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Accounting Test Assess Your Knowledge on Accounting Principles

Accounting Test Assess Your Knowledge on Accounting Principles

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accounting final exam

Our PRO members can access 57 Quick Tests containing more than 1,600 practice questions with answers. Test questions are a great way to retain what you have learned and to identify the areas in which you need to improve. Again, it is important to understand why you answered a question incorrectly, and why another answer was the best answer. Work our free accounting Quizzes for the topics covered in your course. This will help you identify the areas in which you need to improve. It is important that you understand why you answered a question incorrectly, and why another answer was the best answer.

A company incurred $10,000 in direct labor costs and $8,000 in indirect labor costs. Given direct material cost of $10, direct labor cost of $15, direct-labor based overhead of $12 and Activity-Based Costing (ABC) overhead of $16, the total cost of the product using Activity-Based costing (ABC) is ___. Raw materials inventory was $27,000 at the beginning of the year and $25,000 at the end of the year. During the year, $100,00 in raw materials were purchased, including $28,000 of indirect materials that were put into manufacturing overhead (MOH) during the period. Calculate the cost of direct materials used during the period.

Completing the challenge below proves you are a human and gives you temporary access. The amount of the debits must equal the amount of the credits. Calculate the differential net income or loss from the proposal. A change in revenues https://online-accounting.net/ between two alternatives is known as ___ revenue or incremental revenue. The factory manager’s salary is a(n) ___ cost of producing a couch. A manufacturing cost that cannot be easily traced to a specific cost object is a(n) ___ cost.

An income statement focusing on product and period costs has been prepared using a (1.)___ format, while a(n) (2.)___ format income statement makes distinction between fixed and variable costs. Under activity-based costing, the manufacturing overhead (MOH) costs are allocated to products via a ___-stage process. Cost of goods sold for a merchandising company, direct materials and commissions are all examples of ___ costs. Direct materials, direct labor, and manufacturing overhead (MOH) are all ___ costs. Costs of goods sold for a merchandising company, direct materials and commissions are all examples of ___ costs.

How to Study for an Accounting Exam

Meep Industries has unadjusted cost of goods sold of $300,000. When overhead is underapplied, a ___ must be made to the Manufacturing overhead (MOH) account to close it out. The difference between overhead applied to work in process and actual overhead is ___. The cost of goods ___ is the sum of all amounts transferred from Work in process to Finished goods during a period. Units of product that are only partially completed are contained in the ___ ___ ___ inventory.

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Selling and administrative costs incurred are treated as ___. Completed units that have not yet been sold are found in ___ ___ inventory. When a job is completed, its costs are transferred into ___. bookstime Milton Corporation sold goods costing $50,000 for $75,000. Journal entries to be made could include entries debiting ___. “Attach” to units of product as they are purchased for resale or produced.

In the process, you may be helping your instructor become more empathetic and in the process help future students as well.

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The cost of goods ____ is the sum of all amounts transferred from Work in process to Finished goods during a period. Costs that are shared by multiple cost objects in a company are known as ___ costs. The materials that go into the final product are called ___ materials. In an automobile manufacturing plant, the assembly-line workers are classified as ___ ___ cost.

A laptop computer manufacturer would consider the computer’s processor chip to be a(n) ___ cost. Any item for which cost data is desired is called a(n) ___ ___. Take your learning and productivity to the next level with our Premium Templates. If you are unable obtain a deep understanding, see your instructor for additional help.

What are basic accounting questions?

The revenue obtained from selling one additional unit of product is called ___ revenue. Factory costs such as cleaning supplies, taxes, insurance, and janitor wages are classified as ___. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support. CFI is the official global provider of the Financial Modeling and Valuation Analyst (FMVA)™ certification program, designed to transform anyone into a world-class financial analyst. Enroll now to gain the skills you need to take your career to the next level. Need answers to common questions asked about the CPA Exam?

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Salaries of factory supervisors and factory maintenance personnel are examples of ___ labor costs. The contribution approach to constructing income statements distinguishes between ___ costs. A predetermined overhead rate is calculated by dividing the (1.) ___ total manufacturing overhead (MOH) by the (2.)___ total amount of the allocation base. The journal entry to record the purchase of materials credit ___. Any purchased materials that will go into the finished product are first recorded in the ___ ___ inventory account.

Free Debits and Credits Cheat Sheet

A cost that changed in direct proportion to changes in the activity level is a ___ cost. Costs that have already been incurred and can not be changed by decisions made in the current period or in future periods are called ___ costs. Materials that become an important component of the finished product whose cost can be easily and conveniently traced to the finished product are ___ materials. When only a portion of the units involved in a job are sold, the ___.

  • The schedule of cost of goods ___ summarizes costs that remain in Work in process inventory and that have been transferred from Work in process to Finished goods inventory.
  • The amount of the debits must equal the amount of the credits.
  • Given direct material cost of $10, direct labor cost of $15, direct-labor based overhead of $12 and Activity-Based Costing (ABC) overhead of $16, the total cost of the product using Activity-Based costing (ABC) is ___.

A journal entry that debits Manufacturing overhead (MOH) and credits Accounts payable would not be used to record ___. A journal entry that debits Finished goods and credits Work in process records the ___. The journal entry to record issuing materials to reuse in production credits ___. The accrual concept that costs incurred to generate a revenue are expensed in the same period the revenue is recognized is known as the ___ principle. Within the relevant range of activity, ___ costs remain constant in total.

Fixed costs that cannot easily be changed and often lock a company into a multi-year decision are ___ fixed costs. You cannot get by through memorization and ordering of individual bits of information, as you might be able to in a history class. However, you also cannot rely on a few axioms or theorems and practice by working a bunch of problems, as you might be able to in mathematics. Fortunately, there are a few simple considerations you can keep in mind to help you study for an accounting exam effectively.

The components of prime costs are direct (1.)___ costs and direct (2.)___ costs. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Many of the 2,000+ reviews/testimonials we received from users state that our Explanations provided the clarity they craved. They appreciated finally learning the underlying reasons for various accounting procedures.

  • “Attach” to units of product as they are purchased for resale or produced.
  • Completing the challenge below proves you are a human and gives you temporary access.
  • The accrual concept that costs incurred to generate a revenue are expensed in the same period the revenue is recognized is known as the ___ principle.
  • The contribution approach to constructing income statements distinguishes between ___ costs.
  • The journal entry to record the purchase of materials credit ___.

Indirect materials and indirect labor are classified as ___. This Accounting Test is designed to help you assess your knowledge of essential accounting principles and basic concepts. This is also a useful resource for employers to examine the technical knowledge of the candidates during an accounting or finance interview. A journal entry that debits Depreciation expense and credits Accumulated depreciation records ___. The journal entry to record the purchase of materials debits ___.

Premium members get access to this practice exam along with our entire library of lessons taught by subject matter experts. The schedule of cost of goods ___ summarizes costs that remain in Work in process inventory and that have been transferred from Work in process to Finished goods inventory. The journal entry to record deprecation on office equipment debits ___. How individual costs react to changes in activity level is referred to as cost ___. Labor costs that can be easily and conveniently traced to specific products are ___ costs. The level of activity within which variable and fixed cost assumptions are valid is known as the ___ ___.

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Accounting Test Assess Your Knowledge on Accounting Principles

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