Question 1

Use the following information to prepare the schedule of cost of goods manufactured for Graffstone Company for the month ended June 30.

Accepted Answer

The answer of Use the following information to prepare the...

Question 2

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Accepted Answer

A) True 
 B)False

Question 3

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Accepted Answer

A) $114,400. 
B) $57,800. 
C) $2,600. 
D) $86,100. 
E) $59,200. 
A) $114,400. 
B) $57,800. 
C) $2,600. 
D) $86,100. 
E) $59,200.

Question 4

Four factors come together in production activity: beginning work in process inventory,direct materials,direct labor,and factory overhead.

Accepted Answer

A) True 
 B)False

Question 5

Using the information below,calculate gross profit for the period:

Accepted Answer

A) $714,000. 
B) $482,000. 
C) $1,022,000. 
D) $187,000. 
E) $727,000. 
A) $714,000. 
B) $482,000. 
C) $1,022,000. 
D) $187,000. 
E) $727,000.

Question 6

A ________ system means that a company acquires or produces inventory only when needed.

Accepted Answer

just-in-ti

Question 7

When the attitude of continuous improvement exists throughout an organization,every manager and employee is challenged to continuously experiment with new and improved business practices.

Accepted Answer

A) True 
 B)False

Question 8

Flexibility of practice when applied to managerial accounting means that:

Accepted Answer

A) The information must be presented in electronic format so that it is easily changed. 
B) Managers must be willing to accept the information as the accountants present it to them,rather than in the format they ask for. 
C) Managerial accountants must be on call twenty-four hours a day. 
D) Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations. 
E) Managers must be flexible with information provided in varying forms and using inconsistent measures. 
A) The information must be presented in electronic format so that it is easily changed. 
B) Managers must be willing to accept the information as the accountants present it to them,rather than in the format they ask for. 
C) Managerial accountants must be on call twenty-four hours a day. 
D) Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations. 
E) Managers must be flexible with information provided in varying forms and using inconsistent measures.

Question 9

Use the cost information below for Ruiz,Inc.to determine cost of goods manufactured for the year:

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 10

Managerial accounting is an activity that helps managers determine costs of products and services,plan future activities,and compare actual to planned results.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

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

Question 12

________ inventory consists of products in the process of being manufactured but not yet complete.

Accepted Answer

Work in pr

Question 13

The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

The series of activities that add value to a company's products or services is called a value chain.

Accepted Answer

A) True 
 B)False

Question 16

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its conversion costs total:

Accepted Answer

A) $10,000,000. 
B) $8,000,000. 
C) $12,000,000. 
D) $5,000,000. 
E) $15,000,000. 
A) $10,000,000. 
B) $8,000,000. 
C) $12,000,000. 
D) $5,000,000. 
E) $15,000,000.

Question 17

Langston Company manufactures coats.Costs for February were as follows:
   Required: Calculate the total manufacturing cost for February.

Accepted Answer

The answer of Langston Company manufactures coats.Costs for February were...

Question 18

Asteroid Industries accumulated the following cost information for the year:  Using the above information,total factory overhead costs equal:

Accepted Answer

A) $78,300. 
B) $25,300. 
C) $12,800. 
D) $16,800. 
E) $53,000. 
A) $78,300. 
B) $25,300. 
C) $12,800. 
D) $16,800. 
E) $53,000.

Question 19

The following information relates to the manufacturing operations of the JNR Printing Company for the year:   The raw materials used in manufacturing during the year totaled $118,000.Raw materials purchased during the year amount to:

Accepted Answer

A) $107,000. 
B) $115,000. 
C) $118,000. 
D) $121,000. 
E) $126,000. 
A) $107,000. 
B) $115,000. 
C) $118,000. 
D) $121,000. 
E) $126,000.

Question 20

Total quality management and just-in-time manufacturing focus on quality improvement as well as on time customer deliveries.

Accepted Answer

A) True 
 B)False

Exam 14: Managerial Accounting Concepts and Principles

Use the following information to prepare the schedule of cost of goods manufactured for Graffstone Company for the month ended June 30.

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

Four factors come together in production activity: beginning work in process inventory,direct materials,direct labor,and factory overhead.

Using the information below,calculate gross profit for the period:

A ________ system means that a company acquires or produces inventory only when needed.

When the attitude of continuous improvement exists throughout an organization,every manager and employee is challenged to continuously experiment with new and improved business practices.

Flexibility of practice when applied to managerial accounting means that:

Use the cost information below for Ruiz,Inc.to determine cost of goods manufactured for the year:

Managerial accounting is an activity that helps managers determine costs of products and services,plan future activities,and compare actual to planned results.

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

________ inventory consists of products in the process of being manufactured but not yet complete.

The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.

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

The series of activities that add value to a company's products or services is called a value chain.

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its conversion costs total:

Langston Company manufactures coats.Costs for February were as follows: Required: Calculate the total manufacturing cost for February.

Asteroid Industries accumulated the following cost information for the year: Using the above information,total factory overhead costs equal:

The following information relates to the manufacturing operations of the JNR Printing Company for the year: The raw materials used in manufacturing during the year totaled $118,000.Raw materials purchased during the year amount to:

Total quality management and just-in-time manufacturing focus on quality improvement as well as on time customer deliveries.

Accounting in Business

Accounting for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash,fraud,and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Current Liabilities

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Time Value of Money

Investments

Lean Principles and Accounting

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