Exam 18: Managerial Accounting Concepts and Principles

A management concept based on an understanding of the changing wants and needs of customers,and which leads to flexible product designs and production processes,is called:

___________________________ reveals how much raw materials inventory is available in terms of the number of days' sales.

Jenny,an employee of Toucan Company,used company assets for her own personal gain.This is an example of

The management concept of customer orientation encourages a company to set up its production system to produce large quantities of the same product for all customers.

Using the information below,calculate gross profit for the period.

For a manufacturer,the cost of goods sold can be computed by adding the beginning finished goods inventory to ________________________ and then subtracting the ending finished goods inventory.

A company's prime costs total $3,000,000 and its conversion costs total $7,000,000.If direct materials are $1,000,000 and factory overhead is $5,000,000,then direct labor is:

Selling and administrative expenses are normally period costs.

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser,but the manufacturer replaces that with __________________________.

Calculate Cost of Goods Sold for the following two companies:

A variable cost changes in proportion to changes in the volume in activity.

Using the information below for Singing Dolls,Inc. ,determine cost of goods manufactured for the year:

The salary paid to the assembly line supervisor would normally be classified as:

____________________ inventory consists of products in the process of being manufactured but not yet complete.

An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment.According to the Institute of Management Accountants,the employee's next step should be to

The following cost items relate to the Henning Company.Classify each cost as a variable cost or a fixed cost by placing an X in the appropriate column.Each cost should be evaluated in terms of the volume of units of finished products produced.Also indicate with an X for each item if it is a product cost or a period cost.

If beginning and ending work in process inventories are $5,000 and $15,000,respectively,and cost of goods manufactured is $170,000,what is the total manufacturing cost for the period?

A manufacturing company's finished goods inventory on January 1 was $68,000;cost of goods manufactured was $147,000;and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for that year?

One of the usual differences between financial and managerial accounting is the timeliness of the information reported.

Managerial accounting is an activity that helps managers determine costs of products and services,plan future activities,and compare actual to planned results.