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EXAM REVIEW UNIT I - CHAPTERS 1, 2 and 3
Review your class notes, homework exercises and problems. Review Summary, Review Problem and Glossary at the end of each chapter. Use your Study Guide, especially Multiple Choice and True & False questions Review the resource materials and practice quizzes and exams available on the Textbook Website: http://highered.mcgraw-hill.com/sites/0073048836/information_center_view0/ Additional review materials are available online at sites such as: http://www.cliffsnotes.com/WileyCDA/Section/id-305261.html
Key Terms and Concepts to Know
Chapter 1 - Managerial Accounting and Cost Concepts
Major differences between financial and managerial accounting. Management activities: o Planning o Directing and motivating o Controlling o Feedback Period costs (nonmanufacturing costs): o Selling & Administrative Expenses Product costs (inventory costs or manufacturing costs): o Direct materials o Direct labor o Manufacturing overhead Prime cost (direct materials and direct labor) Conversion Cost (direct labor and manufacturing overhead) Cost behavior: o Variable Cost o Fixed cost o Relevant Range Cost object: o Direct Cost o Indirect cost
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Revised Spring 2011
Cost Classifications used in decisionmaking o Differential cost and differential revenue o Opportunity cost o Sunk cost Flow of product costs through inventory accounts to cost of goods sold o Raw materials o Work in process including manufacturing overhead o Finished goods o Cost of goods sold Schedule of Cost of Goods Manufactured Income Statement including calculation of the cost of goods sold Schedule of Cost of Goods Sold
Chapter 2 - Systems Design: Job Order Costing
Differences and similarities between job order and process costing. Flow of overhead costs: o How to compute predetermined overhead rates o How to apply overhead costs to production o How to compute over and under applied overhead and close it to the appropriate account. Flow of product costs and overhead costs through the three inventory accounts and overhead account into cost of goods sold. Journal entries required in a Job Order Cost system.
Chapter 3 - Systems Design: Activity-Based Costing
Differences between activity-based costing and a traditional costing system. Distinguish between unit-level, batch-level, product-level, and facility-level activities and costs. Understand the ABC methodology: o How to compute activity rates for cost pools. o How to assign costs to products. o How to compute overhead cost per unit for each product. o How to compute total unit cost for each product. o How to apply overhead to production in work-in-process. o Explain why product costs computed under activity based costing and conventional costing methods differ. Flow of costs in an activity based costing system.
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000 5.000 ______ ______ 10.000 _______ 2.000 ______ 12.000 _______ _______ Page 3 of 24 .000 7.000 6.000 31.000 3.000 5.000 9.000 _______ 23.000 Case 1 8.Revised Spring 2011 SAMPLE PROBLEMS Problem 1 .000 ______ 3.000 _______ Case 2 6.Fill in the Missing Data Cost of Goods Manufactured Direct materials Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Cost of goods manufactured Income Statement Sales Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory Cost of goods sold Gross margin Operating expenses Net income 50.500 _______ 7.000 7.000 _______ 32.500 30.000 _______ 2.
000 Utilities.000 480. b) Prepare a Schedule of Cost of Goods Sold for the year.000 Required: a) b) c) d) Compute the predetermined overhead rate for the year Calculate the overhead applied for the year.000 Finished goods 40.Calculation of overhead rate and application of overhead The J & M Plastics Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs.000 Required: a) Prepare a Schedule of Cost of Goods Manufactured for the year.Revised Spring 2011 Problem 2 .000 25.000 Direct Labor 210. factory 70.000 Lubricants for machines 10.000 Insurance factory 15. What is the amount of over-applied or under-applied overhead? Journalize the entry to close the over or under-applied overhead to COGS Page 4 of 24 .000 Depreciation.000 Work in process 30.000 Indirect labor 110.Schedules of Cost of Goods Manufactured and Costs of Goods Sold The following data were taken from the cost records: Depreciation.000 10. Problem 3 .000 965.000 Purchases of raw materials 160. Estimated and actual data for direct labor and manufacturing overhead for the last year are as follows: Actual Estimated Direct labor hours 500.000 Manufacturing overhead 1.000 60. factory 50.000 Inventories at the beginning and end of the year were as follows: December 31 January 1 Raw materials 15. sales furniture 7.000.
