1. Manufacturing costs are typically classified as:
direct materials or direct labor.
direct materials, direct labor, or manufacturing overhead.
direct materials, direct labor, or selling and administrative.
product costs or period costs.
2. One cost which is part of both manufacturing overhead and total manufacturing costs is:
factory utilities.
direct labor.
selling and administrative costs.
direct materials.
3. One major purpose of the statement of cash flows is to provide information about:
changes in retained earnings.
the firm's cash receipts and payments during a period.
the firm's profitability.
the firm's resources and claims against those resources.
4. A transaction involving a loss on the disposal of equipment with the indirect method of presentation affects cash provided (used) by:
financing activities and investing activities.
operations and investing activities.
operations, financing activities, and investing activities.
operations and financing activities.
5. In the statement of cash flows, the activities that affect cash flows are listed in the following order:
operating, financing, investing.
investing, financing, operating.
financing, operating, investing.
operating, investing, financing.