Exam 16: Introduction to Managerial Accounting
Exam 1: Accounting and the Business Environment198 Questions
Exam 2: Recording Business Transactions177 Questions
Exam 3: The Adjusting Process179 Questions
Exam 4: Completing the Accounting Cycle170 Questions
Exam 5: Merchandising Operations203 Questions
Exam 6: Merchandise Inventory163 Questions
Exam 7: Internal Control and Cash185 Questions
Exam 8: Receivables170 Questions
Exam 9: Plant Assets, natural Resources, and Intangibles181 Questions
Exam 10: Investments146 Questions
Exam 11: Current Liabilities and Payroll187 Questions
Exam 12: Long-Term Liabilities192 Questions
Exam 13: Stockholders Equity206 Questions
Exam 14: The Statement of Cash Flows164 Questions
Exam 15: Financial Statement Analysis167 Questions
Exam 16: Introduction to Managerial Accounting210 Questions
Exam 17: Job Order Costing170 Questions
Exam 18: Process Costing167 Questions
Exam 19: Cost Management Systems: Activity-Based, just-In-Time, and Quality Management Systems154 Questions
Exam 20: Cost-Volume-Profit Analysis173 Questions
Exam 21: Variable Costing135 Questions
Exam 22: Master Budgets172 Questions
Exam 23: Flexible Budgets and Standard Cost Systems204 Questions
Exam 24: Responsibility Accounting and Performance Evaluation155 Questions
Exam 25: Short-Term Business Decisions182 Questions
Exam 26: Capital Investment Decisions142 Questions
Exam 27: Accounting Information Systems143 Questions
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Mason Cabinet Company sells standard kitchen cabinets.The following information summarizes Mason's operating activities for the year:
Selling and Administrative Expenses \ 42,750 Purchases 85,700 Sales Revenue 154,500 Merchandise Inventory, January 1 12,500 Merchandise Inventory, December 31 16,200 Mason sold 950 cabinets during the year.
Calculate the operating income for the year.
Compute the unit cost for one cabinet (Round to two decimal places. )
(Essay)
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Planet Manufacturing provided the following information for the month ended March 31:
Sales Revenue \ 22,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 6,500 Cost of Goods Manufactured 10,600 Selling and Administrative Expenses 5,125 Prepare the income statement.
(Essay)
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In a manufacturing company,the salary of the sales staff is an example of period cost.
(True/False)
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Malibu Corporation provided the following information for the year: Beginning Balance - Work-in-Process Inventory \ 26,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance - Raw Materials Inventory 81,000 Ending Balance-Raw Materials Inventory 59,000 Purchases - Raw Materials 360,000 Direct Labor 471,000 Indirect Labor 19,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year?
(Multiple Choice)
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For a manufacturer,rent paid for an office building is an example of a period cost.
(True/False)
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Comparing actual performance to previously budgeted amounts is part of the ________.
(Multiple Choice)
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Product costs,such as direct materials,are expensed in the period they are paid.
(True/False)
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Which of the following statements is true of managerial accounting?
(Multiple Choice)
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Which of the following is a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services,while meeting organizational goals throughout the value chain?
(Multiple Choice)
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________ is a philosophy of continuous improvement of products and processes.
(Multiple Choice)
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Direct costs and indirect costs can be easily traced directly to a cost object.
(True/False)
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Daryl Corporation reports costs for the year as follows: Direct Materials Used \ 780,000 Wages to Line Workers 245,000 Office Rent 33,000 Indirect Materials Used 800,000 How much is the total product costs for the year?
(Multiple Choice)
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The income statement of a service company will most likely include ________.
(Multiple Choice)
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The following information was obtained from Fizz,Inc.: Advertising Costs \ 11,600 Indirect Labor 8,000 CEO's Salary 470,000 Direct Labor 53,000 Indirect Materials Used 8,000 Direct Materials Used 390,000 Factory Utilities 840 Factory Janitorial Costs 1,000 Manufacturing Equipment Depreciation 1,700 Delivery Vehicle Depreciation 2,110 Administrative Wages and Salaries 22,300 How much were Fizz's period costs?
(Multiple Choice)
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Which of the following would be included as manufacturing overhead for a manufacturing company?
(Multiple Choice)
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Factory rent,as well as factory property taxes and insurance,are included in manufacturing overhead.
(True/False)
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Selling and administrative expenses are subtracted from gross profit to obtain operating income.
(True/False)
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Indirect materials costs are included in manufacturing overhead.
(True/False)
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Which of the following will be included in manufacturing overhead costs?
(Multiple Choice)
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