Exam 15: Introduction to Managerial Accounting

Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making,managerial accounting provides ample opportunity for developing business strategies.

Depreciation on factory plant and equipment is an example of factory overhead cost.

A company manufactured 50,000 units of a product at a cost of $450,000.It sold 45,000 units at $15 each.The gross profit is

Given the following data: ​ ​ Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process,beginning 28,000 Work in process,ending 18,000 Finished goods,beginning 28,000 Finished goods,ending 18,000 What is cost of goods sold?

Managerial accounting reports are

Which of the following are reported on the income statement as part of cost of goods?

The controller's staff often consists of several management accountants.All of the following would most likely be on the controller's staff except

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. -Manufacturing costs for wood and steel used in the bar stools

A plant manager's salary is

Compute conversion costs given the following data: direct materials,$347,500; direct labor,$196,300; factory overhead,$187,900; and selling expenses,$45,290.

An example of a period cost is

Another term for factory overhead is

Indirect labor and indirect materials would be part of factory overhead.

Which of the following is not a factory overhead cost?

The vice presidents of human resources and the controller hold line positions in most large organizations.

Controlling deals with choosing goals and deciding how to achieve them.

Factory overhead cost is sometimes referred to as factory burden.

The following are all product costs except

Which of the following is part of factory overhead cost?

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost.