Exam 14: Overview of Managerial Accounting, Managerial Accounting Concepts and Cost Flows

Explore all topics

Managerial accounting is primarily concerned with providing information to external users, while financial accounting is used for internal decision making.

Free

(True/False)

5.0/5

(37)

Question 1

Correct Answer:

Verified

False

What is a merchandising firm?

Free

(Short Answer)

4.8/5

(30)

Question 2

Correct Answer:

Verified

"Merchandising firms are companies that purchase finished products from manufacturers for warehousing, display, and sale to consumers."

Which of the following entries correctly reflects the entry for recording the wages of all factory workers?

Free

(Multiple Choice)

4.7/5

(45)

Question 3

Correct Answer:

Verified

Which of the following entries correctly reflects the entry for the requisition of materials (direct and indirect) for use in production?

(Multiple Choice)

4.8/5

(38)

Question 4

When goods are sold, the costs associated with those goods are transferred from Work in Process to Cost of Goods Sold.

(True/False)

4.9/5

(41)

Question 5

What is the purpose of a "safety stock" of inventory?

(Essay)

4.8/5

(35)

Question 6

Quincy Manufacturing, Inc. makes kitchen appliance replacement parts. In May, Quincy produced 2000 units. Costs incurred were as follows: : Given this data, the total Prime Cost for the units produced in the month of May was

(Multiple Choice)

4.8/5

(43)

Question 7

Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period: Assuming that all manufacturing overhead was applied to Work in Process inventory, Total Manufacturing Costs for the period was:

(Multiple Choice)

4.9/5

(40)

Question 8

Showing 1 - 8 of 8

Managerial accounting is primarily concerned with providing information to external users, while financial accounting is used for internal decision making.

What is a merchandising firm?

Which of the following entries correctly reflects the entry for recording the wages of all factory workers?

Which of the following entries correctly reflects the entry for the requisition of materials (direct and indirect) for use in production?

When goods are sold, the costs associated with those goods are transferred from Work in Process to Cost of Goods Sold.

What is the purpose of a "safety stock" of inventory?

Quincy Manufacturing, Inc. makes kitchen appliance replacement parts. In May, Quincy produced 2000 units. Costs incurred were as follows: : Given this data, the total Prime Cost for the units produced in the month of May was

Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period: Assuming that all manufacturing overhead was applied to Work in Process inventory, Total Manufacturing Costs for the period was:

Financial Accounting and Business Decisions

Processing Accounting Information

Accrual Basis of Accounting

Understanding Financial Statements

Accounting for Merchandising Operations

Accounting for Inventory

Internal Control and Cash

Accounting for Receivables

Accounting for Long-Lived and Intangible Assets

Accounting for Liabilities

Stockholders Equity

Statement of Cash Flows

Analysis and Interpretation of Financial Statements

Cost Accounting Systemsjob Order Costing

Cost Accounting Systemsprocess Costing

Activity-Based Costing

Cost-Volume-Profit Relationships

Variable Costinga Tool for Decision Making

Relevant Costs and Short-Term Decision Making

Planning and Budgeting

Standard Costing and Variance Analysis

Flexible Budgets, Segment Analysis, and Performance Reporting

Capital Budgeting

Filters