Question 1

A report analyzing the dollar savings of purchasing new equipment to speed up the production process is a managerial accounting report.

Accepted Answer

A) True 
 B)False

Question 2

Bartel Corporation produces bar stools for restaurants.For each of the following,indicate whether the cost would typically be considered direct or indirect cost for the cost object given.
-The factory supervisor's salary for the bar stool factory

Accepted Answer

A) Direct 
B) Indirect 
A) Direct 
B) Indirect

Question 3

Direct labor costs are included in the conversion costs of a product.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is an example of a factory overhead cost?

Accepted Answer

A)  repair and maintenance cost on the administrative building 
B)  factory heating and lighting cost 
C)  insurance premiums on salespersons' automobiles 
D)  president's salary 
A)  repair and maintenance cost on the administrative building 
B)  factory heating and lighting cost 
C)  insurance premiums on salespersons' automobiles 
D)  president's salary

Question 5

Which of the following manufacturing costs is an indirect cost of producing a product?

Accepted Answer

A)  oil lubricants used for factory machinery 
B)  commissions for sales personnel 
C)  hourly wages of an assembly worker 
D)  memory chips for a microcomputer manufacturer 
A)  oil lubricants used for factory machinery 
B)  commissions for sales personnel 
C)  hourly wages of an assembly worker 
D)  memory chips for a microcomputer manufacturer

Question 6

Eco-efficiency measures are a form of managerial accounting information that helps managers evaluate the savings generated by using fewer natural resources in a company's operations.

Accepted Answer

A) True 
 B)False

Question 7

In most business organizations,the chief management accountant is called the

Accepted Answer

A)  chief accounting officer 
B)  controller 
C)  chairman of the board 
D)  chief executive officer 
A)  chief accounting officer 
B)  controller 
C)  chairman of the board 
D)  chief executive officer

Question 8

The following data (in thousands of dollars)have been taken from the accounting records of Rayburn Corporation for the current year.
​
​
   Required: (Present all calculations in thousands of dollars.)
(a)What was the cost of the direct materials used in production during the year?
(b)What was the cost of goods manufactured for the year?
(c)What was the cost of goods sold for the year?
(d)What was the net income for the year?
Present all calculations in thousands of dollars.

Accepted Answer

(a)The cost of the direct materials used

Question 9

Which of the following items would not be classified as part of factory overhead?

Accepted Answer

A)  direct labor used 
B)  amortization of manufacturing patents 
C)  production supervisors' salaries 
D)  factory supplies used 
A)  direct labor used 
B)  amortization of manufacturing patents 
C)  production supervisors' salaries 
D)  factory supplies used

Question 10

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

Accepted Answer

A)  improving 
B)  controlling 
C)  directing 
D)  planning 
A)  improving 
B)  controlling 
C)  directing 
D)  planning

Question 11

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 12

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given.
-Tires for the bicycles

Accepted Answer

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

Question 13

Indirect labor and indirect materials are classified as

Accepted Answer

A)  factory overhead and product costs 
B)  factory overhead and period costs 
C)  operating costs and period costs 
D)  operating costs and product costs 
A)  factory overhead and product costs 
B)  factory overhead and period costs 
C)  operating costs and period costs 
D)  operating costs and product costs

Question 14

Work in process inventory on December 31 of the current year is $44,000.Work in process inventory increased by 60% during the year.Cost of goods manufactured amounts to $275,000.What are the total manufacturing costs incurred in the current year?

Accepted Answer

A)  $291,500 
B)  $302,000 
C)  $275,750 
D)  $233,750 
A)  $291,500 
B)  $302,000 
C)  $275,750 
D)  $233,750

Question 15

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Accepted Answer

A)  $198,000 
B)  $160,000 
C)  $189,000 
D)  $200,000 
A)  $198,000 
B)  $160,000 
C)  $189,000 
D)  $200,000

A report analyzing the dollar savings of purchasing new equipment to speed up the production process is a managerial accounting report.

Bartel Corporation produces bar stools for restaurants.For each of the following,indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -The factory supervisor's salary for the bar stool factory

Direct labor costs are included in the conversion costs of a product.

Which of the following is an example of a factory overhead cost?

Which of the following manufacturing costs is an indirect cost of producing a product?

Eco-efficiency measures are a form of managerial accounting information that helps managers evaluate the savings generated by using fewer natural resources in a company's operations.

In most business organizations,the chief management accountant is called the

Which of the following items would not be classified as part of factory overhead?

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

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

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given. -Tires for the bicycles

Indirect labor and indirect materials are classified as

Work in process inventory on December 31 of the current year is $44,000.Work in process inventory increased by 60% during the year.Cost of goods manufactured amounts to $275,000.What are the total manufacturing costs incurred in the current year?

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters

Exam 15: Introduction to Managerial Accounting

A report analyzing the dollar savings of purchasing new equipment to speed up the production process is a managerial accounting report.

Bartel Corporation produces bar stools for restaurants.For each of the following,indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -The factory supervisor's salary for the bar stool factory

Direct labor costs are included in the conversion costs of a product.

Which of the following is an example of a factory overhead cost?

Which of the following manufacturing costs is an indirect cost of producing a product?

Eco-efficiency measures are a form of managerial accounting information that helps managers evaluate the savings generated by using fewer natural resources in a company's operations.

In most business organizations,the chief management accountant is called the

Which of the following items would not be classified as part of factory overhead?

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

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

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given. -Tires for the bicycles

Indirect labor and indirect materials are classified as

Work in process inventory on December 31 of the current year is $44,000.Work in process inventory increased by 60% during the year.Cost of goods manufactured amounts to $275,000.What are the total manufacturing costs incurred in the current year?

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Introduction to Accounting and Business

Analyzing Transactions

The Adjusting Process

Completing the Accounting Cycle

Accounting for Merchandising Businesses

Inventories

Internal Control and Cash

Receivables

Long-Term Assets: Fixed and Intangible

Liabilities: Current,installment Notes,and Contingencies

Liabilities: Bonds Payable

Corporations: Organization, stock Transactions, and Dividends

Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Cost Systems

Activity-Based Costing

Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Evaluating Variances From Standard Costs

Evaluating Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Lean Manufacturing and Activity Analysis

Filters