Achievement Test 1: Chapters 1-2Name_________________________Managerial Accounting,6eInstructor______________________Section #_______Date_________PartIIIIIIIVTotalPoints30202228100ScorePART I—MULTIPLE CHOICE(30 points)Instructions:Designate the best answer for each of the following questions.____1.A debit balance in the Manufacturing Overhead account at the end of an interim monthmeans thata.the balance should be reported as an asset in the monthly balance sheet.b.corrective action by management is necessary.c.overhead has been underapplied.d.cost of goods sold should be credited on the monthly income statement.____2.In a job order cost system, which of the following accounts isnota control account?a.Raw Materials Inventoryb.Factory Laborc.Finished Goods Inventoryd.Manufacturing Overhead____3.In the current assets section of the balance sheet, in which order are manufacturinginventories listed?a.Raw materials, work in process, finished goodsb.Finished goods, work in process, raw materialsc.Work in process, finished goods, raw materialsd.Finished goods, raw materials, work in process____4.Which one of the following costsis a componentof both manufacturing overhead andtotal manufacturing costs?a.Direct laborb.Direct materialsc.Selling and administrative costsd.Factory utilities____5.Manufacturing costs are typically classified asa.product costs or period costs.b.direct materials or direct labor.c.direct materials, direct labor, or manufacturing overhead.d.direct materials, direct labor, or selling and administrative.Preview Mode
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