000 Indirect labor 90. The job contained only four units. $185. remainder to selling & adm equip. remainder to selling & adm.000 Selling & administrative salaries 110. Rental costs incurred on the buildings. T Accounts and Overhead Applied The Jordan Company uses a job order costing system and applies overhead cost to jobs on the basis of direct labor hours.) h.200. g. Sales on account for the year totaled $1. Maintenance costs were incurred in the factory. Depreciation was recorded for the year.Journal Entries. f.000. Raw materials purchased. Raw materials used in production (all direct materials).000 (85% related to factory operations.000. $54. b. If the company bills at a price 60% above the unit cost on the job cost sheet. Cost of goods manufactured for the year. d) What is the amount of over or under-applied overhead? e) Journalize the entry to transfer the ending in the overhead account to cost of goods sold. $70. b) Prepare T-accounts for Raw Materials.000 in direct materials and 39 hours of direct labor time at a total direct labor cost of $9. $770.000.000 and direct labor hours of 900.Revised Spring 2011 Problem 4 . Utility costs incurred. $95. c. The balances in the inventory accounts at the beginning of the year were: Raw materials 30. $136. c) Determine the ending balance in each account.000 (90% related to factory operations.000 with a cost to produce of $800.200. what price per unit would have been charged to the customer? Page 5 of 24 . f) Job 412 was one of the many jobs started and completed during the year.000. Advertising costs were incurred. Post the relevant journal entries above to each T-account. Salary and wages incurred: Direct labor (975 hours) 230.000 Required: a) Prepare the journal entries to record the information given above. Manufacturing overhead was applied to jobs j. $120. Finished Goods and Manufacturing Overhead.000. $200.) i.000 Finished goods 60. The following estimates were made for the purpose of computing the predetermined overhead rate: manufacturing overhead cost of $360.000 Work in process 21. l. k. Work in Process.000 d.000 (80% related to factory equipment.000. The job required $8. The following transactions took place during the year: a. remainder to selling & administrative) e.
After these totals have been computed.200 units Direct labor hours per unit 0.e.570 91. e) Compute the overhead applied to work-in-process using both traditional costing and ABC for a job with the following actual activity: Job Activity Measure Number of setups 10 Number of purchase orders 40 Number of direct labor hours 60 Activity Measure Number of setups Number of purchase orders Direct labor hours Product C 100 810 280 Product D 130 1.20 $19.270 1.20 Management is considering using activity-based costing to apply manufacturing overhead cost to products for external financial reports.800 Total 230 2. predetermined overhead rate) for each cost pool. Product C and Product D.440 Estimated Overhead Cost $ 13. b) Determine the activity rate (i.Activity-Based Costing Cabalo Company manufactures two products.70 $16. c) Compute the total amount of manufacturing overhead cost that would be applied to each product using the activity-based costing system.520 25. The company estimated it would incur $130.890 in manufacturing overhead costs during the current period. Overhead currently is assigned to the products on the basis of direct labor hours. The activity-based costing system would have the following three activity cost pools: Activity Cost Pool Machine setups Purchase Orders General Factory Activity Measure Number of setups Number of purchase orders Number of direct labor hours Required: a) Compute the predetermined overhead rate under the current method.20 hours Direct material cost per unit $10.70 Direct labor cost per unit $11.70 hour 1.080 1. Data concerning the current period’s operations appear below: Product D Product C Estimated volume 400 units 1.720 Page 6 of 24 .Revised Spring 2011 Problem 5 . Determine the unit product cost of each product. d) Compute the unit product cost of each product. determine the amount of manufacturing overhead cost per unit of each product.
True False 10. Variable costs are always direct costs. If there is a debit balance in the Manufacturing Overhead account at the end of the period. True False 4. The control function is comparing actual with budgeted results and taking corrective action when needed. True False 9. True False 6. A manufacturing firm reports only manufacturing costs. A job cost sheet will record the direct materials and direct labor used by the job but not the manufacturing overhead applied. overhead was underapplied. True False Page 7 of 24 . Manufacturing overhead includes all costs of producing a product except for indirect materials and indirect labor. Whether a cost is treated as direct or indirect depends on whether tracing the cost is either possible or feasible True False 3. True False 7. Manufacturing Overhead would be credited and Cost of Goods Sold would be debited. in total.Revised Spring 2011 Sample True / False Questions 1. Fixed costs stay the same. To eliminate underapplied overhead at the end of the year. True False 2. True False 11. A volume-based allocation measure is directly related to the number of units produced or the number of customers served. True False 8. a debit is made to Finished Goods Inventory and a credit is made to Work in Process Inventory. as activity level changes. True False 5. When goods are completed.
