Exam 16: Introduction to Management Accounting

Which of the following describes a system in which suppliers deliver materials at the time they are needed and finished units are completed when customer orders need to be filled?

Which of the following is NOT a period cost?

Given the following information, determine the cost of goods sold.

Arturo Manufacturing Company provided the following information for the year 2012: How much is the cost of goods sold?

The cost of goods sold for Frye Manufacturing in 2012 was $233,000. The January 1, 2012 finished goods inventory balance was $31,600, and the December 31, 2012 finished goods inventory balance was $24,200. What was cost of goods manufactured during 2012?

Which of the following is NOT an advantage of just-in-time inventory management?

What is the name given to software systems that can integrate all of a company's worldwide functions, departments and data into a single system?

Which of the following describes the term cost object?

Which of the following could be found on the income statement of a service company?

Harrison Company reports the following cost information for August: What is the amount of direct labor incurred by Harrison Company in August?

Selling and administrative expenses are subtracted from cost of goods sold to obtain gross profit.

Bainbridge Services reported the following information for the year 2012: How much was the unit cost per service call?

The wages and benefits of the factory manager are included in manufacturing overhead.

The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. What is the operating income for 2012?

Which of the following is TRUE for a service company?

Charleston Company was nearing year-end and the CEO wanted to report a high level of inventory on the balance sheet. An order of raw materials was scheduled for delivery on January 2 of the next year, but the CEO asked the accounting manager to record the shipment as being received on the last day of December. The shipment was actually received on January 2^nd, and although the dollar impact of the transaction was not affected in any way, the misrepresentation of facts in the situation would make the behavior unethical.

For a manufacturing business, which of the following would be included in manufacturing overhead?

Selected data for Young Company for 2012 is presented below: What is the manufacturing overhead?

Factory rent, taxes and insurance are product costs.

Cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead.