Exam 1: Introduction to Financial Statements
Exam 1: Introduction to Financial Statements151 Questions
Exam 2: A Further Look at Financial Statements150 Questions
Exam 3: The Accounting Information System131 Questions
Exam 4: Accrual Accounting Concepts147 Questions
Exam 5: Merchandising Operations and the Multiple-Step Income Statement156 Questions
Exam 6: Reporting and Analyzing Inventory81 Questions
Exam 7: Fraud, Internal Control, and Cash166 Questions
Exam 8: Reporting and Analyzing Receivables120 Questions
Exam 9: Reporting and Analyzing Long-Lived Assets157 Questions
Exam 10: Reporting and Analyzing Liabilities156 Questions
Exam 11: Reporting and Analyzing Stockholders Equity161 Questions
Exam 12: Statement of Cash Flows146 Questions
Exam 13: Financial Analysis: the Big Picture123 Questions
Exam 14: Managerial Accounting170 Questions
Exam 15: Time Value of Money and Present Value Calculations39 Questions
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Which one of the following is not a cost element in manufacturing a product?
(Multiple Choice)
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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
(Multiple Choice)
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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
(Short Answer)
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Which of the following is not a separate management function?
(Multiple Choice)
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For inventoriable costs to become expenses under the matching principle,
(Multiple Choice)
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What term describes all business processes associated with providing a product or service?
(Multiple Choice)
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Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.
(True/False)
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As current technology changes manufacturing processes, it is likely that direct
(Multiple Choice)
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The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the
(Multiple Choice)
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The management function that requires managers to look ahead and establish objectives is
(Multiple Choice)
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The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.
(True/False)
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Many companies now focus on reducing defects in finished products with the goal of zero defects.This is called
(Multiple Choice)
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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
(Multiple Choice)
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Cotter pins and lubricants used irregularly in a production process are classified as
(Multiple Choice)
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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?
(Multiple Choice)
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Which one of the following does not appear on the balance sheet of a manufacturing company?
(Multiple Choice)
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