Exam 15: Introduction to Management Accounting

For each item, choose all applicable cost labels. Use the codes below in your answer. More than one code may be applicable. -Direct materials used

Assume you have just taken a position as a financial officer for a new company that manufactures and sells wooden chairs. Although the founder of the company, who is the CEO, is a great artisan, she has very limited knowledge of accounting. To help your new boss better understand accounting for a manufacturing organisation, write a memo to her in which you: (1) identify, (2) describe and (3) provide examples of the three manufacturing costs and the three inventory accounts used in accounting for a manufacturing company.

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 issued quarterly or annually

For each item, choose all applicable cost labels. Use the codes below in your answer. More than one code may be applicable. -Sales salaries

Which one of the following costs would not be included in inventory?

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: -Property maintenance on the factory building

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 labour

For each item, choose all applicable cost labels. Use the codes below in your answer. More than one code may be applicable. -Indirect factory labour

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: -Factory wages expense

Stevens Manufacturing Company reported the following year-end information: beginning work in process inventory $180,000; cost of goods manufactured $516,000; beginning finished goods inventory $252,000; ending work in process inventory $220,000; and ending finished goods inventory $264,000. Stevens Manufacturing Company's cost of sales for the year is:

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 : -Classified financial statements

The number of additional columns needed on a financial statement worksheet so that it can be used to also prepare the cost of goods manufactured schedule is:

For each item, choose all applicable cost labels. Use the codes below in your answer. More than one code may be applicable. -Repairs to office equipment

A manufacturing summary account is used to close all accounts that appear in a(n):

For each item, choose all applicable cost labels. Use the codes below in your answer. More than one code may be applicable. -Factory manager's salary

Manufacturing inventories are generally listed on the statement of financial position in:

From the account balances listed below, prepare a schedule of cost of goods manufactured for Seamless Manufacturing Ltd for the month ended 31 December 2019.

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: -Income tax expense

Match the descriptions with their terms: -Indirect costs of manufacturing a product.

For each item, choose all applicable cost labels. Use the codes below in your answer. More than one code may be applicable. -Direct labour used