IN ĐẬM ĐÁP ÁN, Ý KIẾN KHÁC TÔ ĐỎ

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1 Behavioural issues are not taken into consideration when developing

management accounting systems.

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2 There is no overlap between the two accounting streams management and

financial accounting.

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3 The increased information needs of modern organisations have meant that

management accounting has had to change its focus over the years.

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4 Staff management and line management both have indirect responsibilities

to the operations of an organisation.

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5 Budgets provide information to help manage resources and are supported by

the financial accounting function.

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6 1. Which of the following statements is false?

i. Qualitative information is not relevant for planning purposes.
 ii. Production costs are important for planning purposes, but selling and
administration costs are not.
iii. Information on revenues is not important for planning purposes.

7 If production increases, variable cost will:

a.
remain constant on a per unit basis.
b.
remain unchanged.
c.
increase by a variable amount.
d.
vary on a per unit basis.

8 Which is the correct order of cost incurrence in the value chain?

a.
R&D, Product design, Manufacturing, Distribution, Marketing, Customer
support
b.
R&D, Product design, Manufacturing, Distribution, Customer support, Selling
c.
R&D, Product design, Manufacturing, Marketing, Distribution, Customer
support
d.
R&D, Product design, Customer support, Marketing, Distribution,
Manufacturing

9 Key Manufacturing Co. applies factory overhead to production on the basis

of direct labor costs. Assume that at the beginning of the current year the
company estimated that direct material costs would be $178,800, direct
labor costs would be $154,000, and factory overhead costs would be
$231,000. If the $28,000 cost of Key's goods in process inventory included
$5,200 of direct labor cost, what amount of direct materials cost was
included?
Noted: fill in the number character only in the blanks (example: your answer
is $11000, you need to fill in the blank: 11000)

10 Plumley Ad Agency contracted with a company to prepare an ad campaign.

 Plumley uses a job order costing system. Plumley estimates that the job will
take 145 designer hours at $90 per hour and 85 staff hours at $45 per hour.
Plumley uses two overhead rates in applying overhead to jobs: Designer-
related at $100 per designer hour and staff-related at $50 per staff hour.
Determine the total estimated cost for this job.
Noted: fill in the number character only in the blanks (for example: your
answer is $11000, you need to fill in the blank: 11000)

11 The Terrapin Manufacturing Company has the following job cost sheets on
file. They represent jobs that have been worked on during June of the current
year. This table summarizes information provided on each sheet:

Number Total Cost Incurred Status of Job

951 $ 4,200 Finished and delivered

952 $ 7,700 Unfinished

953 $ 9,300 Finished and unsold

954 $11,100 Finished and delivered

955 $ 3,000 Finished and unsold

956 $ 5,500 Finished and delivered

957 $35,000 Unfinished

958 $ 3,200 Finished and delivered

959 $ 500 Unfinished

960 $22,110 Unfinished

961 $ 7,200 Finished and unsold

962 $ 8,500 Unfinished

963 $11,200 Finished and unsold

What is the cost of the goods in process inventory on June 30?

12 The Terrapin Manufacturing Company has the following job cost sheets on
file. They represent jobs that have been worked on during June of the current
year. This table summarizes information provided on each sheet:

Number Total Cost Incurred Status of Job

 951 $ 4,200 Finished and delivered

952 $ 7,700 Unfinished

953 $ 9,300 Finished and unsold

954 $11,100 Finished and delivered

955 $ 3,000 Finished and unsold

956 $ 5,500 Finished and delivered

957 $35,000 Unfinished

958 $ 3,200 Finished and delivered

959 $ 500 Unfinished

960 $22,110 Unfinished

961 $ 7,200 Finished and unsold

962 $ 8,500 Unfinished

963 $11,200 Finished and unsold

What is the cost of the finished goods inventory on June 30?

13 A cost that remains unchanged in total as the activity level (or cost driver)
changes is called a:

a.
fixed cost.
b.
variable cost.
c.
 step-variable cost.
d.
step-fixed cost.

14 Traditional cost management systems use production volume as the

measure of activity. Modern systems might use which of the following as
activity measures?

a.
All of the given answers
b.
Number of batches
c.
Number of customers
d.
Number of product lines

15 Which of the following terms accurately describes all three manufacturing

costs (i.e. direct materials, direct labour and manufacturing overhead)?

a.
Product costs
b.
Both direct costs and product costs
c.
Variable costs
d.
Direct costs

16 Whether a cost is classified as direct or indirect will depend on:

a.
 whether the organisation is in a manufacturing or service industry
b.
the nature of the cost object.
c.
the nature of the cost object AND whether the cost can be economically
traced to the cost object.
d.
whether the cost can be economically traced to the cost object.

17 Which of the following statements is false?

a.
Modern performance measurement covers a range of critical success
factors.
b.
Performance measurement is common to both traditional and modern
management accounting.
c.
Activity-based costing is common to both traditional and modern
management accounting.
d.
Costing is common to both traditional and modern management accounting.

