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Exam 1: A: Basic Cost Management Concepts

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Question 81

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In regard to services,what is the definition of intangibility?

A) Products cannot be seen,tasted,heard,or felt before the purchase.
B) Products cannot be stored.
C) Exchange takes place in direct contact.
D) Exchange does not require direct contact.

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Question 82

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Which of the following would NOT be included in conversion costs?

A) direct materials
B) direct labour
C) factory overhead
D) raw materials

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Question 83

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Which activity is associated with the cost management information system?

Assume the following information: $\begin{array}{llr} \text { Net direct materials purchase cost } &\$225,000\\ \text {Total direct materials used } &275,000\\ \text { Beginning direct materials inventory } &125,000\\\end{array}$ What is the ending direct materials inventory?

Which of the following broadens the focus of accounting because it is concerned with factors that drive costs,such as cycle time and process productivity?

Information from the records of the Tyler Enterprises for March is as follows: $\begin{array} { l r } \text { Sales } & \$ 41,000 \\\text { Direct labour } & 10,000 \\\text { Selling and administrative expenses } & 7,000 \\\text { Direct materials purchases } & 6,000 \\\text { Factory averhead } & 13,500\end{array}$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ $\begin{array}{lcc}& \underline{\text { March 1 }}&\underline{\text { March 31}}\\ \text { Direct materials } & \$ 1,200 & \$ 1,400 \\\text { Work in process } & 2,500 & 2,800 \\ \text { Finished goods } & 2,300 & 1,900 \\\end{array}$ -Refer to the figure.What are the total manufacturing costs added?

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects,as specified by management?

Which of the following costs is an indirect product cost?

Altering the dates of shipping documents for next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

When a management accountant ignores data in favour of unsupported opinion,this action would speak most directly to which part of the IMA Code of Conduct?

Which of the following is a trait of a functional-based cost management system?

What is the operational control system concerned with?

What is traceability a function of?

To whom does the cost management branch of accounting report?

Information from the records of the Cain Corporation for August was as follows: $\begin{array}{llr} \text {Sales } &\$1,230,000\\ \text { Selling and administrative expenses } &210,000\\ \text { Direct materials used } &264,000\\ \text { Direct labour } &300,000\\ \text {Factory overhead* } &405,000\\\end{array}$ *variable overhead is $205,000,fixed overhead is $200,000 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ $\begin{array}{lrr}& \underline{\text {August 1}}& \underline{\text {August 31}}\\\text { Direct materials } & \$ 36,000 & \$ 42,000 \\\text { Work in process } & 75,000 & 84,000 \\\text { Finished goods } & 69,000 & 57,000\end{array}$ -Refer to the figure.What is the conversion cost?

Which of the following is NOT a benefit of an activity-based cost management system?

Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product?

What is NOT the emphasis of total quality management?

Which of the following costs would be included as part of direct materials in the production of an automobile?

What is a critical measure of efficiency?