True False 15. the goal is to create as few cost pools as possible. while still capturing major activities. True False 14.When forming activity cost pools.Revised Spring 2011 12.The only difference between a volume-based cost system and an ABC system is how the methods assign indirect costs to products.Activity based management is a method of assigning indirect costs to products or services based on the activities they require.A value-added activity is one that enhances the perceived value of the product or service to the customer. True False 13. True False Page 8 of 24 .
Indirect costs are a) costs that are not worth the effort to trace to a specific cost object. relevant. no matter the activity level. Which of the following is not a characteristic of managerial accounting? a) Information is used by internal parties b) Information is subjective. in total. d) is not worth the effort of tracing to a specific cost object. b) The value of what is given up in exchange for something else. c) always irrelevant. in direct proportion to changes in activity levels. 6. c) cannot be traced to a specific cost object. b) can be traced to a specific cost object. d) costs that remain constant no matter the activity level. Page 9 of 24 . A direct cost is one which a) involves an actual outlay of cash for a specific cost object. 4. 3. future-oriented c) Reports are prepared as needed d) Reports are prepared according to GAAP 2. b) Whether it is relevant to a particular decision. d) Whether it is related to manufacturing or nonmanufacturing activities. d) costs that remain constant. 5. Which of the following is the definition of "cost"? a) Cash paid for something. in direct proportion to changes in activity levels. in total. d) The choice between one alternative and another. c) Whether it can be traced to a specific cost object. Fixed costs are a) costs that are not worth the effort to trace to a specific cost object. What determines the difference between a variable and a fixed cost? a) Whether it changes when activity levels change.Revised Spring 2011 Sample Multiple Choice Questions 1. b) costs that change. b) costs that change. c) The foregone benefit of the path not taken. c) always irrelevant. in total.
c. Work in Process Inventory c.000 9.000 9. When units are sold. d. 11. Whether it can be traced to a specific cost object.Revised Spring 2011 7. the cost associated with the units is credited to which account? a. Product costs are reported a.000 d) $41. b) Sunk cost. Cost of Goods Sold 15. and on the income statement after goods are sold.000 3. and on the balance sheet after goods are sold. Whether it is relevant to a particular decision. on the income statement before goods are sold. on the balance sheet before goods are sold. c) Relevant cost. b. Finished Goods Inventory d. When the cost will be matched up against revenue on the income statement. d.000 6.000 12. Whether it changes when activity levels change.000 b) $35. 10. What determines the difference between a product cost and a period cost? a. 8. only on the balance sheet.000 Page 10 of 24 . d) Opportunity cost. b.000 23. Raw Materials Inventory b. only on the income statement.000 c) $47. Martin Company has the following balances for the current month: Direct materials used Direct labor Sales salaries Indirect labor Production manager’s salary Marketing costs Factory lease What are Martin's prime costs? a) $38. c.000 4. A cost that has already been incurred is called a(n) a) Indirect cost.
From of Work in Process Inventory and into Manufacturing Overhead.000. Which of the following would be used to apply manufacturing overhead to production for the period? a. which of the following statements is correct? a. c. From of Finished Goods Inventory and into Cost of Goods Sold. If a company uses a predetermined overhead rate. Page 11 of 24 . the cost associated with the job is debited to which account? a. From of Work in Process Inventory and into Finished Goods Inventory. and actual labor hours were 21.000 d. Cost of Goods Sold would be credited for $15. Actual manufacturing overhead was $215.000 for the year along with 20.000. Work in Process Inventory c. Cost of Goods Sold 13. Cost of Goods Sold would be credited for $5. Manufacturing Overhead will be debited for estimated overhead b. Cost of Goods Sold would be debited for $5. Manufacturing Overhead would be debited d. Manufacturing Overhead will be credited for estimated overhead c. estimated manufacturing overhead to be $200. The journal entry to close the balance in the Manufacturing Overhead account would include which of the following? a. Manufacturing Overhead will be credited for actual overhead 15. Manufacturing Overhead will be debited for actual overhead d. Work in Process Inventory would be credited 14.000 direct labor hours. When units are completed. d.000 b. Mantilla Inc.Revised Spring 2011 12. Work in Process Inventory would be debited c. b. Raw Materials Inventory would be debited b.000 16. Cost of Goods Sold would be debited for $15.000 c. From of Work in Process Inventory and into Cost of Goods Sold. Finished Goods Inventory d. Raw Materials Inventory b. Cost of goods sold is the amount of cost transferred a.
