Question 1

An opportunity cost is:

Accepted Answer

A) An uncontrollable cost. 
B) A cost of potential benefit lost. 
C) A change in the cost of a component. 
D) A direct cost. 
E) A sunk cost. 
A) An uncontrollable cost. 
B) A cost of potential benefit lost. 
C) A change in the cost of a component. 
D) A direct cost. 
E) A sunk cost.

Question 2

The Ticky Company manufactures tacks.Costs for September were direct labor, $84,000; indirect labor, $36,700; direct materials, $55,900; factory maintenance, $4,800; factory utilities, $3,200; and insurance on plant and equipment, $700.What is Ticky Company's factory overhead for September?

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 3

___________________ is the process of setting goals and making plans to achieve them.

Accepted Answer

The answer of ___________________ is the process of setting goals...

Question 4

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser, but the manufacturer replaces that with _____________________________.

Accepted Answer

cost of go

Question 5

Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30:

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 6

Use the following information from Hardy Co. for the current year:
 
-The total of Hardy Co.'s manufacturing costs added during the current year is:

Accepted Answer

A) $12,000 
B) $16,100 
C) $17,100 
D) $18,100 
E) $13,600 
A) $12,000 
B) $16,100 
C) $17,100 
D) $18,100 
E) $13,600

Question 7

The three major cost components of a manufactured product are:

Accepted Answer

A) Marketing, selling, and administrative costs. 
B) Indirect labor, indirect materials, and miscellaneous factory expenses. 
C) Direct materials, direct labor, and factory overhead. 
D) Differential costs, opportunity costs, and sunk costs. 
E) General, selling, and administrative costs. 
A) Marketing, selling, and administrative costs. 
B) Indirect labor, indirect materials, and miscellaneous factory expenses. 
C) Direct materials, direct labor, and factory overhead. 
D) Differential costs, opportunity costs, and sunk costs. 
E) General, selling, and administrative costs.

Question 8

A variable cost changes in proportion to changes in the volume in activity.

Accepted Answer

A) True 
 B)False

Question 9

The orientation of just-in-time manufacturing is that products are "pulled" through the manufacturing process by the orders received from customers.

Accepted Answer

A) True 
 B)False

Question 10

Bourne Crafts manufactures specialty key chains for tourist attractions.On December 31, 2013, the firm had 200 souvenir attraction disks used in the production of the chains that cost $3 each; and 600 completed key chains that cost $6 each.During year 2013 Bourne Crafts purchased 1,500 souvenir disks costing $3 each and produced 1,100 key chains.
Required:
Determine the total cost of raw materials inventory at December 31, 2013.

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 11

Explain what is meant by the "lean business model" and why many businesses have adopted it.

Accepted Answer

The lean business model is a model whose

Question 12

Classify each of the following cost items as a variable cost, a fixed cost, or a mixed cost by placing an X in the appropriate column.Each cost should be evaluated in terms of the volume of units of finished products produced.Also indicate with an X for each item if it is a product cost or a period cost.

Accepted Answer

@#IMG-DLM&_TB6311_00

Question 13

Whitman Products and Rockland Industries report the following information at December 31:
   Required:
(a)Which company is a manufacturer? Explain.
(b)Prepare the current asset section of the balance sheet for the manufacturer.

Accepted Answer

(a)Rockland Industries is the manufactur

Question 14

The following information is available for Talking Toys, Inc. for the current year:
 
-The total cost of goods manufactured for the year was:

Accepted Answer

A) $13,000 
B) $44,500 
C) $57,500 
D) $94,500. 
E) $52,000 
A) $13,000 
B) $44,500 
C) $57,500 
D) $94,500. 
E) $52,000

Question 15

Goods a company acquires to use in making products are called:

Accepted Answer

A) Cost of goods sold. 
B) Raw materials inventory. 
C) Finished goods inventory. 
D) Goods in process inventory. 
E) Conversion costs. 
A) Cost of goods sold. 
B) Raw materials inventory. 
C) Finished goods inventory. 
D) Goods in process inventory. 
E) Conversion costs.

