Test Bank Principles Of Cost Accounting 14e-Books Pdf

Test Bank Principles of Cost Accounting 14e
26 Mar 2020 | 80 views | 0 downloads | 28 Pages | 487.27 KB

Share Pdf : Test Bank Principles Of Cost Accounting 14e

Download and Preview : Test Bank Principles Of Cost Accounting 14e


Report CopyRight/DMCA Form For : Test Bank Principles Of Cost Accounting 14e



Transcription

This test bank contains a series of tags to provide guidance about the objectives of each ques. tion to the instructor The tags include, The degree of difficulty. To which learning objective in the text the question corresponds. The Institute of Management Accountants IMA Major Topic which is found under. the National Standard tag in EXAMVIEW and, The Assurance of Learning Standard per the Association to Advance Collegiate. Schools of Business AACSB which is found under the Topics tag in EX. Degree of Difficulty, Each multiple choice question and problem has been assigned a degree of difficulty of Easy. Moderate or Hard, Generally multiple choice questions that are definitions and contain language which is. the same or fairly similar to that of the text have been labeled Easy Other multiple. choice questions that would be labeled as Easy include concept application ques. tions where the answer is fairly obvious among the choices There are very few multi. ple choice questions that involve computations or problems that have been tagged. Moderate multiple choice questions include concept application questions computa. tional questions involving one level of calculations and definitions where interpreta. tion is required because the language is somewhat different than the text or where the. concept is one of the more obscure concepts in the chapter Problems that are labeled. as moderate are those that are similar to exercises in the text or do not involve a signif. icant amount of computation, Multiple choice questions and problems that involve more than one learning objective.
multiple layers of computations subtleties or require a different approach than pre. sented in the text have been tagged Hard, Consider the following examples from chapter 1. In job order costing the basic document for accumulating the cost of each order is the. a Job cost sheet, b Requisition sheet, c Purchase order. This question was considered Easy since the answer job cost sheet could be either recalled. quickly from reading or fairly obvious due to the terminology. Under a job order system of accounting Cost of Goods Sold is debited and Finished Goods is. credited for a, a Transfer of materials to the factory. b Shipment of completed goods to the customer, c Transfer of completed production to the finished goods storeroom. d Purchase of goods on account, This question was tagged Moderate because it involves some thought as to the journal en.
tries and the flow of goods through the plant It may or may not be something that is recalled. Which of the following would be least likely to appear on a performance report based on re. sponsibility accounting for the supervisor of an assembly line in a large manufacturing situa. a Direct labor, b Supervisor s salary, c Materials. d Repairs and maintenance, This question was tagged Hard because it may not be apparent to students that a supervi. sor s salary would not appear on his or her performance report as he or she does not have con. trol over the amount A similar question where Option b is selling expenses would be. moderate because it would be easier for the student to ascertain that a performance report in a. factory would not include selling expenses, Further information about the degree of difficulty can be found under Learning Objectives. Learning Objectives, The problems may be tagged with multiple learning objectives but each multiple choice ques. tion has been assigned just one learning objective based on the primary purpose of the question. For example consider the following multiple choice question from chapter 4. The Owens Company uses the machine hour method of applying factory overhead to produc. tion The budgeted factory overhead last year was 200 000 and there were 40 000 machine. hours budgeted Actual machine hours incurred during the period were 38 000 and actual. factory overhead was 215 000 What is the amount of under or overapplied factory over. a 10 000 underapplied, b 15 000 underapplied, c 25 000 underapplied.
