Exam 14: Managerial Accounting Concepts and Principles

Labor costs that are clearly associated with specific units of product because the labor is used to convert raw materials into finished products are called:

The Work in Process Inventory account is found only in the ledgers of manufacturing companies.

Use the following data to compute total factory overhead costs for the month:

Total quality management (TQM)focuses on quality improvement to business activities.

Use the cost information below for Sundar Company to determine the cost of goods manufactured during the current year:

Managerial accounting is different from financial accounting in that:

A National Quality Award that encourages an emphasis on quality was established by:

Classifying costs by behavior with changes in volume of activity involves:

Which of the following is not part of the materials activity in the flow of manufacturing activities?

Place each of the following costs of a Blu-ray disc manufacturer in the appropriate column.

The main difference between the cost of goods sold of a manufacturer and a merchandiser is that the manufacturer includes cost of goods manufactured rather than cost of goods purchased.

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

Raw materials that are tangible components of the finished product and can be separately and readily traced through the manufacturing process are called:

Total variable costs change in proportion to changes in the volume of activity.

Use the following information to calculate the cost of goods sold for the period:

A direct cost is a cost that is:

Feedback provided by the control function allows managers to revise their plans.

Costs that are capitalized as inventory when they are incurred are called:

Under a just-in-time manufacturing system,large quantities of inventory are accumulated throughout the factory to be certain that components are available each time that they are needed.

Control is the process of setting goals and determining ways to achieve them.