Trading, profit and loss account shows the income and expenditure of a company and this will define the financial position on whether the company is making a profit or incurring some losses. This information will help the company or redefine on how to operate. This quiz will add to your knowledge of accounting. Good luck!
Customers of the company
Vendors of the company
Potential investors of the company
All of the above
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Managerial accounting reports are audited by CPAs
Managerial accounting reports provide detailed internal information
Managerial accounting reports aid potential investors
Managerial accounting reports must follow GAAP
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Potential investors
Creditors
Governmental regulators
All of the above
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Wages of machine operators
Wages of factory maintenance personnel
Wages of administrators in the corporate office
Salaries of salespersons
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The salary is a fixed cost that is directly traceable to the cost of making hamburgers
The salary is a fixed cost that is directly traceable to the cost of operating a specific restaurant
The salary is a variable cost that cannot be traced to the cost of operating a specific restaurant
None of the aboce
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$324,000
$122,000
$228,000
$252,000
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Depreciation on office equipment
Depreciation on store building
Depreciation on factory equipment
Sales salaries exepenses
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$500,000
$428,000
$685,000
$548,000
Period costs and expensed when incurred
Period costs and expensed when the goods are sold
Product costs and expensed when incurred
Product costs and expensed when the goods are sold
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A direct cost
A period cost
A product cost
None of the above
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Cost of goods manufactured
Direct labor incurred
Direct materials used
Cost of goods sold
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Indirect labor costs only
All manufacturing costs except direct materials and direct labor
All manufacturing costs
Indirect materials only
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DuPont Chemical
Ashley Custom Furnishings
Exxon-Mobile (gasoline)
General Mills ( cereal)
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Job Costing
Process Costing
Either job or process
Both job and process
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$13.33
$10.67
$11.67
$14.58
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$160,000
$167,500
$175,000
$200,000
$240,000
$256,000
$230,100
$400,000
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$230,100
$300,000
$283,800
$240,000
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Underallocated by $25,900
Overallocated by $25,900
Overallocated by $16,000
Underallocated by $9,900
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$7.50
$37.50
$30.00
$75.00
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$160
$16
$56
$560
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$28,100
$11,100
$17,000
$24,500
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Cost of goods sold should be decreased
Cost of goods sold should be increased
Finished goods inventory should be increased
Work in process inventory should be decreased
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Reduced finished goods inventory
Reduces manufacturing overhead
Reduces raw materials inventory
Reduces work in process inventory
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Raw materials inventory, finished goods inventory, cost of goods sold
Raw materials inventory, work in process inventory, finished goods inventory
Finished goods inventory, work in process inventory, cost of goods sold
Work in process inventory, cost of goods sold, finished goods inventory
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