18 Which of the following statements is true?

a.
The word cost has the same meaning in all situations in which it is used.
b.
None of the given answers
c.
Different cost concepts and classifications are used for different purposes.
 d.
Cost data, once classified and recorded, can be used for any purpose.

19 The relationship between cost and activity is called:

a.
cost prediction.
b.
cost approximation.
c.
cost behaviour.
d.
cost analysis.

20 If a company applies overhead to production with a predetermined rate, a

credit balance in the Factory Overhead account at the end of the period
means that:

a.
The bookkeeper has made an error because the debits don't equal the
credits.
b.
The balance will be carried forward to the next period as an overhead cost
c.
The overhead was underapplied for the period.
d.
Actual overhead was less than the overhead amount charged to production.

21 A company's beginning work in process inventory consisted of 20,000 units

that were 1/5 complete with respect to direct labor. These beginning units
were completed and another 90,000 units were started during the current
 period. Of those started, 60,000 were finished and the remaining 30,000
were 1/3 complete at the end of the period. The equivalent units of
production were:

a.
76,000
b.
72,000
c.
86,000
d.
60,000.

22 The following data are available for a company's manufacturing activities:

Beginning goods in process 5,000 units, 1/4 of the labor added this
inventory........................................................... period
.

Units started and 15,000

completed .......................................................
.....

Ending goods in process 6,000 units, 1/2 of the labor added this
inventory .......................................................... period
..

If materials are added when the production process begins and direct
labor is applied uniformly throughout the process, what are the equivalent
units for direct materials and for direct labor, respectively?
 a.
21,000; 19,250.
b.
16,250; 21,750.
c.
16,250; 19,250.
d.
19,250; 18,750.

23 Which of the following is the best explanation for why it is necessary to

calculate equivalent units

of production in a process costing environment?

a.
In most manufacturing environments, it is not possible to conduct a physical
count of units.
b.
In most process costing systems, direct materials are added at the beginning
of the process while conversion costs are added evenly throughout the
manufacturing process.

c.
All of the work to make a unit 100% complete and ready to move to the next
stage of production
or to finished goods inventory may not have been
completed in a single time period.
d.
Companies often use a combination of a process costing and job order
costing systems.

24 Refer to the following information about the Painting Department in the

Richardson Factory for the month of June:

Beginning goods in process inventory:

Physical units......................................................... 5,000 units

% complete for 70%

materials.........................................

% complete for labor and 25%

overhead..........................

Materials cost from $7,350

May..........................................

Labor and overhead cost from $3,125

May..........................

Product started and completed:

Physical units......................................................... 40,000 units

Ending goods in process inventory:

 Physical units......................................................... 4,000 units

% complete for 40%

materials.........................................

% complete for labor and 10%

overhead..........................

Manufacturing costs for June:

Materials................................................................ $96,975

Labor and $79,470

overhead.................................................

What was the materials cost per equivalent unit produced during June?
What was the labor and overhead cost per equivalent unit produced during
June?
 a.

$2.25 per equivalent unit

b.

$4.25 per equivalent unit

c.

$3.25 per equivalent unit

d.

All are incorrect

Clear my choice

25 A company uses a process cost accounting system. The following

information is available regarding direct labor for the current year:

Goods in process, January 1 5,500 units, 80% complete

Goods in process, December 31 8,800 units, 40% complete

Units completed and transferred to

finished goods 46,900 units

Direct labor costs during the year $266,300

 (a) Calculate the equivalent units of production for direct labor for
the year.

(b) Calculate the average cost per equivalent unit for direct labor
(round to the nearest cent).

a.
All are incorrect
b.
48,020 equivalent units and average cost per equivalent unit is 5.66
c.
47,020 equivalent units and average cost per equivalent unit is 5.66
d.
46,020 equivalent units and average cost per equivalent unit is 5.79

26 All costs of the processes in a process costing system ultimately pass

through the Cost of Goods Sold account.

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27 One section of the process cost summary describes the equivalent units of
production for the department during the reporting period and presents the
calculations of the costs per equivalent unit.

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28 Which of the following five types of products is least likely to be produced in

a process manufacturing system?

a.
Slacks for casual wear.
b.
 Oil paintings
c.
Building construction
d.
Baseball hats.

29 Which of the following is not one of the four steps in accounting for
production activity in a period?

a.
Analyze equivalent units.
b.
Analyze the physical flow of units.
c.
Determine cost per equivalent unit.
d.
Determine over or underapplied overhead.

30 A company's overhead rate is 60% of direct labor cost. Using the following
incomplete accounts, determine the cost of direct materials used.
Goods in Process Inventory Finished Goods Inventory

Beg. Bal. Beg. Bal.

100,800 118,200

D.M. 324,800 301,000

?

D.L.
?

O.H. F. G.
? ?
 End. Bal. End. Bal.
131,040 142,000

Factory Overhead

93,240 90,720

a.
All are incorrect.
b.
$211,680
c.
$113,120.
d.
$151,200.