Introduction to Managerial Accounting 7th Edition Brewer Garrison Noreen Test Bank.
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Course
Managerial Accounting
Institution
Managerial Accounting
Introduction to Managerial Accounting 7th Edition Brewer Garrison Noreen Test Bank.
Chapter 01 Managerial Accounting and Cost Concepts
True / False Questions
1. Selling costs can be either direct or indirect costs.
True False
2. A direct cost is a cost that cannot be...
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Introduction to Managerial Accounting 7th Edition
Introduction to Managerial Accounting 7th Edition Brewer Garrison
Noreen Test Bank.
Chapter
01 Managerial Accounting and Cost
Concepts
True / False Questions
1. Selling costs can be either direct or indirect
costs.
True False
2. A direct cost is a cost that cannot be easily traced to the particular cost
object under consideration.
True False
1
,Introduction to Managerial Accounting 7th Edition
3. Property taxes and insurance premiums paid on a factory building are examples of
period costs.
True False
4. Conversion cost equals product cost less direct labor
cost.
True False
5. Thread that is used in the production of mattresses is an indirect material that
is therefore classified as manufacturing overhead.
True False
6. Direct labor is a part of prime cost, but not
conversion cost.
True False
7. Conversion cost is the sum of direct labor cost and direct
materials cost.
True False
8. Direct material costs are generally fixed
costs.
True False
9. Product costs are recorded as expenses in the period in which the related products
are sold.
True False
10 Depreciation on manufacturing equipment is a
. product cost.
True False
2
,Introduction to Managerial Accounting 7th Edition
11 Manufacturing salaries and wages incurred in the factory are
. period costs.
True False
3
, Introduction to Managerial Accounting 7th Edition
12. Depreciation on office equipment would be included in
product costs.
True False
13. Rent on a factory building used in the production process would be classified as a
product cost and as a fixed cost.
True False
14. A fixed cost remains constant if expressed on a unit
basis.
True False
15 Total variable cost is expected to remain unchanged as activity changes within
.
the relevant range.
True False
16 Country Charm Restaurant is open 24 hours a day and always has a fire going in the
.
fireplace in the middle of its dining area. The cost of the firewood for this fire is fixed
with respect to the number of meals served at the restaurant.
True False
17 Committed fixed costs represent organizational investments with a multi-year
.
planning horizon that can't be significantly reduced even for short periods.
True False
18. Commissions paid to salespersons are a variable selling
expense.
True False
4
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