d 10 000 overapplied, The primary objective of this problem is to calculate the under or overapplied factory over. head so it was assigned to learning objective 7 account for actual and applied factory over. In addition because the question also involves the calculation of the predetermined factory. overhead rate and the application of overhead which is discussed under learning objective 6. Apply factory overhead using predetermined rates and because it involves significant com. putation for a multiple choice problem it has been tagged as Hard in difficulty. If this question was a problem it would be labeled with both learning objectives 6 and 7 and. would be considered Moderate in difficulty because the required computations would not be. onerous for a problem, IMA Major Topics, Only one IMA tag has been assigned to each question dependent upon the primary objective. of the question, Tags Skills, 1 Business Analysis, A Business Economics Micro economics laws of supply and demand. fixed variable and marginal costs competition, monopoly macro economics inflation unem. ployment economic growth gross domestic, product the business cycle and fiscal monetary.
B Global Business Global trade net exports net imports foreign. currency foreign monetary exchanges function, of the World Bank IMF and legal and ethical. issues of global business, C Internal Controls Risk assessment risk management inherent risk. control risk detection risk segregation of duties, internal audit function threats to information sys. tems controls to limit threats and disaster recov, D Quantitative Methods Regression equation assumptions of simple re. gression analysis linear programming and math, ematical formulation of a constraint.
E Financial Statement Analysis Development of U S accounting standards dis. tinct responsibilities of management and auditors, for the financial statements and financial ratios. 2 Management Accounting and Reporting, A Budget Preparation The use of budgeting concepts and systems to pre. pare operational financial and capital budgets and. pro forma financial statements, B Cost Management Terminology related to cost principles cost be. havior drivers product costs cost of goods sold, job costing process costing activity costing. lifecycle costing the nature of overhead expenses, and the nature of overhead cost drivers.
C Information Management Business information processing systems includ. ing networks applicable software electronic, commerce and enterprise wide planning systems. D Performance Measurement Standard cost variances responsibility centers. reporting segments transfer pricing and the bal, anced scorecard. E External Financial Reporting Objectives of external financial reporting basic. accounting assumptions financial statement ele, ments and special accounting topics. 3 Strategic Management, A Strategic Planning Manufacturing paradigms such as the theory of. constraints JIT manufacturing MRP capacity, management value chain analysis value added.
concepts process analysis benchmarking activi, ty based management and continuous improve. ment concepts, B Strategic Marketing Interrelationships between strategy and market. ing customer value customer satisfaction mar, keting information needs difference between. products and services product line decisions, product mix decisions new product development. product life cycle strategies pricing decisions, general pricing approaches and product mix pric.
ing strategies, C Corporate Finance Rates of return risk different types of risk using. hedging to manage financial risk financial in, struments value bonds common stock preferred. stock impact of income taxes on financing deci, sions cost of capital and capital structure. D Decision Analysis Steps needed to reach a decision relevant costs. sunk costs opportunity costs cost volume profit, analysis special orders and pricing decisions. make versus buy decisions sell or process further, decisions add or drop a segment decisions price.
setting and target costing, E Investment Decision Analysis Capital budgeting discounted cash flow analysis. payback and ranking of investment projects, 4 Business Applications Standards of Ethical Conduct for IMA Mem. bers organization management organization, communication behavioral issues and ethical. considerations, This test bank did not utilize all of the above tags Topics marked with were the primary. tags used but other tags were utilized as appropriate. These are derived from the AACSB website The Assurance of Learning Standards 15 Man. agement of Curricula, Tags Skills, AACSB Communication Communication abilities.
