Exam 1: Managerial Accounting Concepts and Principles
Exam 1: Managerial Accounting Concepts and Principles250 Questions
Exam 2: Job Order Costing and Analysis217 Questions
Exam 3: Process Costing and Analysis230 Questions
Exam 4: Activity Based Costing and Analysis220 Questions
Exam 5: Cost Behavior Cost-Volume-Profit Analysis247 Questions
Exam 6: Variable Costing and Analysis201 Questions
Exam 7: Master Budgets and Performance Planning213 Questions
Exam 8: Flexible Budgets and Standard Costs222 Questions
Exam 9: Performance Measurement and Responsibility Accounting208 Questions
Exam 10: Relevant Costing for Managerial Decisions117 Questions
Exam 11: Capital Budgeting and Investment Analysis159 Questions
Exam 12: Reporting Cash Flows239 Questions
Exam 13: Analysis of Financial Statements233 Questions
Exam 14: Time Value of Money84 Questions
Exam 15: Analyzing for Business Transactions250 Questions
Exam 16: Partnership Accounting179 Questions
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Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines.
(True/False)
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Which of the following represents the correct formula for calculating raw materials inventory turnover for a manufacturer?
(Multiple Choice)
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Use the following data to compute total manufacturing costs for the month: Sales commissions ....................... \ 10,800 Direct labor 39,600 Indirect materials ......................... 15,200 Factory manager salaries 7,200 Factory supplies 9,000 Indirect labor 6,300 Depreciation-office equipment..................... 5,000 Direct materials .............. 40,500 Dorporate office salaries 42,500 Depreciation-factory equipment 7,500
(Multiple Choice)
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Using the information below for Sundar Company; determine the total manufacturing costs added during the current year: Direct materials used \ 19,000 Direct labor used 24,500 Factory overhead 55,100 Beginning work in process 10,700 Ending work in process 11,300
(Multiple Choice)
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An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:
(Multiple Choice)
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Which of the following costs is not included in factory overhead?
(Multiple Choice)
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A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called:
(Multiple Choice)
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Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.
(True/False)
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Using the information below, compute the raw materials inventory turnover: 

(Multiple Choice)
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Total manufacturing costs incurred during the year do not include:
(Multiple Choice)
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Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31.


(Essay)
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The cost of workers who assist in, or supervise, the manufacturing process, not linked to specific units of product is called:
(Multiple Choice)
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Using the information below for Sundar Company; determine the cost of goods manufactured during the current year: Direct materials used \ 19,000 Direct labor used 24,500 Factory overhead 55,100 Beginning work in process 10,700 Ending work in process 11,300
(Multiple Choice)
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The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.
(True/False)
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Labor costs that are clearly associated with specific units of product because the labor is used to convert raw materials into finished products are called:
(Multiple Choice)
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A management concept that seeks to uncover and eliminate waste in all aspects of business activities is called:
(Multiple Choice)
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Just-in-time manufacturing techniques can be useful in _____________ days' sales in raw materials inventory.
(Multiple Choice)
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The Work in Process Inventory account is found only in the ledgers of manufacturing companies.
(True/False)
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Asteroid Industries accumulated the following cost information for the year: Direct materials \ 16,000 Indirect materials 4,000 Indirect labor 8,500 Factory depreciation 12,800 Direct labor 37,000 Using the above information, total factory overhead costs would be:
(Multiple Choice)
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Using the information below, calculate cost of goods sold for the period: 

(Multiple Choice)
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