The outputs of an accounting information system includes: The assignment of indirect costs to cost objects is referred to as: Assigning costs accurately to cost objects is of low priority

1. The outputs of an accounting information system includes:

financial statements.

2. The assignment of indirect costs to cost objects is referred to as:

allocation

3. Assigning costs accurately to cost objects is of low priority. Accuracy is not evaluated based on knowledge of some underlying "true cost".

false

4. In a company that supplies muffins to bakeries, delivered muffins to bakeries would be a(n)

output

5. The income statement prepared for external reporting is

all of the above

6. Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product?

the depreciation on factory building

7. Information from the records of the Abel Corporation for July 2018 was as follows:
   
   
   Sales
   
   $1,230,000
   
   Selling and administrative expenses
   
   210,000
   
   Direct materials used
   
   264,000
   
   Direct labor
   
   300,000
   
   Factory overhead *
   
   405,000
   
   *variable overhead is $205,000, fixed overhead is $200,000
   
   ?
   
   ?
   
   Inventories
   
   ?
   
   July 1, 2018
   
   July 31, 2018
   
   Direct materials
   
   $36,000
   
   $42,000
   
   Work in process
   
   75,000
   
   84,000
   
   Finished goods
   
   69,000
   
   57,000
   
   ?
   
   The prime costs are

$264,000 + $300,000 = $564,000

8. The ending work-in-process inventory is deducted on the

statement of cost of goods manufactured.

9. A small engine repair shop purchased materials costing $9,000 in July. The beginning inventory of material parts was $4,500 and the ending inventory of material parts was $4,000. Payments for direct labor for July totaled $27,000, secretarial costs were $2,000, and overhead of $5,000 was incurred. In addition, $5,000 was spent on advertising and $2,000 for the franchise name. Revenue for July was $50,000.

SUPPORTING CALCULATIONS:
$9,000 + $4,500 − $4,000 + $27,000 + $5,000 = $41,500

10. _____ is concerned with determining what activities should be performed and assessing how well they are performed.

Operational control