AACSB Ethics Ethical understanding and reasoning abilities. AACSB Analytic Analytic skills, AACSB Technology Use of information technology. AACSB Diversity Multicultural and diversity understanding. AACSB Reflective Thinking Reflective thinking skills. Multiple choice questions involving definitions computations or descriptions of procedure. were considered Analytic as were most of the problems Questions that require the student. to apply a definition were tagged Reflective for reflective thinking There were some mul. tiple choice questions pertaining to ethics that were tagged as such Tags for Communication. Technology or Diversity were not relevant to this test bank. Consider these questions from chapter 1 which test the same concept. Factory overhead includes, a Indirect labor but not indirect materials. b Indirect material but not indirect labor, c All manufacturing costs except indirect material and indirect labor. d All manufacturing costs except direct materials and direct labor. This question tests the student s knowledge of the definition so it is Analytic It has also. been marked Easy, Factory overhead would include, a Wages of office clerk. b Sales manager s salary, c Supervisor s salary, d Tax accountant s salary.
This question involves knowledge of not only the definition but application of that. knowledge to a factory setting so it was tagged Reflective and Moderate. Maria R Mitchell, Thomas More College, Crestview Hills Kentucky. CHAPTER 1 INTRODUCTION TO COST ACCOUNTING, MULTIPLE CHOICE. 1 Factory overhead includes, a Indirect labor but not indirect materials. b Indirect materials but not indirect labor, c All manufacturing costs except indirect materials and indirect labor. d All manufacturing costs except direct materials and direct labor. Factory overhead includes all manufacturing costs except direct materials and direct labor. PTS 1 DIF Easy REF P OBJ 4, NAT IMA 2B Cost Management TOP AACSB Analytic.
2 The term prime cost refers to, a The sum of direct labor costs and all factory overhead costs. b The sum of raw material costs and direct labor costs. c All costs associated with manufacturing other than direct labor costs and raw material. d Manufacturing costs incurred to produce units of output. The term prime cost refers to the sum of raw materials costs and direct labor costs. PTS 1 DIF Easy REF P OBJ 4, NAT IMA 2B Cost Management TOP AACSB Analytic. 3 The term conversion costs refers to, a The sum of direct labor costs and all factory overhead costs. b The sum of raw material costs and direct labor costs. c All costs associated with manufacturing other than direct labor costs. d Direct labor costs incurred to produce units of output. The term conversion costs refers to the sum of direct labor costs and all factory overhead costs. PTS 1 DIF Easy REF P OBJ 4, NAT IMA 2B Cost Management TOP AACSB Analytic. 4 A typical factory overhead cost is, a Freight out.
b Stationery and printing, c Depreciation on machinery and equipment. Depreciation on machinery and equipment is a factory overhead cost i e it is a manufacturing cost. but it can t be identified with specific jobs or processes whereas the other three items are selling and. administrative expenses, PTS 1 DIF Moderate REF P OBJ 4. NAT IMA 2B Cost Management TOP AACSB Reflective, 5 Under a job order system of cost accounting the dollar amount of the entry to transfer inventory from. Work in Process to Finished Goods is the sum of the costs charged to all jobs. a In process during the period, b Completed and sold during the period. c Completed during the period, d Started in process during the period.
When jobs are completed during the period Finished Goods is debited and Work in Process is credited. for the cost of the finished jobs, PTS 1 DIF Moderate REF P OBJ 7. NAT IMA 2B Cost Management TOP AACSB Analytic, 6 Which of the following production operations would be most likely to employ a job order system of. cost accounting, a Candy manufacturing, b Crude oil refining. c Printing text books, d Flour Milling, Printing would be most likely to employ a job order system of cost accounting due to the number of. custom jobs involved The manufacture of candy the vulcanizing of rubber and the refining of crude. oil would normally be a continuous process of producing like goods and would be accounted for under. the process cost system, PTS 1 DIF Moderate REF P OBJ 6.
NAT IMA 2B Cost Management TOP AACSB Reflective, 7 In job order costing the basic document for accumulating the cost of each order is the. a Job cost sheet, b Requisition sheet, c Purchase order. Test Bank Principles of Cost Accounting 14e Edward J VanDerbeck Department of Accountancy Xavier University Prepared by Maria R Mitchell

