Exam 1: A: Basic Cost Management Concepts

Which of the following is a trait of an activity-based cost management system?

Which of the following would NOT be included in order-getting costs?

Engaging in or supporting an activity that would discredit the profession would relate to which part of the IMA Code of Conduct?

Which of the following does NOT describe the cost management information system?

Divulging company information (when not legally obligated to do so)would be a violation of which part of the IMA Code of Conduct?

What is the term for the formulation of a program to accomplish a specific purpose?

Whose overall supervision are accounting activities within an organization usually under?

Information from the records of the Cain Corporation for August was as follows: Sales \1 ,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labour 300,000 Factory overhead* 405,000 *variable overhead is $205,000,fixed overhead is $200,000 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ Direct materials \ 36,000 \ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 -Refer to the figure.What is the total product cost?

Information from the records of the Cain Corporation for August was as follows: Sales \1 ,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labour 300,000 Factory overhead* 405,000 *variable overhead is $205,000,fixed overhead is $200,000 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ Direct materials \ 36,000 \ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 -Refer to the figure.What are the prime costs?

Which of the following objectives do product value-chain costs assist managers in meeting?

What is the income statement that is prepared for external reporting?

Information from the records of the Tyler Enterprises for March is as follows: Sales \ 41,000 Direct labour 10,000 Selling and administrative expenses 7,000 Direct materials purchases 6,000 Factory averhead 13,500 $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Inventories }$ Direct materials \ 1,200 \ 1,400 Work in process 2,500 2,800 Finished goods 2,300 1,900 -Refer to the figure.What is Tyler Enterprises' cost of goods manufactured in March?

Which of the following would NOT be included in the conversion cost of an automobile?

What is characteristic of an income statement for a service or manufacturing firm?

Inventory balances for the James Enterprises in February are as follows: February 1 February 28 Raw materials \ 27,000 \ 21,000 Work in process 48,000 37,200 Finished goods 108,000 90,000 During February,purchases of direct materials were $36,000.Direct labour and factory overhead costs were $60,000 and $84,000,respectively. -Refer to the figure.What are the total manufacturing costs added?

Assume the following information: Direct materials used \ 90,000 Direct labour 130,000 Factory overhead 150,000 Beginning work-in-process inventory 15,000 Beginning finished goods inventory 20,000 Ending work-in-process inventory 42,000 Selling and administrative expenses 37,500 What was the cost of goods manufactured during the year?

Which certification sponsored by the Institute of Management Accountants emphasizes economics,finance,management,financial accounting and reporting,management reporting,and decision analysis?

What is the cost management information system concerned with?

What are the benefits of adhering to a company code of ethics?