Question 1

Ringle Company is a manufacturer of compact disks (CDs).Place each of the following costs in the appropriate column.

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 2

Classifying costs by behavior involves:

Accepted Answer

A) Identifying fixed cost and variable cost. 
B) Identifying cost of goods sold and operating costs. 
C) Identifying all costs. 
D) Identifying costs in a physical manner. 
E) Identifying both quantitative and qualitative cost factors. 
A) Identifying fixed cost and variable cost. 
B) Identifying cost of goods sold and operating costs. 
C) Identifying all costs. 
D) Identifying costs in a physical manner. 
E) Identifying both quantitative and qualitative cost factors. A

Question 3

The manufacturing statement must be prepared monthly as it is a required general-purpose financial statement.

Accepted Answer

A) True 
 B)False  False

Question 4

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is the _____________________.

Accepted Answer

The answer of The model whose goal is to eliminate...

Question 5

Product costs:

Accepted Answer

A) Are expenditures necessary and integral to finished products. 
B) Are expenditures identified more with a time period rather than with finished products. 
C) Include selling and administrative expenses. 
D) Are only costs that vary with the volume of activity. 
E) Are only costs that do not vary with the volume of activity. 
A) Are expenditures necessary and integral to finished products. 
B) Are expenditures identified more with a time period rather than with finished products. 
C) Include selling and administrative expenses. 
D) Are only costs that vary with the volume of activity. 
E) Are only costs that do not vary with the volume of activity.

Question 6

________________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Accepted Answer

Managerial

Question 7

A fixed cost:

Accepted Answer

A) Requires the future outlay of cash and is relevant for future decision making. 
B) Does not change with changes in the volume of activity within the relevant range. 
C) Is directly traceable to a cost object. 
D) Changes with changes in the volume of activity within the relevant range. 
E) Has already been incurred and cannot be avoided so it is irrelevant for decision making. 
A) Requires the future outlay of cash and is relevant for future decision making. 
B) Does not change with changes in the volume of activity within the relevant range. 
C) Is directly traceable to a cost object. 
D) Changes with changes in the volume of activity within the relevant range. 
E) Has already been incurred and cannot be avoided so it is irrelevant for decision making.

Question 8

Newly completed units are combined with beginning finished goods inventory to make up total ending goods in process inventory.

Accepted Answer

A) True 
 B)False

Question 9

Juliet Corporation has accumulated the following accounting data for the year:   The cost of goods manufactured for the year is:

Accepted Answer

A) $200 
B) $1,000 
C) $5,000 
D) $6,400 
E) $8,200 
A) $200 
B) $1,000 
C) $5,000 
D) $6,400 
E) $8,200

Question 10

What are raw materials inventory turnover and days' sales in raw materials inventory? What is the purpose of these measures?

Accepted Answer

To assess how effectively a company mana

Question 11

A _________________ cost does not change in proportion to changes in the volume of activity within the relevant range.

Accepted Answer

The answer of A _________________ cost does not change in...

Question 12

The following list indicates costs as they flow through the business as a product is manufactured.Some items are missing.Compute the missing amounts.
Materials Inventory:
Beginning materials inventory $ 295,000
Raw materials purchased 1,065,400
Ending materials inventory 315,750
Direct materials used in production ____A____
Goods in process:
Beginning GIP balance ____B____
Direct labor 700,000
Factory overhead 1,475,000
Cost of goods manufactured 3,150,700
Ending GIP balance 265,000
Finished goods inventory:
Beginning FG balance 284,000
Ending FG balance 268,500
Cost of goods sold ____C____

Accepted Answer

A.$295,000 + $1,065,400 - $315

Question 13

There are many differences between financial and managerial accounting.Identify and explain at least three of these.

Accepted Answer

(Students would need to choose any three

Question 14

Which one of the following items is normally not a manufacturing cost?

