^{5 Easy Multiple Choice Questions. Correct Answers Needed To Compare}

12) The following information is available about the August transactions of the Helpful Tool Company:

The product costs to be deducted from revenue in August amount to:

a.$493,000.

b.$737,000.

c.$718,000.

d.$739,000.

*

13) In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is less likely to:

a.Focus upon the entire organization as the accounting entity.

b.Focus upon future accounting periods.

c.Make use of estimated amounts.

d.Be tailored to the specific needs of an individual decision maker.

*

14) Which of the following is not one of the three types of inventories of a manufacturing company?

a.Raw materials inventory.

b.Work in process inventory.

c.Product inventory.

d.Finished goods inventory.

*

15) Debits to the Manufacturing Overhead account record:

a.The actual amounts of overhead costs incurred during a period.

b.The amount of overhead applied to production during a period.

c.The amount of overhead incurred on a specific job.

d.All conversion costs of a period.

*

16) The method used by managers when comparing unit costs with budgeted costs or other measures is broadly known as:

a.Sales management.

b.Cost control.

c.Employee evaluation.

d.Account reconciliation.

*

17)The type of cost accounting system best suited to a particular company depends on:

a.The nature of the company's manufacturing operations.

b.The requirements set forth by the FASB.

c.Government regulations.

d.The type of cost drivers available.