Exam 1: Managerial Accounting Concepts and Principles

If the cost of a direct material is a small portion of total production cost, it may be classified as part of

Which of the following are reported on the income statement as part of cost of goods?

For a construction contractor, the wages of carpenters would be classified as factory overhead cost.

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Depreciation expense-factory

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Sprinkles for decoration indirect material

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as

Controlling deals with choosing goals and deciding how to achieve them.

Prime costs are the combination of direct materials and direct labor costs.

Match the items below for a bakery to the type of cost a-d. -Depreciation expense-office

The cost of goods sold for Michaels Manufacturing in the current year was $233,000.The January 1 finished goods inventory balance was $31,600, and the December 31 finished goods inventory balance was $24,200.Cost of goods manufactured during the period was

For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.

Managerial accountants could prepare all of the following reports except

Differentiate between financial and managerial accounting, addressing such issues as users, nature of information, guidelines for preparation, timeliness and focus of reporting.

Factory overhead includes all manufacturing costs except direct materials and direct labor.

The vice presidents of production and sales and the controller hold line positions in most large organizations.

The following data in thousands of dollars have been taken from the accounting records of Rayburn Corporation for the current year. Required: Present all calculations in thousands of dollars. a What was the cost of the direct materials used in production during the year? b What was the cost of goods manufactured for the year? c What was the cost of goods sold for the year? d What was the net income for the year? Present all calculations in thousands of dollars.

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Accountant salaries

Given the following data: What is the amount of raw materials used?

Differentiate between: a direct materials versus indirect materials b direct labor versus indirect labor

A cost can be a payment of cash for the purpose of generating revenues.