Question 1

An internal control system consists of the policies and procedures managers use to do all of the following except:

Accepted Answer

A) Urge adherence to company policies. 
B) Promote efficient operations. 
C) Ensure reliable accounting. 
D) Determine pricing for products. 
E) Protect assets. 
A) Urge adherence to company policies. 
B) Promote efficient operations. 
C) Ensure reliable accounting. 
D) Determine pricing for products. 
E) Protect assets.

Question 2

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Accepted Answer

A) $114,400. 
B) $57,800. 
C) $2,600. 
D) $86,100. 
E) $59,200. 
A) $114,400. 
B) $57,800. 
C) $2,600. 
D) $86,100. 
E) $59,200.

Question 3

Which of the following is not part of the production activity in the flow of manufacturing activities?

Accepted Answer

A) Beginning Work in Process Inventory 
B) Cost of goods manufactured 
C) Direct labor 
D) Factory overhead 
E) Total finished goods available for sale 
A) Beginning Work in Process Inventory 
B) Cost of goods manufactured 
C) Direct labor 
D) Factory overhead 
E) Total finished goods available for sale

Question 4

Last year,Flash Company sold 15,000 units of its only product.If sales decreased by 17% in the current year,how will total variable cost and total fixed cost be affected?

Accepted Answer

A) Choice A 
B) Choice B 
C) Choice C 
D) Choice D 
E) Choice E 
A) Choice A 
B) Choice B 
C) Choice C 
D) Choice D 
E) Choice E

Question 5

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Accepted Answer

A) True 
 B)False

An internal control system consists of the policies and procedures managers use to do all of the following except:

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Which of the following is not part of the production activity in the flow of manufacturing activities?

Last year,Flash Company sold 15,000 units of its only product.If sales decreased by 17% in the current year,how will total variable cost and total fixed cost be affected?

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

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Exam 18: Managerial Accounting Concepts and Principles

An internal control system consists of the policies and procedures managers use to do all of the following except:

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Which of the following is not part of the production activity in the flow of manufacturing activities?

Last year,Flash Company sold 15,000 units of its only product.If sales decreased by 17% in the current year,how will total variable cost and total fixed cost be affected?

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resources, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

Job Order Cost Accounting

Process Cost Accounting

Cost-Volume-Profit Analysis

Master Budgets and Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Capital Budgeting and Managerial Decisions

Appendix B: Time Value of Money

Appendix C: Activity-Based Costing

Filters