000. Finished Goods Inventory had a balance of $9.000 18.000 c) $435.000 150. what was cost of goods manufactured? a) $260.000 Page 12 of 24 .000 d) $699.000 d) $418. Jackson Company had the following information for the year: Direct materials used Direct labor used (5. Arthur Company provided the following information for the year: Direct materials used Direct labor used (5.Revised Spring 2011 17.000 166.000 c) $706.000 hours) Manufacturing overhead incurred 190. Assuming the ending balance in Work in Process Inventory is $17.000 The predetermined overhead rate was $35 per direct labor hour for the year.000 245.000 Jackson Company calculated a predetermined overhead rate using estimated overhead of $320.000 and 8000 estimated direct labor hours.000 at the end of the year. What was adjusted cost of goods sold? a) $715.000 hours) Manufacturing overhead incurred 110.000 b) $708.000 273.000 b) $426.
$69.000 544. $65.000 d. Homer Inc. $49.000 160.000 c.000 150.000 What was the beginning Finished Goods Inventory balance on 1/1? a.000 d.000 80.000 Ending balance 30.000 Page 13 of 24 .000 b. Alcatraz Corp has the following information: Beginning balance 20. $30.000 525.000 Raw materials Work in process Finished goods The following additional information is available for the year: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials Compute the direct materials used in production. $110.000 30.000 30.000 18.000 c.000 20.000 100. had the following information for the preceding year: Beginning balance 0 ?? ?? Ending balance 0 35.000 20. $50.Revised Spring 2011 19. $20. $90.000 75. a.000 b.000 15.000 0 Raw materials Work in process Finished goods The following additional information is available for the year: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold (unadjusted) 200.
Nonmanufacturing costs are $27 per unit. What is the gross profit margin for the cat condos? a.0% b.0% 22. $22. $375. The cost of Machining is $500.500 in Inspection cost. Spahn. $500 per batch c. What is the total Inspection cost assigned to Product A? a.000 per batch 24.000 d. while the cost of Inspection is $30.000. produces cat condos that sell for $90 each. Inc. 62. $125.0% c.500 b.000 Page 14 of 24 . Product B uses 75% of total machine hours and 25% of total batches.000 in Machining cost. Inc.000 60 Product A is assigned $125. and direct labor costs $10 per unit. $125 per batch b. Which of the following best defines a unit-level activity? a. Usage of the activity drivers are as follows: Machine hours Number of batches Product A 1.000 15 Total 4. 20. 23.Revised Spring 2011 21. which uses number of batches as an activity driver. What is the activity rate for Inspection? a.5% d. An activity that is performed for each individual unit d. produces two different products using two different activities: Machining. and $22. 80. An activity that is performed for a specific customer b. Manufacturing overhead is applied at a rate of 200% of direct labor cost.000. An activity that is performed for a group of units all at once Use the following information to answer questions 23 through 26: Bruton.000 45 Product B 3. which uses machine hours as an activity driver. Direct materials cost $15 per unit.. and Inspection. $7. $667 per batch d. $2. 50. which uses a volume-based cost system. An activity that is performed to support a specific product line c.500 c.
Buhl is considering switching to an ABC system. An ABC system will assign more manufacturing overhead costs to the product than a volume-based system. while a volume-based system will not. $7. manufacturing overhead applied to each unit is $12.Revised Spring 2011 25. An ABC system will assign the same manufacturing overhead costs to the product as a volume-based system.500 c. $147.500 b. c. What proportion of Machining activity is used by Product A? a. An ABC system will assign manufacturing overhead costs to the product. Under the traditional costing system Buhl uses. b. Buhl manufactures a product that uses $15 in direct materials and $5 in direct labor per unit. under which the total activity cost would be $25. $32 d. 28.500 26. A volume-based system will assign more manufacturing overhead costs to the product than an ABC system. 67% d. 25% b.000 d. $45 Page 15 of 24 . What is the total activity cost assigned to Product B? a. 75% 27. 33% c. What is the total manufacturing cost per unit for Buhl under the ABC system? a. $25 c. d. $382. $20 b. Which of the following is most likely to be true of the manufacturing overhead costs assigned to a product with relatively low volume and high complexity? a. $375.