Question 16

If beginning and ending goods in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?

Accepted Answer

A) $180,000 
B) $155,000 
C) $160,000 
D) $175,000 
E) $165,000 
A) $180,000 
B) $155,000 
C) $160,000 
D) $175,000 
E) $165,000

Question 17

Both financial and managerial accounting report monetary information; managerial accounting also reports considerable nonmonetary information.

Accepted Answer

A) True 
 B)False

Question 18

Raw materials inventory turnover equals raw materials used divided by average raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 19

Identify the three categories of manufacturing costs.

Accepted Answer

The three basic cost elements

Question 20

Ajax Company accumulated the following account information for the year:   Using the above information, total factory overhead costs would be:

Accepted Answer

A) $9,800 
B) $16,800 
C) $15,800 
D) $13,000 
E) $7,800 
A) $9,800 
B) $16,800 
C) $15,800 
D) $13,000 
E) $7,800

An opportunity cost is:

The Ticky Company manufactures tacks.Costs for September were direct labor, $84,000; indirect labor, $36,700; direct materials, $55,900; factory maintenance, $4,800; factory utilities, $3,200; and insurance on plant and equipment, $700.What is Ticky Company's factory overhead for September?

___________________ is the process of setting goals and making plans to achieve them.

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser, but the manufacturer replaces that with _____________________________.

Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30:

Use the following information from Hardy Co. for the current year: -The total of Hardy Co.'s manufacturing costs added during the current year is:

The three major cost components of a manufactured product are:

A variable cost changes in proportion to changes in the volume in activity.

The orientation of just-in-time manufacturing is that products are "pulled" through the manufacturing process by the orders received from customers.

Explain what is meant by the "lean business model" and why many businesses have adopted it.

Whitman Products and Rockland Industries report the following information at December 31: Required: (a)Which company is a manufacturer? Explain. (b)Prepare the current asset section of the balance sheet for the manufacturer.

The following information is available for Talking Toys, Inc. for the current year: -The total cost of goods manufactured for the year was:

Goods a company acquires to use in making products are called:

If beginning and ending goods in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?

Both financial and managerial accounting report monetary information; managerial accounting also reports considerable nonmonetary information.

Raw materials inventory turnover equals raw materials used divided by average raw materials inventory.

Identify the three categories of manufacturing costs.

Ajax Company accumulated the following account information for the year: Using the above information, total factory overhead costs would be:

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

Exam 1: Managerial Accounting Concepts and Principles

An opportunity cost is:

The Ticky Company manufactures tacks.Costs for September were direct labor, $84,000; indirect labor, $36,700; direct materials, $55,900; factory maintenance, $4,800; factory utilities, $3,200; and insurance on plant and equipment, $700.What is Ticky Company's factory overhead for September?

___________________ is the process of setting goals and making plans to achieve them.

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser, but the manufacturer replaces that with _____________________________.

Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30:

Use the following information from Hardy Co. for the current year: -The total of Hardy Co.'s manufacturing costs added during the current year is:

The three major cost components of a manufactured product are:

A variable cost changes in proportion to changes in the volume in activity.

The orientation of just-in-time manufacturing is that products are "pulled" through the manufacturing process by the orders received from customers.

Explain what is meant by the "lean business model" and why many businesses have adopted it.

Whitman Products and Rockland Industries report the following information at December 31: Required: (a)Which company is a manufacturer? Explain. (b)Prepare the current asset section of the balance sheet for the manufacturer.

The following information is available for Talking Toys, Inc. for the current year: -The total cost of goods manufactured for the year was:

Goods a company acquires to use in making products are called:

If beginning and ending goods in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?

Both financial and managerial accounting report monetary information; managerial accounting also reports considerable nonmonetary information.

Raw materials inventory turnover equals raw materials used divided by average raw materials inventory.

Identify the three categories of manufacturing costs.

Ajax Company accumulated the following account information for the year: Using the above information, total factory overhead costs would be:

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