Solutions for Managerial Accounting, 18th Edition by Ray Garrison|ULTIMATE GUIDE A+
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Course
Managerial Accounting 18TH EDITION
Institution
Managerial Accounting 18TH EDITION
Complete Solutions Manual for Managerial Accounting 18e 18th Edition by Ray Garrison, Eric Noreen and Peter Brewer. ISBN 4505 Full Chapters solutions are included for end of chapters exercises and problems Prologue:Managerial Accounting: An Overview ChapterOne: Managerial Accounting and Cost Concep...
CORRECT ANSWERS ARE LOCATED IN THE 2ND HALF OF THIS DOC.
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MULTIPLE CHOICE - Choose the one alternative that best completes the statement or
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answers the question. juki juki juki
1) Which of the following statements are true?
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1. A factory supervisor's salary would be classified as an indirect cost with respect to
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a unit
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of product.
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2. A direct cost is a cost that can be easily traced to the particular cost object under
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consideration. juki
3. A cost can be direct or indirect. The classification can change if the cost object cha
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nges. juki
A) Only statement I is true.
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B) Statements I and II are true.
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C) All of the statements are true.
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D) None of the statements are true.
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2) Which of the following statements are true?
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1. Wages paid to production supervisors would be classified as manufacturing overhe
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ad. juki
2. Indirect costs, such as manufacturing overhead, are variable costs.
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A) Only statement I is true.
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B) Statements I and III are true.
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C) All statements are true.
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D) None of the statements are true.
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3) Which of the following statements are true?
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1. The sum of all manufacturing costs except for direct materials and direct labor is c
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alled juki
manufacturing overhead. juki juki
2. The three cost elements ordinarily included in product costs are direct materials, d
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irect juki
labor, and manufacturing overhead.
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A) Only statement I is true.
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B) Only statement II is true.
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C) Both of the statements are true.
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D) Neither of the statements are true.
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ACCESS Test Bank for Managerial Accounting 18th Edition Garrison
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4) Which of the following statements are true?
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1. Depreciation is always considered a period cost for external financial reporting pur
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poses juki
in a manufacturing company.
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2. Depreciation on equipment a company uses in its selling and administrative activiti
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es juki
would be classified as a period cost.
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A) Only statement I is true.
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B) Only statement II is true.
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C) Both of the statements are true.
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D) Neither of the statements are true.
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5) Which of the following statements are true?
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1. Conversion cost is the sum of direct labor cost and manufacturing overhead cost.
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2. Conversion cost is the same thing as manufacturing overhead.
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3. Conversion cost equals product cost less direct materials cost.
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A) Only statement I is true.
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B) Statements I and III are true.
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C) All statements are true.
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D) None of the statements are true.
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6) Which of the following statements are true?
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1. In a manufacturing company, all costs are period costs.
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2. Selling and administrative expenses are period costs under generally accepted acco
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unting juki
principles. juki
3. The cost of shipping parts from a supplier is considered a period cost.
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A) Only statement I is true.
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B) Only statement II is true.
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C) Statements I and II are true.
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D) Statements I and III are true.
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7) Which of the following statements are true?
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1. Advertising is not a considered a product cost even if it promotes a specific produ
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ct. juki
2. Product costs are also known as inventoriable costs.
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3. Prime cost is the sum of direct materials cost and direct labor cost.
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8) Which of the following statements are true?
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1. If the activity level increases, then one would expect the fixed cost per unit to incr
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ease as juki juki
well. juki
2. A fixed cost is a cost whose cost per unit varies as the activity level rises and fall
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s. juki
3. A decrease in production will ordinarily result in a decrease in fixed production co
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sts per juki juki
unit. juki
A) Only statement II is true.
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B) Only statement III is true.
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C) Statements I and II are true.
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D) Statements I and III are true.
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9) Which of the following statements are true?
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1. Cost behavior is considered curvilinear whenever a straight line is a reasonable
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approximation for the relation between cost and activity. juki juki juki juki juki juki juki juki
2. As activity decreases within the relevant range, fixed costs remain constant on a p
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er unit juki juki
basis. juki
3. In account analysis, an account is classified as either variable or fixed based on an
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analyst’s prior knowledge of how the cost in the account behaves.
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A) Only statement I is true.
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B) Only statement II is true.
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C) Only statement III is true.
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D) All statements are true.
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10) Which of the following statements are true?
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1. The variable cost per unit depends on how many units are produced.
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2. A step-
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variable cost is a cost that is obtained in large chunks and that increases or
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decreases only in response to fairly wide changes in activity. juki juki juki juki juki juki juki juki juki juki
A) Only statement I is true.
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B) Only statement II is true.
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