Exam 14: Managerial Accounting Concepts and Principles
Exam 1: Introducing Accounting in Business257 Questions
Exam 2: Analyzing and Recording Transactions216 Questions
Exam 3: Adjusting Accounts and Preparing Financial Statements236 Questions
Exam 4: Accounting for Merchandising Operations200 Questions
Exam 5: Inventories and Cost of Sales197 Questions
Exam 6: Cash and Internal Controls198 Questions
Exam 7: Accounts and Notes Receivable170 Questions
Exam 8: Long-Term Assets205 Questions
Exam 9: Current Liabilities191 Questions
Exam 10: Long-Term Liabilities189 Questions
Exam 11: Corporate Reporting and Analysis200 Questions
Exam 12: Reporting Cash Flows175 Questions
Exam 13: Analysis of Financial Statements185 Questions
Exam 14: Managerial Accounting Concepts and Principles198 Questions
Exam 15: Job Order Costing and Analysis155 Questions
Exam 16: Process Costing191 Questions
Exam 17: Activity-Based Costing and Analysis183 Questions
Exam 18: Cost-Volume-Profit Analysis181 Questions
Exam 19: Variable Costing and Performance Reporting178 Questions
Exam 20: Master Budgets and Performance Planning164 Questions
Exam 21: Flexible Budgets and Standard Costs179 Questions
Exam 22: Decentralization and Performance Measurement154 Questions
Exam 23: Relevant Costing for Managerial Decisions140 Questions
Exam 24: Capital Budgeting and Investment Analysis144 Questions
Exam 25: Accounting With Special Journals160 Questions
Exam 26: Time Value of Money58 Questions
Exam 27: Investments and International Operations181 Questions
Exam 28: Accounting for Partnerships126 Questions
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Goods a company acquires to use in making products are called:
(Multiple Choice)
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Assuming production needs can be met,companies usually prefer:
(Multiple Choice)
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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 _________________________.
(Short Answer)
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Which one of the following items is normally not a manufacturing cost?
(Multiple Choice)
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____________________ inventory consists of completed products ready for sale by a manufacturer.
(Short Answer)
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Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor are _____________________ costs.
(Short Answer)
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Direct costs are incurred for the benefit of more than one cost object.
(True/False)
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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?
(Multiple Choice)
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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.
(True/False)
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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.
(True/False)
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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.


(Essay)
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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
(Multiple Choice)
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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:
(Multiple Choice)
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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.
(Essay)
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