Exam 15: Introduction to Managerial Accounting

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

Match the items below to the appropriate term (a-d). -Depreciation on office equipment A)Direct materials B)Selling and administrative expense C)Factory overhead D)Direct labor

Match the items below for a bakery to the type of cost (a-d). -Salesperson commissions A)Direct materials B)Direct labor C)Factory overhead D)Nonmanufacturing cost

Match the items below to the type of cost (a or b). -Indirect labor incurred A)Product cost B)Period cost

Managerial accounting reports are designed to meet the specific needs of a company's management.

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct b.Indirect -Manufacturing costs for wood and steel used in the bar stools

Indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Selling costs for the period

Match the items below to the type of cost (a or b). -Depreciation on store equipment A)Product cost B)Period cost

Which of the following is an example of direct labor cost for a cell phone manufacturer?

Direct labor and direct materials are

Match the items below to the type of cost (a or b). -Salespersons' commissions A)Product cost B)Period cost

Match the items below for a bakery to the type of cost (a-d). -Baker's wages A)Direct materials B)Direct labor C)Factory overhead D)Nonmanufacturing cost

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Cupcake mix A)Prime costs B)Conversion costs C)Both prime and conversion costs D)Neither prime nor conversion costs

Beginning work in process is equal to

Prime costs are the combination of direct materials and direct labor costs.

Match each description below to the appropriate phase of the manufacturing process (a-e). -Monitoring the operating results of implemented plans and comparing actual results to expected results A)Planning B)Directing C)Controlling D)Improving E)Decision making

Match the items below to the type of cost (a-c). -Insurance expired on administrative facilities A)Direct B)Indirect C)Neither direct nor indirect

All of the following are examples of indirect labor except

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.