Exam 1: A: Basic Cost Management Concepts

Assume the following information: Net direct materials purchase cost \2 25,000 Total direct materials used 275,000 Beginning direct materials inventory 125,000 What is the ending direct materials inventory?

What is the operational control system concerned with?

What is traceability a function of?

Which of the following would NOT be included in conversion costs?

Which of the following costs would be included as part of direct materials in the production of an automobile?

Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product?

Which of the following is a cost management subsystem designed to assign costs to individual products and services and other objects,as specified by management?

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 conversion cost?

Which of the following is NOT a benefit of an activity-based cost management system?

What is NOT the emphasis of total quality management?

To whom does the cost management branch of accounting report?

When a management accountant ignores data in favour of unsupported opinion,this action would speak most directly to which part of the IMA Code of Conduct?

In regard to services,what is the definition of intangibility?

What is a critical measure of efficiency?

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

Which activity is associated with the cost management information system?

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 are the total manufacturing costs added?

Altering the dates of shipping documents for next January's sales to record them as sales in the current year would be a violation of which standard of ethical conduct for management accountants?

Which of the following broadens the focus of accounting because it is concerned with factors that drive costs,such as cycle time and process productivity?

Which of the following costs is an indirect product cost?