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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For a manufacturer,the cost of goods sold can be computed by adding the beginning finished goods inventory to ________________________ and then subtracting the ending finished goods inventory.
(Short Answer)
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The three major cost components of a manufactured product are:
(Multiple Choice)
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Juliet Corporation has accumulated the following accounting data for the year:
Finished goods inventory, January 1 \3 ,200 Finished goods inventory, December 31 4,000 Total cost of goods sold 4,200
The cost of goods manufactured for the year is:
(Multiple Choice)
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Use the following information to compute the cost of goods manufactured:
Beginning finished goods inventory \ 9,250 Beginning goods in process inventory 8,700 Beginning raw materials 7,500 Depreciation on factory equipment 6,000 Direct labor 75,000 Ending finished goods inventory 8,750 Ending goods in process inventory 9,300 Ending raw materials 8,500 Factory Supervisor's salary 50,000 Raw material purchases 14,000
(Multiple Choice)
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A manufacturer's inventory that is not completely finished is called __________________ .
(Short Answer)
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The cost of partially completed products is included in the balance of the Goods in Process Inventory account.
(True/False)
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Which of the following is never included in direct materials costs?
(Multiple Choice)
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Materials that are used in support of the production process but that do not become a part of the product and are not clearly identified with units or batches of product are called:
(Multiple Choice)
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Which of the following is not a characteristic of all fraud?
(Multiple Choice)
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For each item shown below,indicate whether it is a product cost or a period cost,by placing an X in the appropriate column.For each item that is a product cost,also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product.
Cost Item Product Period Direct Indirect Administrative salaries Direct labor Advertising Property tax on the factory Factory maintenance Direct materials Depreciation on factory equipment Interest expense Factory supplies
(Essay)
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The following information for Baldwin Company,as of December 31,is provided.
Administrative salaries \ 24,000 Depreciation of factory equipment 18,750 Depreciation of delivery vehicles 6,000 Direct labor 51,000 Factory supplies used 9,000 Finished goods inventory, January 1 42,750 Finished goods inventory, December 31 52,000 Factory insurance 11,625 Interest expense 10,000 Factory utilities 10,500 Factory maintenance 5,625 Raw materials inventory, January 1 7,000 Raw materials inventory, December 31 3,500 Raw material purchases 94,000 Rent on factory equipment 18,750 Repairs of factory equipment 8,600 Sales commissions 28,150 Goods in process inventory, January 1 4,000 Goods in process inventory, December 31 2,500
A. Calculate the direct material used during the period.
B. Calculate the total manufacturing costs incurred during the period.
C. Calculate the Cost of Goods Manufactured during the period.
D. Calculate the Cost of Goods Sold during the period.
(Essay)
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Both financial and managerial accounting affect people's decisions and actions.
(True/False)
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The concept of total quality management focuses on continuous improvement.
(True/False)
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The management concept of customer orientation causes a company to spend large amounts on advertising to convince customers to buy the company's standard products.
(True/False)
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What is the main difference between the income statement of a manufacturer and that of a merchandiser?
(Essay)
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________________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.
(Short Answer)
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Indirect labor refers to the cost of the workers whose efforts are directly traceable to specific units or batches of product.
(True/False)
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