Ch 2 Quiz

Question 1

Which of the following is NOT part of the value chain?
Production

Distribution

Research and Development

Quality Control

Answer 1

Quality control

Question 2

Is when a cost can be easily and economically traced to a single cost object.

Traceability
Relevance
Function
Behavior

Answer 2

Traceability

Question 3

How many inventory accounts does a manufacturer have?

Answer 3

3

Question 4

Which of the following steps comes last in the manufacturing flow?

Answer 4

Cost of goods sold

Question 5

For a wooden bookshelf manufacturer, oak lumber would be classified as

Answer 5

Direct material

Question 6

For a wooden bookshelf manufacturer, factory warehouse workers would be classified as

Answer 6

Manufactured over head

Question 7

For a wooden bookshelf manufacturer, sales commissions would be classified as

Answer 7

Selling costs

Question 8

Quality control inspectors are classified as direct labor.

Answer 8

False

Question 9

Which of the following employees would be classified as direct labor?

Answer 9

Assembly line workers

Question 10

Which of the following is NOT a General and Administrative cost?

payroll department costs
company insurance expense
cash register depreciation
CEO salary

Answer 10

Cash register depreciation