Exam 14: Managerial Accounting Concepts and Principles

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Goods a company acquires to use in making products are called:

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Assuming production needs can be met,companies usually prefer:

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Expenditures incurred in the process of converting raw materials to finished goods,that include direct labor and factory overhead are known as _________________________.

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What are prime costs? What are conversion costs?

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Days' sales in raw materials inventory is a measure of:

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Which one of the following items is normally not a manufacturing cost?

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____________________ inventory consists of completed products ready for sale by a manufacturer.

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Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor are _____________________ costs.

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Direct costs are incurred for the benefit of more than one cost object.

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Companies A,B,C,and D are competitors in the same industry.Assume that all have adequate quantities of raw materials to meet production needs. Company Company Company Company Company AA BB CC DD EE Raw materials used in a year \ 10,000 \ 20,000 \ 30,000 \ 30,000 \4 0,000 Beginning raw materials inventory \ 700 \ 600 \ 500 \ 40 \8 000 Ending raw materials inventory \ 1,100 \ 1,000 \ 900 \ 800 \1 ,000 Which company has the best raw materials inventory turnover?

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A direct cost is a cost that is:

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Indirect materials are accounted for as factory overhead because they are not easily traced to specific units or batches of production.

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Which of the following statements is true?

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Financial accounting relies on accepted principles that are enforced through an extensive set of rules and guidelines; managerial accounting systems are flexible.

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Which of the following statements regarding fraud is true?

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The following costs are incurred by a manufacturing company.Classify each cost item as either a period cost or a product cost.If the cost is a product cost,identify it as a prime and/or conversion cost. The following costs are incurred by a manufacturing company.Classify each cost item as either a period cost or a product cost.If the cost is a product cost,identify it as a prime and/or conversion cost.

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Direct materials are not usually easily traced to a product.

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Use the following information to compute the cost of goods sold for the period: Beginning raw materials \ 5,500 Ending raw materials 4,000 Direct labor 12,250 Raw material purchases 7,400 Depreciation on factory equipment 6,500 Factory repairs and maintenance 3,300 Beginning finished goods inventory 10,200 Ending finished goods inventory 8,900 Beginning goods in process inventory 5,700 Ending goods in process inventory 6,300

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The following information relates to the manufacturing operations of the IMH Publishing Corporation for the year: Beginning Ending Raw materials inventory \ 57,000 \ 60,000 Finished goods 68,000 60,000 The raw materials used in manufacturing during the year totaled $118,000.Raw materials purchased during the year amount to:

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Match the following terms to the appropriate definitions. __________ (1) Managerial accounting __________ (2) Continuous improvement __________ (3) Raw materials inventory __________ (4) Customer orientation __________ (5) Just-in-time manufacturing __________ (6) Goods in process inventory __________ (7) Lean business model __________ (8) Balanced scorecard __________ (9) Prime costs __________(10)Raw Materials Inventory Turnover (a) An idea that rejects the notions of "good enough" and "acceptable" and challenges employees and managers to continually experiment with new and improved business practices. (b) Goods a company acquires to use in making products. (c) The ratio which computes how many times a company turns over its raw materials inventory in a period. (d) A system that acquires inventory and produces only when needed. (e) An approach that aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along the four dimensions of (1)financial; (2)customer; (3)internal business processes; (4)learning and growth. (f) Expenditures directly associated with the manufacture of finished goods; includes direct materials and direct labor. (g) An idea that means that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly. (h) Products in the process of being manufactured but not yet complete. (i) A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company. (j) An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

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