Exam 1: Introduction to Managerial Accounting

Salon de Beauty, a local hair salon, incurred the following costs last month. Place an "X" in the appropriate column to indicate whether they are direct or indirect, and whether they are variable or fixed. The cost object is customers served.

Product costs are reported:

Nonmanufacturing costs are generally classified into what two groups?

Conversion costs can be defined as:

Which of the following is an indirect cost of manufacturing a table made of wood and glass for a firm that manufactures furniture?

Which of the following costs is not relevant to the decision whether to replace an old computer with a new one?

All manufacturing costs are treated as product costs

A cost is $50,000 when 25,000 units are produced, and $50,000 when 50,000 units are produced. This is an example of a(n):

Cactus Cookies incurred the following costs this month to manufacture 1,000 jumbo chocolate chip cookies. Calculate each of the following: a. The total variable cost this month b. The total fixed cost this month c. The variable cost per cookie this month d. The fixed cost per cookie this month e. The total variable cost if Cactus Cookies had manufactured 2,000 cookies this month f. The total fixed cost if Cactus Cookies had manufactured 2,000 cookies this month g. The variable cost per cookie if Cactus Cookies had manufactured 2,000 cookies this month h. The fixed cost per cookie if Cactus Cookies had manufactured 2,000 cookies this month

Costs that can be traced to a specific cost object are:

Product costs are sometimes called:

The requirement of the Sarbanes-Oxley Act that requires management to issue a report on internal controls places responsibility for the accuracy of the reporting system on:

Willow Manufacturing manufactures custom table tops. For each cost listed below, place an "X" in all of the appropriate categories.

Hair salons and law firms are examples of which of the following type of organization?

Pretend you are the president of the Managerial Accounting Club and you are responsible for executing the club's most important event: A recruiting event for members and local firms. How might you use the Plan-Implement-Control cycle?

Managerial accounting, as compared to financial accounting, is primarily intended to facilitate:

Which of the following is not a characteristic of financial accounting?

Robin Company has the following balances for the current month: What is Robin's total manufacturing cost?

For a cost to be relevant, it must meet which of the following criteria?

"Ethics" refers to all of the following except: