Question 1

Goods that are partially completed by a manufacturer are

Accepted Answer

A) merchandise inventory 
B) work in process inventory 
C) finished goods inventory 
D) materials inventory 
A) merchandise inventory 
B) work in process inventory 
C) finished goods inventory 
D) materials inventory

Question 2

Differentiate between a line department and a staff department.​

Accepted Answer

The answer of Differentiate between a line department and a...

Question 3

Identify the following costs as a direct materials, b direct labor, or c factory overhead for a lawn mower manufacturer.
1.Wheels
2.Depreciation on worker's tools
3.Wages of assemblers
4.Grease for wheel axles

Accepted Answer

1.Direct material
2.

Question 4

A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report.

Accepted Answer

A) True 
 B)False

Question 5

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given.
-Delivery costs to take the bicycles to stores

Accepted Answer

A) Product 
B) Period 
A) Product 
B) Period

Question 6

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Accepted Answer

A) supervising 
B) planning 
C) improving 
D) decision making 
A) supervising 
B) planning 
C) improving 
D) decision making

Question 7

Materials must have which two qualities in order to be classified as direct materials?

Accepted Answer

A) They must be classified as both prime costs and conversion costs. 
B) They must be introduced into the process in both work-in-process inventories and finished goods inventories. 
C) They must be an integral part of the finished product, but can be an insignificant portion of the total product cost. 
D) They must be an integral part of the finished product and be a significant portion of the total product cost. 
A) They must be classified as both prime costs and conversion costs. 
B) They must be introduced into the process in both work-in-process inventories and finished goods inventories. 
C) They must be an integral part of the finished product, but can be an insignificant portion of the total product cost. 
D) They must be an integral part of the finished product and be a significant portion of the total product cost.

Question 8

Classify the following costs as direct, indirect, or neither:

Accepted Answer

a indirect
b indirect
c indire

Question 9

Indirect costs can be specifically traced to a cost object.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is the principle reason for preparing managerial accounting reports?

Accepted Answer

A) usefulness to management 
B) cost of preparation 
C) clarity 
D) GAAP 
A) usefulness to management 
B) cost of preparation 
C) clarity 
D) GAAP

Question 11

The plant manager's salary in a manufacturing business would be considered an indirect cost.

Accepted Answer

A) True 
 B)False

Question 12

Cost of goods manufactured is equal to

Accepted Answer

A) total manufacturing costs plus ending materials inventory less beginning materials inventory 
B) cost of goods sold plus beginning work in process inventory less ending work in process inventory 
C) total manufacturing costs plus ending work in process inventory less beginning work in process inventory 
D) total manufacturing costs plus beginning work in process inventory less ending work in process inventory 
A) total manufacturing costs plus ending materials inventory less beginning materials inventory 
B) cost of goods sold plus beginning work in process inventory less ending work in process inventory 
C) total manufacturing costs plus ending work in process inventory less beginning work in process inventory 
D) total manufacturing costs plus beginning work in process inventory less ending work in process inventory

Question 13

Period nonmanufacturing costs are classified into two categories: selling and administrative.

Accepted Answer

A) True 
 B)False

Question 14

Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year.Indirect labor amounted to $2,700 while indirect materials used totaled $1,600.Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600.There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance.
Prepare a statement of cost of goods manufactured.

Accepted Answer

The answer of Allen Company used $71,000 of direct materials...

Question 15

Which of the following accounts will be found on the income statement?

Accepted Answer

A) Inventory 
B) Work in Process 
C) Finished Goods 
D) Cost of Goods Sold 
A) Inventory 
B) Work in Process 
C) Finished Goods 
D) Cost of Goods Sold

Question 16

Factory overhead cost is sometimes referred to as factory burden.

Accepted Answer

A) True 
 B)False

Question 17

A diagram of the operating structure of an organization is called an organization chart.

Accepted Answer

A) True 
 B)False

Question 18

The cost of a manufactured product generally consists of which of the following costs?

Accepted Answer

A) direct materials cost and factory overhead cost only 
B) direct labor cost and factory overhead cost only 
C) direct labor cost, direct materials cost, and factory overhead cost 
D) direct materials cost and direct labor cost only 
A) direct materials cost and factory overhead cost only 
B) direct labor cost and factory overhead cost only 
C) direct labor cost, direct materials cost, and factory overhead cost 
D) direct materials cost and direct labor cost only

Question 19

Planning is the process of developing the company's objectives or goals and translating these objectives into courses of action.

Accepted Answer

A) True 
 B)False

Question 20

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period.If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was

Accepted Answer

A) $218,000 
B) $226,000 
C) $190,000 
D) $222,000 
A) $218,000 
B) $226,000 
C) $190,000 
D) $222,000

Goods that are partially completed by a manufacturer are

Differentiate between a line department and a staff department.

Identify the following costs as a direct materials, b direct labor, or c factory overhead for a lawn mower manufacturer. 1.Wheels 2.Depreciation on worker's tools 3.Wages of assemblers 4.Grease for wheel axles

A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report.

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Delivery costs to take the bicycles to stores

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Materials must have which two qualities in order to be classified as direct materials?

Classify the following costs as direct, indirect, or neither:

Indirect costs can be specifically traced to a cost object.

Which of the following is the principle reason for preparing managerial accounting reports?

The plant manager's salary in a manufacturing business would be considered an indirect cost.

Cost of goods manufactured is equal to

Period nonmanufacturing costs are classified into two categories: selling and administrative.

Which of the following accounts will be found on the income statement?

Factory overhead cost is sometimes referred to as factory burden.

A diagram of the operating structure of an organization is called an organization chart.

The cost of a manufactured product generally consists of which of the following costs?

Planning is the process of developing the company's objectives or goals and translating these objectives into courses of action.

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period.If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Managerial Accounting Concepts and Principles

Goods that are partially completed by a manufacturer are

Differentiate between a line department and a staff department.​

Identify the following costs as a direct materials, b direct labor, or c factory overhead for a lawn mower manufacturer. 1.Wheels 2.Depreciation on worker's tools 3.Wages of assemblers 4.Grease for wheel axles

A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report.

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Delivery costs to take the bicycles to stores

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Materials must have which two qualities in order to be classified as direct materials?

Classify the following costs as direct, indirect, or neither:

Indirect costs can be specifically traced to a cost object.

Which of the following is the principle reason for preparing managerial accounting reports?

The plant manager's salary in a manufacturing business would be considered an indirect cost.

Cost of goods manufactured is equal to

Period nonmanufacturing costs are classified into two categories: selling and administrative.

Which of the following accounts will be found on the income statement?

Factory overhead cost is sometimes referred to as factory burden.

A diagram of the operating structure of an organization is called an organization chart.

The cost of a manufactured product generally consists of which of the following costs?

Planning is the process of developing the company's objectives or goals and translating these objectives into courses of action.

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period.If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Lean Principles, Lean Accounting, and Activity Analysis

Statement of Cash Flows

Financial Statement Analysis

Filters

Differentiate between a line department and a staff department.