Discuss on Cost Accounting

Which of the following is an approach to sensitivity analysis?
A. contribution
B. distribution
C. margin
D. profit

Question 2 of 20

ABC Restaurant’s revenue budget reflects the following information for February:
Food sales
$260,000

Beverage and liquor sales
$140,000

Total sales
$300,000

ABC expects revenue to increase by 5% during both March and April. What is the budgeted amount of beverage and liquor sales revenue for March?
A. $145,000
B. $154,350
C. $147,000
D. $150,000

Question 3 of 20

The entry for indirect materials (such as glue, etc.. requisitioned for use in production is __________.
A.
Raw Materials Inventory
Work-in-Process Inventory
B.
Work-in-Process Inventory
Accounts Payable
C.
Work-in-Process Inventory
Raw Materials Inventory
D. None of the above

Question 4 of 20

If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?
A. debit Work-in-Process Inventory $80,000; credit Payroll $80,000
B. debit Overhead-Applied $60,000; credit Work-in-Process Inventory $60,000
C. debit Work-in-Process Inventory $60,000; credit Overhead-Applied $60,000
D. debit Work-in-Process Inventory $80,000; credit Overhead-Applied $80,000

Question 5 of 20

An element of sensitivity analysis includes __________.
A. unidimensional changes
B. a sole focus on profit
C. simultaneous changes
D. a financial accounting approach

Question 6 of 20

Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet?
A. statement of cost of goods manufactured
B. balance sheet
C. income statement
D. statement of cost of goods soldWhich of the following is an approach to sensitivity analysis?
A. contribution
B. distribution
C. margin
D. profit

Question 2 of 20

ABC Restaurant’s revenue budget reflects the following information for February:
Food sales
$260,000

Beverage and liquor sales
$140,000

Total sales
$300,000

ABC expects revenue to increase by 5% during both March and April. What is the budgeted amount of beverage and liquor sales revenue for March?
A. $145,000
B. $154,350
C. $147,000
D. $150,000

Question 3 of 20

The entry for indirect materials (such as glue, etc.. requisitioned for use in production is __________.
A.
Raw Materials Inventory
Work-in-Process Inventory
B.
Work-in-Process Inventory
Accounts Payable
C.
Work-in-Process Inventory
Raw Materials Inventory
D. None of the above

Question 4 of 20

If direct labor for the month is $80,000 and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?
A. debit Work-in-Process Inventory $80,000; credit Payroll $80,000
B. debit Overhead-Applied $60,000; credit Work-in-Process Inventory $60,000
C. debit Work-in-Process Inventory $60,000; credit Overhead-Applied $60,000
D. debit Work-in-Process Inventory $80,000; credit Overhead-Applied $80,000

Question 5 of 20

An element of sensitivity analysis includes __________.
A. unidimensional changes
B. a sole focus on profit
C. simultaneous changes
D. a financial accounting approach

Question 6 of 20

Factory Supplies Expense, Depreciation Expense-Factory, and Heat, Light, and Power-Factory appear on which section of the worksheet?
A. statement of cost of goods manufactured
B. balance sheet
C. income statement
D. statement of cost of goods sold

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