1.) A supervisor's salary is an example of:
A.)Direct labor.
B.)Variable factory overhead.
C.)A standard cost.
D.)Fixed manufacturing costs.
2.) If the hourly wage rate actually paid during January is higher than the standard rate, the result is:
A.)An unfavorable labor rate variance.
B.)A favorable labor rate variance.
C.)An unfavorable labor efficiency variance.
D.)A favorable total labor variance.
3.) A standard cost is the per unit cost incurred under:
A.)Ideal operating conditions.
B.)Perfect operating conditions.
C.)Normal, but efficient operating conditions.
D.)Minimally acceptable operating conditions.
4.) The total overhead variance is the difference between:
A.)Budgeted overhead and applied overhead.
B.)Actual overhead and budgeted overhead.
C.)Actual overhead and applied overhead.
D.)Applied overhead and budgeted overhead.
5.) The Parry company's breakeven point in units is 20,000. Assuming that variable costs are 30% and fixed costs are $100,000, what is the company's projected operating income if sales are $750,000?
A.)$125,000.
B.)$100,000.
C.)$250,000.
D,)$400,000.
6.) The document that provides information for the cost of goods manufactured is:
A.)The job cost sheet.
B.)Time cards.
C.)Material requisition.
D.)Payroll check.
7.) In a "pump-and-dump" scheme, the owners of the company:
A.)Falsely claim the business has high growth potential.
B.)Artificially raise the price of the stock.
C.)Sell the stock at a high price.
D.)Falsely claim the business has high growth potential, artificially raise the price of the stock, and sell the stock at a high price.
8.) Which of the following items would be included in the discontinued operations section of the income statement?
A.)Income or loss from operating the segment prior to its disposal.
B.)The gain or loss on disposal of the segment.
C.)Both the income or loss from operating the segment prior to its disposal, and the gain or loss on disposal of the segment.
D.)Only losses and not gains on the disposal of a segment.