Financial Accounting Impairment MCQs Homework Help
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1. Which of the following aspects of a company would not be considered a critical success factor, for a company that competes on differentiation?
Cutting edge research and development.
Excellent customer service.
Award-winning product quality.
Continually beating competitors to the market with new, innovative products.
A high level of production efficiency
2. Which of the following tend to be non-differential in the short term since they cannot be changed, but are more likely to be differential in the long term?
3. The competitive strategy in which the firm succeeds by developing and maintaining a unique value for the product, as perceived by the customer, is termed:
4. Using value-chain analysis, a firm can develop a competitive advantage by specifically looking for ways to:
Add value and reduce cost.
Improve manufacturing productivity.
Improve customer service.
Improve product quality.
5. Which of the following contemporary management techniques requires a balancing of multiple goals?
The theory of constraints.
Business process improvement.
6. Direct materials and direct labor costs total $40,000 and factory overhead costs total $100 per machine hour. If 200 machine hours were used for Job #202, what is the total manufacturing cost for Job #202?
7. Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files:
COGS = $80,000
WIP Inventory January 1. = $18,500
WIP Inventory December 31 = $14,500
Selling & Administrative Expenses = $16,000
Net Income = $30,000
Factory O/H = $20,000
Direct Materials Inventory, January 1= $26,000
Direct Materials Inventory, December 31= $14,000
COGM = $98,000
Finished Goods Inventory, January 1 = 31,000
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
What should be the amount in the finished goods inventory at December 31, 2013?
8. The key difference between weighted-average and FIFO process costing methods is the handling of the partially completed:
Beginning direct materials inventory.
Ending direct materials inventory.
Beginning work-in-process inventory.
Ending work-in-process inventory.
Beginning finished goods inventory.
9. When completed units are transferred to the warehouse:
Cost of Goods Sold account is debited.
Cost of Goods Manufactured account is debited.
Finished Goods Inventory account is debited.
Work-in-Process Inventory account is debited.
Finished Goods Inventory account is credited.
10. Effective implementation of activity-based costing (ABC) requires:
Normally the assistance of a consultant.
A sophisticated and expensive computer system.
Support of top management and key employees.
Capturing properly the complexity of the data.
ABC has no significant implementation issues.
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11. The total cost of direct materials, direct labor, and factory overhead transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account during an accounting period is:
Normal cost of goods sold.
Adjusted cost of goods sold.
Total manufacturing cost.
Cost of goods manufactured.
Actual cost of goods sold.
12. Units accounted for includes units completed and transferred out plus:
Units to account for.
13. ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information:
Total Materials (Direct and Indirect) Purchased = $ 90,000
Indirect Materials Issued to Production = 30,000
Total Materials Issued to Production = 110,000
Beginning Materials Inventory = 50,000
The ending materials inventory cost is:
14. Wings Co. budgeted $555,600 manufacturing direct wages, 2,315 direct labor hours, and had the following manufacturing overhead:
Overhead Cost Pool – Budgeted O/H $ – Budgeted Level for Cost Driver – O/H Cost Driver
Materials Handling $160,000 3,200 lbs. Material Weight
Machine Setup 13,200 390 S/U s # of S/Us
Machine Repair 1,380 30,000 Mach. Hrs Machine Hrs.
Inspections 10,560 160 Inspections # of Inspections
Requirements for Job #971 which included 4 Units of Production:
D/L Hours = 20 Hours
D/Mat ls = 130 lbs.
Machine S/U = 30 Set-ups
Machine Hrs. = 15,000 Machine Hours
Inspections = 15 Inspections.
Using ABC, the materials handling overhead cost assigned to Job #971 is:
15. Which of the following is required for multiple regression?
The use of dummy variables.
The use of more than one cost driver.
The use of more than one dependent variable.
The use of a trend variable.
The use of multiple sets of data.
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