Cost Accounting and Control

Showing 76-101 of 101 answers

The company's normal operating range is referred to as the operating cycle.

FALSE Correct

The cost of goods sold of a manufacturing company equals beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory.

TRUE Correct

The emphasis of information of financial accounting is future oriented.

FALSE Correct

The emphasis of information of managerial accounting is past oriented.

FALSE Correct

The estimates used to calculate the predetermined overhead rate will virtually always:

result in either underapplied or overapplied overhead that is closed to Cost of Goods Sold if it is immaterial in amount Correct

The Graphic Approach is the widely used method in calculating the break-even point.

FALSE Correct

The need of independent examination and verification process for financial accounting

Financial reports must be audited by an independent Certified Public Accountant (CPA) Correct

The need of independent examination and verification process for managerial accounting

Financial reports do not need to be audited by an independent CPA Correct

The primary difference between normalized and actual costing methods lies in the determination of a job's

manufacturing overhead costs Correct

The sum of all costs that composed manufacturing costs except direct materials is called manufacturing overhead.

FALSE Correct

These are items for which management accumulates costs

Cost Object Correct

These are the primary users of financial information

external and internal users Correct

This phase involves the process of gathering responses and feedbacks on the plan being executed through evaluation and monitoring

Controlling Correct

Tiffany charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year:

Overapplied by $35,000 Correct

To be able to answer the following questions, kindly refer to the problem below:

1,500 units Correct

Using the high-low method of separating mixed costs, what is the variable cost per unit?

P400 Correct

Using the high-low method, compute the variable cost element

Using the high-low method, compute the variable cost element Correct

What amount of overhead is applied to Job #100?

P6,300 Correct

What amount of overhead is applied to Job #200?

P7,500 Correct

What is the amount of income tax?

P62,500 Correct

When faced with unethical issues, the member should follow the established policies of his or her organization, including use of an anonymous reporting system if available.

TRUE Correct

Which of the following defines variable cost behavior?

increases constant remains Correct

Which of the following is NOT a period cost?

P250,000 Correct

Which of the following statements about cost accounting is not true?

Its generated information is not important to any company Correct

Which of the following would not likely be used by service providers to accumulate job costs?

All of the following because service providers cannot use job-costing systems Correct

Within the relevant range, the two main cost behaviors are direct and indirect costs.

FALSE Correct