Which of the following statements is true of raw materials? ) a) They are categorized as consumer products. b) They are the goods and services that hold little interest for consumers. (c) Thev include products used in producing other products. © d) Thev are large capital purchases designed for a long productive life.
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- A by-product is best described as * a. A product that s produced from materials that would otherwise be considered scrap. b. A product that has a lower selling price than the main product. c. A product manufactured along with the main product, a sales value that does not cover its cost of production. d. A product that usually yields a small amount of revenue when compared to the revenue from the main product.Which of the following is NOT one of the definitions of "Cost" concept? Select one: a. Cost means economic sacrifice, measured in terms of standard monetary unit, incurred or potentially to be incurred, as a consequence of a business decision to achieve a specific objective b. Cost is the amount of expenditure (actual or notional) incurred or attributable to a given thing c. Cost refers only to the cash paid for purchasing an item. d. Cost is a measurement, in monetary terms, of the amount of resources used for the purpose of production of goods or rendering servicesQ2) Product costing is the process of: A. accumulating the costs of a production process.B. assigning costs to a firm's products.C. placing a value on fixed assets owned by a producer.D. accumulating the costs of a production process AND assigning costs to a firm's products.
- For the following descriptions state whether the cost is controllable or uncontrollable by responsibility center managers. A. property tax of an existing manufacturing facility B. research and development of a product C. advertising of a product D. insurance cost of the existing manufacturing facility E. design of a product2.Costs that are incurred in bringing the inventories to their present location and condition are capitalized as cost of inventories and these include a.costs of designing products for specific customers. b.abnormal amount of wasted materials, labor and production costs. c. storage cost not necessary in the production process before a further production stage. d. selling costs.Which of the following is the best definition of product costs? a. Product costs are those costs that change with changes in the level of product activity, over a defined period of time. b. Product costs are the costs associated with unsold products retained in stock. c. Product costs are overhead costs that are allocated over a number of products of the business for which costs are to be determined d. Product costs are those costs associated with goods or services purchased, or produced, for sale to customers
- Which of the following would not be considered a component of the "cost" of Goods Sold?a. Salesforce Salariesb. Transportation for purchasec. Import duties or raw materiald. Factory electricity expenseCosts that are treated as assets until the product is sold areWhich of the following is/are not true about Committed costs a. They are costs incurred to maintain a company's facilities. b. They are costs over which the management has little or no discretion. c. Depreciation, Insurance, Taxes etc are examples of committed costs. d. They are also known as Programmed costs.
- Classify the following manufacturing costs of Business Solutions as either (a) variable (V) or fixed (F)and (b) direct (D) or indirect (I). Depreciation on manufacturing tools41) The cost of interest, insurance, taxes, depreciation, breakage, warehousing, opportunity costs etc. is known as ___________. a. Costs of materials b. Costs of disposing materials c. Costs of ordering materials d. Costs of carrying inventory46.Inventoriable costs a. include only the prime costs of manufacturing a product. b. include only the conversion costs of a manufacturing a product. c. are expenses when products become part of finished goods inventory. d. are regarded as assets before the products are sold.