Exam 15: Introduction to Management Accounting

Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by choosing the letter F and indicate those characteristics which are more closely associated with managerial accounting by choosing the letter M : -Reporting standard is relevant to the decision to be made

Match the list of costs and expenses incurred in the factory by Eco Systems Ltd, a manufacturer of eco-friendly, hybrid vehicles with the following categories: -Metal used in manufacturing

Match the descriptions with their terms: -The function of keeping activities in accordance with plans.

For each item listed below, choose whether the item would be considered an inventoriable cost or a period cost for a manufacturing company. Use the following code: -Indirect materials used

Match the descriptions with their terms: -Materials which can be physically and directly associated with manufacturing a product.

The following costs and inventory data were taken from the accounts of Cairns Ltd as of 31 December 2019: Instructions: a. Prepare a schedule showing the amount of direct materials used in production during the year. b. Compute the amount of manufacturing overhead incurred during the year. c. Prepare a schedule of cost of goods manufactured for Cairns Ltd for the year ended 31 December 2019 in good form. d. Prepare the cost of sales section of the income statement for Cairns Ltd for the year ended 31 December 2019 in good form.

Nolte Manufacturing Company reported the following year-end information: Nolte Manufacturing Company's cost of goods manufactured for the year is:

Match the list of costs and expenses incurred in the factory by Eco Systems Ltd, a manufacturer of eco-friendly, hybrid vehicles with the following categories: -Factory supervisors' salaries

Listed below are current asset items for Adelaide Ltd at 31 December 2019. Prepare the current assets section of the statement of financial position. (Include a complete heading.)

Match the list of costs and expenses incurred in the factory by Eco Systems Ltd, a manufacturer of eco-friendly, hybrid vehicles with the following categories: -Cabinet maker's wages

Eucalyptus Ltd has the following data at 30 June 2019: Instructions: (a) Prepare an income statement for the month of June. (b) Indicate the statement of financial position presentation of 30 June inventories.

In order to obtain more accurate product costs, many companies now allocate overhead using:

Internal users of management information include:

Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by choosing the letter F and indicate those characteristics which are more closely associated with managerial accounting by choosing the letter M : -Reports are used internally

Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by choosing the letter F and indicate those characteristics which are more closely associated with managerial accounting by choosing the letter M : -Limited to historical cost data

Match the list of costs and expenses incurred in the factory by Eco Systems Ltd, a manufacturer of eco-friendly, hybrid vehicles with the following categories: -Depreciation on factory machines

Match the descriptions with their terms: -Costs which are non-inventoriable.

Stylus Ltd, the manufacturer of printers, was incorporated in September. Stylus purchases the toner cartridges used in the printers from a local distributor. Early in September, Stylus bought 50,000 cartridges at a cost of $20 each. During September, 40,000 cartridges were transferred from Raw Materials Inventory. Of the 40,000 cartridges withdrawn from Raw Materials Inventory, 8,000 were given to sales personnel to be given to customers as an incentive to buy a large quantity of printers. Another 2,000 cartridges were transferred to the corporate office to be used by members of the clerical staff. The remaining 30,000 cartridges were transferred to Work in Process Inventory. Of the units started into production during September, 90 percent of them were completed. Seventy % of the units completed during September were sold and shipped to customers. Instructions: Determine the cost of cartridges to be found in each of the following accounts: a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Sales e. Selling Expenses f. Administrative Expenses

For each item listed below, choose whether the item would be considered an inventoriable cost or a period cost for a manufacturing company. Use the following code: -Sales manager's salary

Match the list of costs and expenses incurred in the factory by Eco Systems Ltd, a manufacturer of eco-friendly, hybrid vehicles with the following categories: -Nails and glue used in production