ACC 560 Week 4 Quiz – Strayer NEW


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Week 4 Quiz 3: Chapter 4


TRUE-FALSE STATEMENTS

    1.     Traditional costing systems use multiple predetermined overhead rates.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    2.     Traditionally, overhead is allocated based on direct labor cost or direct labor hours.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    3.     Current trends in manufacturing include less direct labor and more overhead.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    4.     Activity-based costing allocates overhead to multiple cost pools and assigns the cost pools to products using cost drivers.

Ans:, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    5.     A cost driver does not generally have a direct cause-effect relationship with the resources consumed.

Ans:, LO: 1, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    6.     The first step in activity-based costing is to assign overhead costs to products, using cost drivers.

Ans:, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    7.     To achieve accurate costing, a high degree of correlation must exist between the cost driver and the actual consumption of the activity cost pool.

Ans:, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    8.     Low-volume products often require more special handling than high-volume products.

Ans:, LO: 4, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

    9.     When overhead is properly assigned in ABC, it will usually decrease the unit cost of high-volume products.

Ans:, LO: 4, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  10.     ABC leads to enhanced control over overhead costs.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  11.     ABC usually results in less appropriate management decisions.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  12.     ABC is generally more costly to implement than traditional costing.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  13.     ABC eliminates all arbitrary cost allocations.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt
  14.     ABC is particularly useful when product lines differ greatly in volume and manufacturing complexity.

Ans:, LO: 5, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  15.     ABC is particularly useful when overhead costs are an insignificant portion of total costs.

Ans:, LO: 5, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  16.     Activity-based management focuses on reducing costs and improving processes.

Ans:, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  17.     Any activity that increases the cost of producing a product is a value-added activity.

Ans:, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  18.     Engineering design is a value-added activity.

Ans:, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  19.     Non-value-added activities increase the cost of a product but not its perceived value.

Ans:, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  20.     Machining is a non-value-added activity.

Ans:, LO: 6, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  21.     Not all activities labeled non-value-added are totally wasteful, nor can they be totally eliminated.

Ans:, LO: 6, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  22.     The overall objective of installing ABC in service firms is no different than it is in a manufacturing company.

Ans:, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  23.     What sometimes makes implementation of activity-based costing difficult in service industries is that a smaller proportion of overhead costs are company-wide costs.

Ans:, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  24.     The general approach to identifying activities, activity cost pools, and cost drivers is used by a service company in the same manner as a manufacturing company.

Ans:, LO: 8, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  25.     Plant management is a batch-level activity.

Ans:, LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  26.     Painting is a product-level activity.

Ans:, LO: 7, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt
a27.      Just-in-time strives to eliminate inventories by using a pull approach.

Ans:, LO: 9, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

a28.     Quality control is less important in just-in-time than in traditional manufacturing philosophies.

Ans:, LO: 9, Bloom: C, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

a29.     Inventory storage costs are reduced in just-in-time processing.

Ans:, LO: 9, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

a30.     Rework costs typically increase in just-in-time processing.

Ans:, LO: 9, Bloom: K, Difficulty: Easy, Min: 1, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

MULTIPLE CHOICE QUESTIONS

  31.     Which of the following is not typical of traditional costing systems?
a.   Use of a single predetermined overhead rate.
b.   Use of direct labor hours or direct labor cost to assign overhead.
c.   Assumption of correlation between direct labor and incurrence of overhead cost.
d.   Use of multiple cost drivers to allocate overhead.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 2, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  32.     In traditional costing systems, overhead is generally applied based on
a.   direct labor.
b.   machine hours.
c.   direct material dollars.
d.   units of production.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 2, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  33.     An activity that has a direct cause-effect relationship with the resources consumed is a(n)
a.   cost driver.
b.   overhead rate.
c.   cost pool.
d.   product activity.

Ans:, LO: 1, Bloom: K, Difficulty: Easy, Min: 2, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt
  34.     Which best describes the flow of overhead costs in an activity-based costing system?
a.   Overhead costs  direct labor cost or hours  products
b.   Overhead costs  products
c.   Overhead costs  activity cost pools  cost drivers  products
d.   Overhead costs  machine hours  products

Ans:, LO: 1, Bloom: C, Difficulty: Easy, Min: 2, AACSB: Reflective, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Cost Mgmt

  35.     The costs that are easiest to trace directly to products are
a.   direct materials and direct labor.
b.   direct labor and overhead.
c.   direct materials and overhead.
d.   none of the above; all three costs are equally easy to trace to the product.


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