ACCT 344 DeVry Complete Quiz Package
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<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> <strong>Complete</strong> <strong>Quiz</strong> <strong>Package</strong><br />
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<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> <strong>Complete</strong> <strong>Quiz</strong> <strong>Package</strong><br />
<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> Week 1 <strong>Quiz</strong><br />
1. Question: (TCO 2) Which cost assignment method would likely assign the cost of heating in a plant that makes beds<br />
and dressers when the bed product line is the cost object?<br />
2. Question: (TCO 2) Which cost is an example of product costs?<br />
3. Question: (TCO 2) Period costs do not include<br />
4. Question: (TCO 2) Based on the following information, which are the conversion costs? Beginning work-in-process<br />
inventory $160,000 Ending work-in-process inventory $180,000 Cost of goods manufactured $500,000 Direct materials<br />
used $130,000<br />
5. Question: (TCO 2) Based on the following information, which are the prime costs for the year? Cost of goods<br />
manufactured $380,000 Beginning work-in-process inventory $140,000 Ending work-in-process inventory $120,000<br />
Manufacturing overhead $70,000<br />
6. Question: (TCO 2) The absolute maximum production activity of a manufacturing firm is called<br />
7. Question: (TCO 2) Which item is a basic costing system record in a job-order costing system?<br />
8. Question: (TCO 2) Which firm would make extensive use of job-order costing?<br />
9. Question: (TCO 2) ABC Manufacturing Company has the following total job cards. Job A $6,500 Job B $5,630 Job<br />
C $3,825 Job D $3,800 Job E $6,300 Job F $4,200 Jobs A and B were in Finished Goods Inv. at the beginning of the<br />
month. Jobs C and D were in Work-in-Process at the beginning of the month. Jobs E and F were started during the<br />
month. At the end of the month, Jobs A and E were sent to customers. At the end of the month, Jobs C, E, and F were<br />
completed and sent to finished goods. Which is the cost of goods sold for the month?<br />
10. Question: (TCO 2) Action Corporation uses activity-based costing to apply overhead to jobs within a job-order<br />
costing system. The following overhead activities were budgeted for the year.<br />
<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> Week 2 <strong>Quiz</strong><br />
1. Question: (TCO 3) The appropriate cost accounting system to use when inventory items are produced on an<br />
assembly line is<br />
2. Question: (TCO 3) As production occurs, materials, direct labor, and applied manufacturing overhead are recorded<br />
in<br />
3. Question: (TCO 3) “Equivalent units” expresses all activity of the period in terms of
4. Question: (TCO 3) Holly Inc. manufactures dolls. The following data were provided for production results for the<br />
current month. 0 Units, beginning work-in-process 300 Units started ? Units completed 100 Units, ending work-inprocess<br />
(40% complete) Which are the equivalent units?<br />
5. Question: (TCO 3) When products and their costs are moved from one process to the next process, these costs are<br />
referred to as<br />
6. Question: (TCO 3) Keller Inc. manufactures office chairs. The following data were provided for production results for<br />
the current month. 0 Units, beginning work-in-process 6,000 Units started ? Units completed 2,000 Units, ending workin-process<br />
$440,000 Cost of direct materials $64,000 Cost of conversion Ending inventory is 100% complete for<br />
materials and 20% complete for conversion. How many units were started and completed?<br />
7. Question: (TCO 3) The two methods used to determine equivalent units of production are<br />
8. Question: (TCO 3) Abby Corp. adds raw materials to production at the beginning of the process in the Assembly<br />
Dept. Materials data for this department for the current month are as follows.<br />
9. Question: (TCO 3) The following information was provided by Sally Company...........How many equivalent units for<br />
materials would there be using the weighted average method?<br />
10. Question: (TCO 3) The material cost per equivalent unit using the weighted average method is calculated as..........<br />
<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> Week 3 <strong>Quiz</strong><br />
1. Question: (TCO 8) A predetermined overhead rate is calculated using which formula?<br />
2. Question: (TCO 8) All of the following are unit-based activity drivers EXCEPT<br />
3. Question: (TCO 8) A department that is capital intensive most likely would use a predetermined departmental<br />
overhead rate based on which activity base?<br />
4. Question: (TCO 8) Star Inc. uses a job-order costing system to account for product costs. The following information<br />
was provided for the current year. Materials placed in production $160,000 Indirect labor $50,000 Direct labor (10,000<br />
hours) $180,000 Depreciation of factory building $80,000 Other factory overhead $130,000 Increase in work-in-process<br />
inventory $45,000 Factory overhead rate per direct labor hour $25 Which is the amount of under- or overapplied<br />
overhead for Star Inc.?<br />
5. Question: (TCO 8) Acme Company manufactures two products (anvils and barrels). Overhead costs ($84,000) have<br />
been divided into three cost pools, which use the following activity drivers…….<br />
6. Question: (TCO 8) Which is NOT a limitation of a plantwide overhead rate?<br />
7. Question: (TCO 8) The resources consumed by the activity in producing its output are called<br />
8. Question: (TCO 8) Which is NOT part of the cost dimension of the activity-based management model?<br />
9. Question: (TCO 8) Which is an example of a non-value-added manufacturing activity?<br />
10. Question: (TCO 8) The process that involves choosing among various sets of activities that are caused by<br />
competing strategies is called......<br />
<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> Week 5 <strong>Quiz</strong><br />
1. Question: (TCO 7) A common cost occurs<br />
2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the housekeeping<br />
department?<br />
3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production departments based on<br />
the number of employees. Which would NOT be a good combination of common costs with an activity driver?<br />
4. Question: (TCO 7) Joint costs are allocated because of<br />
5. Question: (TCO 7) Which method allocates support department costs?
6. Question: (TCO 7) Joint costs are<br />
7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of product produced?<br />
8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory. $400,000 of costs were<br />
incurred…………How much joint cost would be allocated to Product A based on the physical units method?<br />
9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were provided by the cost<br />
accountant for the current year……….<br />
10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as follows…….Which is the amount of joint<br />
costs assigned to Superwash Wool using the constant gross margin percentage method?<br />
<strong>ACCT</strong> <strong>344</strong> <strong>DeVry</strong> Week 6 <strong>Quiz</strong><br />
1. Question: (TCO 5) Which is NOT a component of the master budget?<br />
2. Question: (TCO 5) The budgets that are comprehensive financial plans made up of various individual departmental<br />
and activity budgets are the...........<br />
3. Question: (TCO 5) The budget committee<br />
4. Question: (TCO 5) Which is a financial budget?<br />
5. Question: (TCO 5) When budgets are used for control,<br />
6. Question: (TCO 5) Flexible budgets do NOT provide<br />
7. Question: (TCO 5) Volume variances examine differences between<br />
8. Question: (TCO 5) Goal congruence means<br />
9. Question: (TCO 5) Participative budgeting has which potential problem?<br />
10. Question: (TCO 5) Bored Manufacturing has projected the following………Which is the total amount of overhead<br />
included in the overhead budget?
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