Accepted Answer

A) Direct materials. 
B) Factory overhead. 
C) General and administrative expenses. 
D) Direct labor. 
E) Conversion cost. 
A) Direct materials. 
B) Factory overhead. 
C) General and administrative expenses. 
D) Direct labor. 
E) Conversion cost.

Question 15

_____________________ inventory consists of goods a company acquires to use in making products.

Accepted Answer

The answer of _____________________ inventory consists of goods a company...

Question 16

A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured was $147,000; and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for that year?

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 17

A direct cost is a cost that is:

Accepted Answer

A) Identifiable as controllable. 
B) Recorded as part of manufacturing overhead. 
C) Fixed with respect to the volume of activity. 
D) Traceable to a cost object. 
E) Sunk with respect to a cost object. 
A) Identifiable as controllable. 
B) Recorded as part of manufacturing overhead. 
C) Fixed with respect to the volume of activity. 
D) Traceable to a cost object. 
E) Sunk with respect to a cost object.

Question 18

M-Bot, Incorporated produces automatic car starters.The company used $700,000 of raw materials in their most recent accounting year.They started the year with $25,000 of raw materials and ended with $40,000.
(a)Compute the company's raw materials inventory turnover.
(b)Compute the company's days' sales in raw materials inventory.

Accepted Answer

The answer of M-Bot, Incorporated produces automatic car starters.The company...

Question 19

Fraud involves the deliberate or accidental misuse of the employer's assets.

Accepted Answer

A) True 
 B)False

Question 20

Expenditures necessary and integral to the manufacture of finished products are ________________ costs.

Accepted Answer

The answer of Expenditures necessary and integral to the manufacture...

Ringle Company is a manufacturer of compact disks (CDs).Place each of the following costs in the appropriate column.

Classifying costs by behavior involves:

The manufacturing statement must be prepared monthly as it is a required general-purpose financial statement.

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is the _____________________.

Product costs:

________________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

A fixed cost:

Newly completed units are combined with beginning finished goods inventory to make up total ending goods in process inventory.

Juliet Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is:

What are raw materials inventory turnover and days' sales in raw materials inventory? What is the purpose of these measures?

A _________________ cost does not change in proportion to changes in the volume of activity within the relevant range.

There are many differences between financial and managerial accounting.Identify and explain at least three of these.

Which one of the following items is normally not a manufacturing cost?

_____________________ inventory consists of goods a company acquires to use in making products.

A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured was $147,000; and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for that year?

A direct cost is a cost that is:

Fraud involves the deliberate or accidental misuse of the employer's assets.

Expenditures necessary and integral to the manufacture of finished products are ________________ costs.

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Performance Reporting

Master Budgets and Performance Planning

Flexible Budgets and Standard Costing

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Time Value of Money

Basic Accounting for Transactions

Accounting for Partnerships

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Exam 1: Managerial Accounting Concepts and Principles

Ringle Company is a manufacturer of compact disks (CDs).Place each of the following costs in the appropriate column.

Classifying costs by behavior involves:

The manufacturing statement must be prepared monthly as it is a required general-purpose financial statement.

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is the _____________________.

Product costs:

________________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

A fixed cost:

Newly completed units are combined with beginning finished goods inventory to make up total ending goods in process inventory.

Juliet Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is:

What are raw materials inventory turnover and days' sales in raw materials inventory? What is the purpose of these measures?

A _________________ cost does not change in proportion to changes in the volume of activity within the relevant range.

There are many differences between financial and managerial accounting.Identify and explain at least three of these.

Which one of the following items is normally not a manufacturing cost?

_____________________ inventory consists of goods a company acquires to use in making products.

A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured was $147,000; and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for that year?

A direct cost is a cost that is:

Fraud involves the deliberate or accidental misuse of the employer's assets.

Expenditures necessary and integral to the manufacture of finished products are ________________ costs.

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Performance Reporting

Master Budgets and Performance Planning

Flexible Budgets and Standard Costing

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting and Analyzing Cash Flows

Analyzing Financial Statements

Time Value of Money

Basic Accounting for Transactions

Accounting for Partnerships

Filters