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    The document provides 25 multiple choice questions related to cost accounting concepts like direct vs indirect costs, manufacturing overhead, prime costs, conversion costs and the roles of controller and other managerial positions. The questions test understanding of which costs are included in manufacturing overhead, conversion costs and prime costs. They also ask about typical roles and responsibilities of positions like controller, CFO, operations manager.

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    The document provides 25 multiple choice questions related to cost accounting concepts like direct vs indirect costs, manufacturing overhead, prime costs, conversion costs and the roles of controller and other managerial positions. The questions test understanding of which costs are included in manufacturing overhead, conversion costs and prime costs. They also ask about typical roles and responsibilities of positions like controller, CFO, operations manager.

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    83 views5 pages

    Cost Accounting Hilton 5

    Uploaded by

    vkdoc
    The document provides 25 multiple choice questions related to cost accounting concepts like direct vs indirect costs, manufacturing overhead, prime costs, conversion costs and the roles of controller and other managerial positions. The questions test understanding of which costs are included in manufacturing overhead, conversion costs and prime costs. They also ask about typical roles and responsibilities of positions like controller, CFO, operations manager.

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    © All Rights Reserved
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    of 5

    Cost Accounting Hilton 5

    21.Which of the following employees would be considered as holding a line position?

    A. The controller of Exxon Corporation.

    B. The vice-president for government relations of Microsoft.

    C. The manager of food and beverage services at Disney's Magic Kingdom.

    D. A secretary employed by Hewlett-Packard.

    E. None of the above.

    Answer: C LO: 5 Type: N

    22. Which of the following employees at Starbucks would likely be considered as holding a staff
    position?

    A. The company's chief operating officer (COO).

    B. The manager of a store located in Kansas City, Missouri.

    C. The company's lead, in-house attorney.

    D. The company's chief financial officer (CFO).

    E. Both the company's lead, in-house attorney and the chief financial officer.

    Answer: E LO: 5 Type: N

    23. The chief managerial and financial accountant of an organization is the:

    A. chief executive officer (CEO).

    B. treasurer.

    C. vice-president of accounting.

    D. internal auditor.

    E. chief financial officer (CFO).

    Answer: E LO: 5 Type: RC


    24. Which of the following typically does not relate to the role of a controller?

    A. A controller supervises the accounting department.

    B. A controller safeguards an organization's assets.

    C. A controller oversees the preparation of reports required by governmental authorities.

    D. A controller normally assumes a narrow role within the organization, often preventing the
    individual's rise to top management ranks.

    E. Choices "B" and "D" above.

    Answer: E LO: 6 Type: RC


    25. A controller is normally involved with:

    A. preparing financial statements.

    B. managing investments.

    C. raising capital.

    D. safeguarding assets.

    E. managing the firm's credit policy.

    Answer: A LO: 6 Type: RC

    21.Which of the following costs is not a component of manufacturing overhead?

    A. Indirect materials.

    B. Factory utilities.

    C. Factory equipment.

    D. Indirect labor.

    E. Property taxes on the manufacturing plant.

    Answer: C LO: 5 Type: RC

    22. The accounting records of Westcott Company revealed the following costs:

    Factory utilities $ 35,000


    Wages of assembly-line personnel 170,000
    Customer entertainment 45,000
    Indirect materials used 19,000
    Depreciation on salespersons' cars 51,000
    Production equipment rental costs 110,000

    Costs that would be considered in the calculation of manufacturing overhead total:

    A. $164,000.

    B. $215,000.
    C. $385,000.

    D. $430,000.

    E. some other amount.

    Answer: A LO: 5 Type: A


    23. Which of the following statements is (are) correct?

    A. Overtime premiums should be treated as a component of manufacturing overhead.

    B. Overtime premiums should be treated as a component of direct labor.

    C. Idle time should be treated as a component of direct labor.

    D. Idle time should be accounted for as a special type of loss.

    E. Both "B" and "C" are correct.

    Answer: A LO: 5 Type: RC

    24. Conversion costs are:

    A. direct material, direct labor, and manufacturing overhead.

    B. direct material and direct labor.

    C. direct labor and manufacturing overhead.

    D. prime costs.

    E. period costs.

    Answer: C LO: 5 Type: RC

    25. Prime costs are comprised of:

    A. direct materials and manufacturing overhead.

    B. direct labor and manufacturing overhead.

    C. direct materials, direct labor, and manufacturing overhead.

    D. direct materials and direct labor.

    E. direct materials and indirect materials.

    Answer: D LO: 5 Type: RC

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