EDWA.16.1 - Introduction
VES:
ACCREDITING STAN AACSB Analytic
DARDS: ACCT.AICPA.FN.03 - Measurement
BUSPROG.03 - 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.
POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: 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
RATIONALE: A wholesaler purchases goods from the producer and sells them to the retailer.
POINTS: 1
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, CHAPTER 1: INTRODUCTION TO COST ACCOUNTING
LEARNING OBJECTIVES PRIN.EDWA.16.1 - Introduction
:
ACCREDITING STANDA AACSB Analytic ACCT.AICPA.FN.03 -
RDS: MeasurementBUSPROG.03 -
Analytic
IMA-Business Applications
OTHER: Bloom's: Remembering

4. Examples of service businesses include:
XV XV XV XV



a. Airlines, accountants, and hair stylists.
XV XV XV XV




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




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




d. None of these are correct. XV XV XV XV




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




POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVE PRIN.EDWA.16.1 - Introduction
XV V
X XV XV



S:
ACCREDITING STAN AACSB Reflective Thinking
XV XV XV XV



DARDS: ACCT.AICPA.FN.03 - XV



MeasurementBUSPROG.06 - XV V
X XV



Reflective ThinkingIMA- XV XV V
X



Business Applications XV




OTHER: Bloom's: Understanding XV




5. ISO 9000 is a set of international standards for:
XV XV XV XV XV XV XV XV



a. determining the selling price of a product. XV XV XV XV XV XV




b. cost control. XV




c. quality management. XV




d. delivering product, XV




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




POINTS: 1
DIFFICULTY: Easy
LEARNING OBJECTIVES: PRIN.EDWA.16.1 - Introduction
XV XV XV XV




ACCREDITING STANDAR AACSB Analytic
XV XV XV



DS: ACCT.AICPA.FN.03 - XV



MeasurementBUSPROG.03 - XV V
X XV



Analytic XV



IMA-Strategic Planning XV




OTHER: Bloom's: Remembering XV




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