Exam 18: Introduction to Managerial Accounting

Costs on the income statement for both a merchandiser and a manufacturer would be

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Salespersons' commissions

The phases of the management process are listed below. Match each phase to the appropriate description. -Used by managers for continuous improvement

For each of the following costs, classify them as either: -Office equipment depreciation

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Delivery costs to take the bicycles to stores

Controlling deals with choosing goals and deciding how to achieve them.

Which of the following is part of factory overhead cost?

In most business organizations, the chief management accountant is called the controller.

Finished goods inventory is reported on the

On the income statement of a manufacturing company, what replaces purchases in the Cost of goods sold section of a retail company?

Managerial accounting information includes both historical and estimated data.

Operating expenses are product costs and are expensed when the product is sold.

Which of the following is an example of a factory overhead cost?

At the beginning of the current year, Grant Company's work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in Work in Process Inventory on December 31 is

Managers use managerial information for all of the following except to

Cost of goods manufactured during the year is $240,000, and work in process inventory on December 31 is $50,000. Work in process inventory during the year decreased by 60%. Total manufacturing costs incurred are

A product cost is

Goods that are part way through the manufacturing process, but not yet complete, are referred to as materials inventory.

Use the information below for Darwin Company to answer the questions that follow. ​ Sales \ 76,500 Direct materials used 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales salaries expense 15,600 Office salaries expense 8,900 Indirect materials 1,200 -Darwin Company's period costs are

Match each description to the appropriate term (a-d). Answers may be used more than once. -Insurance expired on factory equipment