Exam 1: Managerial Accounting Concepts and Principles

arrow
  • Select Tags
search iconSearch Question
flashcardsStudy Flashcards
  • Select Tags

Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines.

(True/False)
4.7/5
(37)

Which of the following represents the correct formula for calculating raw materials inventory turnover for a manufacturer?

(Multiple Choice)
4.9/5
(35)

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)
4.8/5
(36)

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)
4.9/5
(28)

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)
4.9/5
(29)

Which of the following costs is not included in factory overhead?

(Multiple Choice)
4.9/5
(32)

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)
4.9/5
(43)

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

(True/False)
4.9/5
(46)

Using the information below, compute the raw materials inventory turnover: Using the information below, compute the raw materials inventory turnover:

(Multiple Choice)
4.8/5
(38)

Total manufacturing costs incurred during the year do not include:

(Multiple Choice)
4.8/5
(46)

Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31. Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31.

(Essay)
4.9/5
(39)

The cost of workers who assist in, or supervise, the manufacturing process, not linked to specific units of product is called:

(Multiple Choice)
4.8/5
(37)

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)
4.9/5
(34)

The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.

(True/False)
4.9/5
(32)

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)
4.8/5
(43)

A management concept that seeks to uncover and eliminate waste in all aspects of business activities is called:

(Multiple Choice)
4.9/5
(36)

Just-in-time manufacturing techniques can be useful in _____________ days' sales in raw materials inventory.

(Multiple Choice)
4.9/5
(36)

The Work in Process Inventory account is found only in the ledgers of manufacturing companies.

(True/False)
4.8/5
(37)

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)
4.8/5
(28)

Using the information below, calculate cost of goods sold for the period: Using the information below, calculate cost of goods sold for the period:

(Multiple Choice)
4.8/5
(42)
Showing 21 - 40 of 250
close modal

Filters

  • Essay(0)
  • Multiple Choice(0)
  • Short Answer(0)
  • True False(0)
  • Matching(0)