Principles of Cost Accounting Quiz

Questions and Answers

What is the primary subject of the provided content?

Management Accounting

Cost Accounting (correct)

Tax Accounting

Financial Accounting Principles

Who is the author of 'Principles of Cost Accounting' 15th Edition?

Matt Filimonov

Edward J. VanDerbeck (correct)

Jack W. Calhoun

Lauren Athmer

In what year was the 15th edition of 'Principles of Cost Accounting' published?

2012

2005

2010 (correct)

2008 (correct)

Which of the following roles is NOT mentioned in the content related to the book's publication?

Financial Analyst Signup and view all the answers

What rights are reserved concerning the content presented?

Who should be contacted for product information and technology assistance?

Cengage Learning Customer & Sales Support Signup and view all the answers

What is the role of the 'Developmental Editor' as stated in the content?

To oversee the editing and development of the content Signup and view all the answers

Which of the following activities is restricted without prior written permission of the publisher?

All of the above Signup and view all the answers

What resource allows instructors to create and customize tests?

ExamView Signup and view all the answers

Where can students find all their resources for study?

Student Companion Web Site Signup and view all the answers

Which resource includes completed spreadsheet solutions for exercises?

Instructor Spreadsheet Templates Signup and view all the answers

What type of presentations are created specifically for each chapter?

PowerPoint Presentations Signup and view all the answers

Which resource is not available to students through the Student Companion Web Site?

Instructor Spreadsheet Templates Signup and view all the answers

What format is the printed Test Bank available in for users?

Computerized version for Windows Signup and view all the answers

What additional support does the Study Guide provide beyond chapter summaries?

Solutions for all questions and problems Signup and view all the answers

Which of the following resources is password protected?

Instructor Companion Web Site Signup and view all the answers

What is one primary function of cost accounting in manufacturing?

To accurately determine the cost of manufacturing a unit of product Signup and view all the answers

How much cash was collected on accounts receivable in January?

$33,000 Signup and view all the answers

What was the total cost of goods sold for the 400 tables?

$30,576 Signup and view all the answers

Which of the following transactions did NOT involve a cash payment?

Sale of tables to retailers Signup and view all the answers

What was the net price per table sold to retailers?

$114.66 Signup and view all the answers

What is the primary focus of the 15th edition of Principles of Cost Accounting?

Cost concepts, behaviors, and accounting techniques. Signup and view all the answers

How does the 15th edition of Principles of Cost Accounting help students set selling prices?

By teaching how to determine costs of products and services accurately. Signup and view all the answers

In what way does the text suggest it can motivate managers?

By using the accounting system to align with the organization’s goals. Signup and view all the answers

What unique format does the 15th edition of Principles of Cost Accounting utilize?

A ten-chapter structure suitable for short courses. Signup and view all the answers

Which of the following is NOT a purpose of the cost accounting techniques discussed in the text?

Prepare tax returns for businesses. Signup and view all the answers

What type of businesses does the 15th edition apply cost accounting principles to?

Manufacturing, merchandising, and service businesses. Signup and view all the answers

What is the goal of directed assignments within each chapter of the 15th edition?

To enhance student engagement and understanding. Signup and view all the answers

What factors is a manager typically not accountable for in their cost center?

Hourly wages paid to employees Signup and view all the answers

Which component is included to support the concept of cost behavior in the 15th edition?

Techniques to measure performance. Signup and view all the answers

If production is lower than planned due to poor supervision, who would be held accountable?

The manager of the cost center Signup and view all the answers

Which of the following is included in a performance report for a cost center?

Data under the manager's control Signup and view all the answers

What does a 'favorable variance' indicate in performance reporting?

Actual spending is less than budgeted Signup and view all the answers

In a responsibility accounting system, how is performance evaluation data handled?

It highlights data the manager can control Signup and view all the answers

What can lead to accountability issues for a manager in the cost center?

Decisions made by Human Resources regarding hiring Signup and view all the answers

Which of the following costs is a manager likely to be held accountable for?

Machinery repair due to misuse Signup and view all the answers

What is represented by a variance in performance reporting?

Difference between actual and budgeted results Signup and view all the answers

Study Notes

Cost Accounting Overview

Cost accounting is essential for determining accurate costs of products and services across various industries.
Key applications include setting selling prices, bidding on contracts, and profitability analysis.
Provides tools for managers to measure performance and align with organizational goals.

Features of the 15th Edition

Tailored content suitable for short cost accounting courses (one-quarter or one-semester).
Organized into ten chapters to facilitate learning.
Includes directed assignments and resources like computerized test banks and ExamView for testing.

Instructor Resources

PowerPoint presentations for each chapter complement the text.
Instructor Resource CD includes test banks, solution manuals, and spreadsheet templates for exercises.
Instructor Companion Web Site provides secure access to various teaching resources.

Student Resources

Student Companion Web Site offers study guides, review summaries, and downloadable spreadsheet templates.
Study guides contain questions and solutions for self-assessment and comprehension checks.

Performance Management

Managers are accountable for costs directly within their control, such as maintenance and repair of machinery.
Performance reports highlight controllable data, assessing manager effectiveness relative to budgeted expectations.
Variance analysis identifies discrepancies between actual and budgeted figures, categorizing them as favorable or unfavorable.

Importance of Unit Cost

Accurate unit cost determination aids in planning, controlling operations, and decision-making in marketing strategies.
Understanding unit costs is pivotal for evaluating manufacturing performance and operational efficiency.

Practical Examples

Transactions, such as payment of invoices and sales of tables, illustrate cost accounting in action, showcasing aspects of accounts payable, accounts receivable, and the relationship between sales and cost of goods sold.

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Description

Test your knowledge on the key concepts of cost accounting with this quiz based on the 15th edition of the textbook by Edward J. VanDerbeck. It covers fundamental principles and applications essential for understanding cost management in accounting.