University of Louisiana, Lafayette ACCT 526 / ACCT526 Quiz 1

Document Content and Description Below

ACCT526-820_020-201840 Started on Sunday, 18 March 2018, 7:32 PM State Finished Completed on Sunday, 18 March 2018, 7:37 PM Time taken 4 mins 58 secs Grade 10.00 out of 10.00 (100%) Question 1 ... Correct Mark 2.00 out of 2.00 Flag question Question text Each of the following statements may (or may not) describe one of these technical terms. Match each term with its definition. If the statement does not correctly describe any of the terms, select "None." The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. Answer 1 Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. Answer 2 Manufacturing costs that are indirectly associated with the manufacture of the finished product. Answer 3 Costs that are matched with the revenue of a Answer 4 Direct labor Indirect labor None This study source was downloaded by 100000831988016 from CourseHero.com on 03-21-2022 12:23:41 GMT -05:00 https://www.coursehero.com/file/30550712/ACCT-526-Quiz-1docx/ specific time period and charged to expense as incurred. Costs that are a necessary and integral part of producing the finished product. Answer 5 A field of accounting that provides economic and financial information for internal users. Answer 6 Feedback Your answer is correct. The correct answer is: The work of factory employees that can be physically and conveniently associated with converting raw materials into finished goods. – Direct labor, Work of factory employees that has no physical association with the finished product, or it is impractical to trace the costs to the goods produced. – Indirect labor, Manufacturing costs that are indirectly associated with the manufacture of the finished product. – None, Costs that are matched with the revenue of a specific time period and charged to expense as incurred. – Period costs, Costs that are a necessary and integral part of producing the finished product. – Product costs, A field of accounting that provides economic and financial information for internal users. – Managerial accounting Question 2 Correct Mark 2.00 out of 2.00 Flag question Question text Indicate how each of the following costs should be classified: Salary paid to mechanics who maintain and repair factory equipment. Answer 1 Advertising Answer 2 Period costs Product costs Managerial accounting Manufacturing overhead Period cost This study source was downloaded by 100000831988016 from CourseHero.com on 03-21-2022 12:23:41 GMT -05:00 https://www.coursehero.com/file/30550712/ACCT-526-Quiz-1docx/ Rent on factory equipment. Answer 3 Utility cost for the store Answer 4 Rubber latex purchased for the use in the manufacture of automobile tires. Answer 5 Supplies for the general office. Answer 6 Wages paid to assembly-line workers who install interiors in automobiles. Answer 7 Salary paid to the company's chief executive officer. Answer 8 Factory supervisor's salary Answer 9 Feedback Your answer is correct. The correct answer is: Salary paid to mechanics who maintain and repair factory equipment. – Manufacturing overhead, Advertising – Period cost, Rent on factory equipment. – Manufacturing overhead, Utility cost for the store – Period cost, Rubber latex purchased for the use in the manufacture of automobile tires. – Direct materials, Supplies for the general office. – Period cost, Wages paid to assembly-line workers who install interiors in automobiles. – Direct labor, Salary paid to the company's chief executive officer. – Period cost, Factory supervisor's salary – Manufacturing overhead Question 3 Correct Manufacturing overhead Period cost Direct materials Period cost Direct labor Period cost Manufacturing overhead This study source was downloaded by 100000831988016 from CourseHero.com on 03-21-2022 12:23:41 GMT -05:00 https://www.coursehero.com/file/30550712/ACCT-526-Quiz-1docx/ Mark 2.00 out of 2.00 Flag question Question text Financial and managerial accounting are similar in that both: [Show More]

Last updated: 1 year ago

Preview 1 out of 5 pages