Related Books

OWNERS MANUAL MANUEL DU PROPRI TAIRE MANUAL DEL USUARIO

OWNERS MANUAL MANUEL DU PROPRI TAIRE MANUAL DEL USUARIO

Testing your combination Your safe s combina tion is printed on the front of this owner s manual You will have a 3 number or 4 number combination depending upon the model purchased 1 3 NUMBER COMBINATION Cannot be changed 1 To unlock and open Before dialing your combination simply insert the key if equipped in the lock and turn until the plunger pops out Remove key NOTE The

INSTRUCTIONS FOR USE GORE VIATORR TIPS ENDOPROSTHESIS

INSTRUCTIONS FOR USE GORE VIATORR TIPS ENDOPROSTHESIS

4 The same balloon dilatation device can be used for TIPS dilatation and dilatation of the endoprosthesis following implantation VIATORR IFU 2 INTENDED USE INDICATIONS FOR USE The GORE VIATORR TIPS Endoprosthesis is indicated for use in the de novo and revision treatment of portal hypertension and its complications such as variceal bleeding gastropathy refractory ascites and or

A Survey on Mobile Banking Applications and the Adopted Models

A Survey on Mobile Banking Applications and the Adopted Models

Available online at www ijarcsse com A Survey on Mobile Banking Applications and the Adopted Models Sultan Y As Sultan Ibrahim Ahmed Al Baltah Fua ad Hassan Abdulrazzak Department of Computer Science and IT Yemen Academy for Graduate Studies Sana a Yemen Department of Information Technology Sana a University Sana a Yemen Department of Communication Technology and Networks

PR SENTATION DU LOGICIEL DE DATA MINING WEKA PENTAHO V3

PR SENTATION DU LOGICIEL DE DATA MINING WEKA PENTAHO V3

PR SENTATION DU LOGICIEL DE DATA MINING WEKA PENTAHO V3 8 26 octobre 2016 Auteurs Eric YABAS Manel MERAD Marc HOLZWARTH Charlemagne ADECHINA

Role of e Business Challenges amp Opportunities in an

Role of e Business Challenges amp Opportunities in an

Available online at www ijarcsse com Role of e Business Challenges amp Opportunities in an Indian Economy Dr Anand Mohan Department of Systems Management NSHM Business School Durgapur West Bengal India Abstract E business electronic business derived from terms as email and ecommerce is the conduct of business on the Internet not only buying and selling also servicing

Personality Identification through Handwriting Analysis A

Personality Identification through Handwriting Analysis A

Available online at www ijarcsse com Personality Identification through Handwriting Analysis A Review Prof Seema Kedar Ms Vaishnavi Nair Ms Shweta Kulkarni Dept of Information Technology JSPM s RSCOE Pune Maharashtra India Abstract Whenever we listen to or meet a new person we try to predict personality attributes of the person Our behavior towards the person is hugely

Guerre violence et identit partir des soci t s du pi

Guerre violence et identit partir des soci t s du pi

GUERRE VIOLENCE ET IDENTITE A PARTIR DE SOCI T S DU PI MONT AMAZONIEN DES ANDES CENTRALES France Marie RENARD CASEVITZ Anthropologue C N R S 29 rue Linn 7ZOO 5 Paris R SUM L image de sauvages guerriers attach e aux Indiens amazoniens a t elle la portt e qu on lui pr te en dernier

3 2 On War Concepts Definitions Research Data A Short

3 2 On War Concepts Definitions Research Data A Short

war dynastic war monarchical war ritual war agonistic war sacred war instrumental war genocidal war Much of the complexity stems from the fact that the epithets refer to different aspects of and perspectives on war e g war as condition techniques of warfare alleged motives and or objectives of war or assumptions about belligerent behavior and the causes causative factors

EmbattlEd bodiEs EmbattlEd PlacEs John Verano

EmbattlEd bodiEs EmbattlEd PlacEs John Verano

Embattled bodies embattled places war in pre columbian mesoamerica and the andes andrew K scherer and John w Verano Editors pages cm dumbarton oaks pre columbian symposia and colloquia includes bibliographical references and index isbn 978 0 88402 395 1 cloth 1 indians of mexico warfare History to 1500 2 indians of central america warfare History to

What is violence SAGE Publications Ltd

What is violence SAGE Publications Ltd

2000 Moreover violence often takes on ritual properties is subject to cultural definitions and straddles the boundary between the physical and cultural Robb 1997 It is intimately bound up with pain security transgression and concepts of the body and its placing in the social order Like many other critical issues in the social sciences the field is marked by controversy There is an

Ritual and Violence Divergent modes of religiosity and

Ritual and Violence Divergent modes of religiosity and

Ritual and Violence Divergent modes of religiosity and armed struggle Harvey Whitehouse and Brian McQuinn University of Oxford Abstract The theory of divergent modes of religiosity proposes that religious organizations tend to cluster around two socio political attractor positions the one large scale and hierarchical doctrinal and the other highly cohesive but localized or