Exam 1: Introduction to Financial Statements

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Which one of the following is not a cost element in manufacturing a product?

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Using the following information, compute the cost of direct materials used. Raw materials inventory, January 1 \ 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,500,000 Direct labor 690,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000

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Property taxes on a manufacturing plant are an element of a Product Cost Period Cost a. Yes No b. Yes Yes c. No Yes d. No No

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Which of the following is not a separate management function?

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For inventoriable costs to become expenses under the matching principle,

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What term describes all business processes associated with providing a product or service?

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Product costs are also called inventoriable costs.

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Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

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As current technology changes manufacturing processes, it is likely that direct

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The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the

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The management function that requires managers to look ahead and establish objectives is

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The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.

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Many companies now focus on reducing defects in finished products with the goal of zero defects.This is called

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Assuming that the cost of goods manufactured is $2,960,000 compute the cost of goods sold using the following information. Raw materials inventory, January 1 30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,500,000 Direct labor 690,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation 500,000 Operating expenses 630,000

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What is "balanced" in the balanced scorecard approach?

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Which of the following is not a management function?

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Cotter pins and lubricants used irregularly in a production process are classified as

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Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively.If direct materials used were $440,000, what was the cost of raw materials purchased?

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Which one of the following does not appear on the balance sheet of a manufacturing company?

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As inventoriable costs expire, they become

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