50 Page 16 of 24 . $1. Mathews makes 5. and Finishing. Logan.501. $2. $1.600 d. The cost associated with Finishing is $12. Logan has two activities: Machining. Logan made 200 chainsaws. $5. Each chainsaw uses $10 in direct materials and $3 in direct labor per unit. Mathews Woodworking manufactures baseball bats and wooden tops. There are two activities in manufacturing the baseball bats: Cutting and Finishing. The cost associated with Cutting is $7. Currently. $9. allocated on the basis of direct labor hours. Inc. manufactures chainsaws that sell for $60.400 30. which is applied at the rate of $2 per machine hour. $6. This month.400 c.Revised Spring 2011 29. $19. which is applied at the rate of $20 per batch.50 in direct labor.46 b.000 a month. Usage of the activity drivers are as follows: Direct labor hours Batches Bats 100 4 Tops 200 6 What is the total manufacturing cost for one baseball bat? a.50 c.000 baseball bats each month.00 in direct materials and $0. $2. using 1. Each bat uses $1.600 b.000 machine hours in 40 batches. allocated on the basis of batches.500 a month.96 d. What is the gross profit for 200 chainsaw? a.
000* 3.000 18.000 9.000 7.500 Case 2 6.000 1.000 Page 17 of 24 .500 40.500* 7.000* 16.000 5.500* 10.000 31.000* 2.500* 16.000* 23.000 16.000 3.Revised Spring 2011 SOLUTIONS TO SAMPLE PROBLEMS Problem 1 * The missing data is indicated by an asterisk Direct materials Direct labor Manufacturing overhead Total manufacturing costs Add: Beginning work in process inventory Deduct: Ending work in process inventory Cost of goods manufactured Sales Beginning finished goods inventory Add: Cost of goods manufactured Goods available for sale Deduct: Ending finished goods inventory Cost of goods sold Gross margin Operating expenses Net income Case 1 8.000 5.000 4.000* 32.000 9.500* 50.000 7.000 31.000* 12.000 6.000 21.000 18.000 33.500* 2.000* 30.
Calculation of overhead rate and application of overhead a) Predetermined overhead rate $1.Revised Spring 2011 Problem 2 Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory.000 10.000 150. Dec 1 Cost of Goods Sold 15. factory Lubricants for machines Total overhead costs Total manufacturing costs Add: Work in process inventory. Dec.000 dlh * $2.000 50.000 645.000 210. January 1 Add: Purchases of raw materials Raw materials available for use Deduct: raw materials inventory.000 615.000 Problem 3 .000.000 110.000 60.000 25.000 675.000 – 960.000 $2.000 175.000 $5.000 40.000 = 5.000 30.000 255. Dec.00 = $965. January 1 Deduct: Work in process inventory.000 635.000 615. factory Indirect labor Utilities.000 dlh = b) Overhead applied c) Under-applied overhead d) Cost of Goods sold Manufacturing overhead 480.000 70.000 160. 31 Raw materials used in production Direct Labor Manufacturing overhead: Depreciation.000 10. factory Insurance.000 635.000 15. 31 Cost of Goods Manufactured Schedule of Cost of Goods Sold Finished goods inventory.000 5. January 1 Add: Cost of Goods Manufactured Goods available for sale Deduct: Finished goods inventory.00 per dlh $960.000/500.000 Page 18 of 24 .
