Exam 15: Introduction to Managerial Accounting

Match the items below to the type of cost (a-c). -Labor for machine maintenance A)Direct B)Indirect C)Neither direct nor indirect

The primary goal of managerial accounting is to provide information to

Goods that are partially completed by a manufacturer are

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 -Delivery costs to take the bicycles to stores

Differentiate between verticals and horizontals.

Period costs can be found on both the balance sheet and the income statement.

For a construction contractor, the wages of carpenters would be classified as factory overhead cost.

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

Match the items below to the type of cost (a or b). -Factory machinery repairs and maintenance A)Product cost B)Period cost

A company sells goods for $150,000 that cost $54,000 to manufacture. Which of the following statements is true?

A cost is a sacrifice made to obtain some benefit.

Managers use managerial information to evaluate performance of a company's operation.

Which of the following is part of factory overhead cost?

Period costs include

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

Finished goods inventory is reported on the

Match the items below for a cake factory to the type of cost (a-c). -Wages of the baker A)Prime cost B)Conversion cost C)Both prime cost and conversion cost

Depreciation on factory plant and equipment is an example of factory overhead cost.

The income statement for both a merchandiser and a manufacturer would include

The cost of a manufactured product generally consists of which of the following costs?