Exam 14: Managerial Accounting Concepts and Principles

For each item shown below,classify it as a product cost or a period cost,by placing an X in the appropriate column.For each item that is a product cost,also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product.

Direct costs can be traced to more than one cost object.

The following costs are incurred by Gonzalez Manufacturing Co.Classify each cost item as either a period cost or a product cost.If the cost is a product cost,identify it as a prime and/or conversion cost.Place an x in the appropriate column for your answers.

Define fraud and give at least two examples of employee fraud.

A manufacturing company's beginning finished goods inventory was $29,000; cost of goods manufactured for the year was $316,000; and the ending finished goods inventory was $31,000.What is the cost of goods sold for the year?

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

________ reveals how many times a company uses its raw materials inventory in production during a period.

Costs necessary and integral to the manufacture of finished products are ________ costs.

A manufacturer's total cost of making and finishing products in the period is called:

Which of the following is not a direct cost for a scooter manufacturer?

The concept of total quality management focuses on quality improvement.

________ inventory consists of completed products ready for sale by a manufacturer.