000 d.000 18.000 1.000 390.000) Finished goods inventory Work in process j. Manufacturing overhead Rent Expense Accounts payable i. Manufacturing overhead Depreciation Expense Accumulated depreciation h. Advertising Expense Accounts payable g. k.000 95.000 185.000 230.90 per direct labor hour a. Work in process Raw materials inventory c.000 185.000 7.000 54.000 110.000 19.000 70.000 800.000 76. Work in process Manufacturing overhead (975 dlh x $400/dlh = 390.000 390.000 136. Raw materials inventory Accounts payable b.Journal Entries a) Predetermined Overhead Rate: $360. Accounts receivable Sales Cost of goods sold Finished goods inventory Page 19 of 24 . Manufacturing overhead Utilities Expense Accounts payable e.000 102.000 90.000 63.000 800.000 770.200.000 54.000 430.000/900 = $400 per direct labor hour Actual direct labor rate: $230. Manufacturing overhead Accounts payable f. Work in process Manufacturing overhead Salary & Wage Expense Wages payable 200.000 1.Revised Spring 2011 Problem 4 .000 770.000/975 = $235.000 120.200.000 200.000 136.
000 45.000 800.000 230.000 5.200 60% 4.000 e) Manufacturing overhead Cost of goods sold f) Cost of manufacturing Job 412: Direct materials Direct labor Manufacturing overhead Total Cost Units produced Cost per unit Markup % Markup Selling price 39 dlh x $235.000 54.120 overapplied Work in Process 21.Revised Spring 2011 b) c) d) Manufacturing OH 90.800 4 $8.000 185.000 770.000 63.000 770.000 5.600 $32.00 = $8.000 30.000 Raw Materials 30.000 9.920 $13.000 Finished Goods 60.000 56.000 Cost + markup = Page 20 of 24 .90 = 39 dlh x $400.000 185.000 200.200 15.000 102.000 390.000 390.000 76.000 5.
20 70.70 19.70 11.10 = $53.35 Product C $10.25 Product D $ 16.22 Activity 230 setups 2.20 ** 91.270 1.720 dlh Product Estimated Activity 100 810 280 Activity Rate $59 per setup $44 per order $15 per dlh Product Estimated Activity 130 1.720 dlh = Product C $10.96 $106.7 dlh/unit 280 dlh Product D 1.600 $85.27 ** 1.670 55.32 $127.7 dlh/unit * $76.17 Product D $ 16.720 dlh $76.200 $45.27 $ 75.10 = $91.900 35.800 $130.080 orders 1.20 * 53.890 / 1.Activity-Based Costing a) Direct labor hours: Product C 400 units X .880 21.32 b) Activity Cost Pool Machine set-ups Purchase orders General Factory c) Activitiy Rates Machine set-ups $59 per setup Purchase orders $44 per order General Factory $15 per dlh Total overhead cost Number of Units Overhead cost per unit d) Unit Product Cost: Direct Materials Direct Labor Manufacturing Overhead Total Unit Cost Activities OH Cost $ 13.200 $70.150 1.570 91.86 Page 21 of 24 .70 19.Revised Spring 2011 Problem 5 .10/dlh Predetermined overhead rate: Unit Product Cost: Direct Materials Direct Labor Manufacturing Overhead Total Unit Cost *.2 dlh/unit * $76.2 dlh/unit 1.20 114.70 11.520 25.35 $136.96 C Amount $5.640 4.440 D Amount $7.440 dlh Total 1.740 400 $114.200 units X 1.
00 Activity 60 dlh 10 setups 40 po’s 60 dlh Overhead applied $4.566 $590 $1.00 $15.00 $44.Revised Spring 2011 e) Traditional ABC Machine set-ups Purchase orders General Factory Total Overhead rate $76.760 $900 $3.10 $59.250 Page 22 of 24 .
5. 7. 4. True True True True True True False because this describes activity based costing. 11. True False because a manufacturing firm reports both manufacturing and nonmanufacturing costs. 13. False because manufacturing overhead includes all manufacturing costs except direct materials and direct labor.Revised Spring 2011 Solutions to True / False Problems 1. 15. False because a job cost sheet summarizes all of the costs incurred on a specific job. 12. which can be traced to a specific cost object. True True False because variable costs are not always direct costs. 9. 3. 6. 2. 14. not activity based management. True Page 23 of 24 . 10. 8.
10. 3. 14. 21. 17. 30. 8. 5. D B B A A D B A D C C C B C C A D D D A B C B B D A A D C C Page 24 of 24 . 13. 15. 4. 27. 12. 19. 9. 20. 23. 16.Revised Spring 2011 Solutions to Multiple Choice Questions 1. 2. 7. 18. 24. 22. 28. 29. 25. 11. 26. 6.