Question 1

A staff department or unit is one that provides services,assistance,and advice to the departments with line or other staff responsibilities.

Accepted Answer

A) True 
 B)False

Question 2

Direct costs can be specifically traced to a cost object.

Accepted Answer

A) True 
 B)False

Question 3

Finished goods inventory is reported on the

Accepted Answer

A)  income statement as a period cost 
B)  balance sheet as a long-term asset 
C)  balance sheet as a current asset 
D)  income statement as revenue 
A)  income statement as a period cost 
B)  balance sheet as a long-term asset 
C)  balance sheet as a current asset 
D)  income statement as revenue

Question 4

What is the purpose of the statement of cost of goods manufactured?

Accepted Answer

A)  to determine the ending materials inventory 
B)  to determine the ending work in process inventory 
C)  to determine the amounts transferred to finished goods 
D)  all of these 
A)  to determine the ending materials inventory 
B)  to determine the ending work in process inventory 
C)  to determine the amounts transferred to finished goods 
D)  all of these

Question 5

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given.
-Nails and screws used in the production of the bar stools

Accepted Answer

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

Question 6

Prime costs are

Accepted Answer

A)  direct materials and factory overhead 
B)  direct materials and direct labor 
C)  direct labor and factory overhead 
D)  period costs and factory overhead 
A)  direct materials and factory overhead 
B)  direct materials and direct labor 
C)  direct labor and factory overhead 
D)  period costs and factory overhead

Question 7

Which of the following costs are conversion costs?

Accepted Answer

A)  direct labor cost and factory overhead cost 
B)  direct materials cost and direct labor cost 
C)  factory overhead cost 
D)  direct materials cost and factory overhead cost 
A)  direct labor cost and factory overhead cost 
B)  direct materials cost and direct labor cost 
C)  factory overhead cost 
D)  direct materials cost and factory overhead cost

Question 8

Sienna Company has the following information for January:
​
   Calculate the cost of goods manufactured.

Accepted Answer

The answer of Sienna Company has the following information for...

Question 9

SASB's standards are required and provide sustainability information in financial statements.

Accepted Answer

A) True 
 B)False

Question 10

Zoe Corporation has the following information for the month of March:
​
   Prepare (a)a schedule of cost of goods manufactured,(b)an income statement for the month ended March 31,and (c)the inventory section of the balance sheet.

Accepted Answer

The answer of Zoe Corporation has the following information for...

Question 11

The cost of goods sold for Michaels Manufacturing in the current year was $233,000.The January 1 finished goods inventory balance was $31,600,and the December 31 finished goods inventory balance was $24,200.Cost of goods manufactured during the period was

Accepted Answer

A)  $233,000 
B)  $225,600 
C)  $288,800 
D)  $240,400 
A)  $233,000 
B)  $225,600 
C)  $288,800 
D)  $240,400

Question 12

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Accepted Answer

A)  beginning work in process inventory less ending work in process inventory 
B)  ending work in process inventory less beginning work in process inventory 
C)  beginning finished goods inventory less ending finished goods inventory 
D)  ending finished goods inventory less beginning finished goods inventory 
A)  beginning work in process inventory less ending work in process inventory 
B)  ending work in process inventory less beginning work in process inventory 
C)  beginning finished goods inventory less ending finished goods inventory 
D)  ending finished goods inventory less beginning finished goods inventory

Question 13

Managerial accounting reports must be prepared according to generally accepted accounting principles.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

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

Question 15

In most business organizations,the chief accountant is called the treasurer.

Accepted Answer

A) True 
 B)False

Question 16

The plant manager's salary in a manufacturing business would be considered an indirect cost.

Accepted Answer

A) True 
 B)False

Question 17

What is the primary criterion for the preparation of managerial accounting reports?

Accepted Answer

A)  relevance of the reports 
B)  manager needs 
C)  timing of the reports 
D)  cost of the reports 
A)  relevance of the reports 
B)  manager needs 
C)  timing of the reports 
D)  cost of the reports

Question 18

All of the following could be considered a direct material except

Accepted Answer

A)  steel 
B)  fabric 
C)  glue 
D)  lumber 
A)  steel 
B)  fabric 
C)  glue 
D)  lumber

Question 19

Given the following data: ​
​
  What is the amount of raw materials used?

Accepted Answer

A)  $5,000 
B)  $55,000 
C)  $75,000 
D)  $30,000 
A)  $5,000 
B)  $55,000 
C)  $75,000 
D)  $30,000

Question 20

The cost of a manufactured product generally consists of direct materials cost,direct labor cost,and factory overhead cost.

Accepted Answer

A) True 
 B)False

Exam 15: Introduction to Managerial Accounting

A staff department or unit is one that provides services,assistance,and advice to the departments with line or other staff responsibilities.

Direct costs can be specifically traced to a cost object.

Finished goods inventory is reported on the

What is the purpose of the statement of cost of goods manufactured?

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given. -Nails and screws used in the production of the bar stools

Prime costs are

Which of the following costs are conversion costs?

Sienna Company has the following information for January: ​ Calculate the cost of goods manufactured.

SASB's standards are required and provide sustainability information in financial statements.

Zoe Corporation has the following information for the month of March: ​ Prepare (a)a schedule of cost of goods manufactured,(b)an income statement for the month ended March 31,and (c)the inventory section of the balance sheet.

The cost of goods sold for Michaels Manufacturing in the current year was $233,000.The January 1 finished goods inventory balance was $31,600,and the December 31 finished goods inventory balance was $24,200.Cost of goods manufactured during the period was

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Managerial accounting reports must be prepared according to generally accepted accounting principles.

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

In most business organizations,the chief accountant is called the treasurer.

The plant manager's salary in a manufacturing business would be considered an indirect cost.

What is the primary criterion for the preparation of managerial accounting reports?

All of the following could be considered a direct material except

Given the following data: ​ ​ What is the amount of raw materials used?

The cost of a manufactured product generally consists of direct materials cost,direct labor cost,and factory overhead cost.

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

Sienna Company has the following information for January: Calculate the cost of goods manufactured.

Zoe Corporation has the following information for the month of March: Prepare (a)a schedule of cost of goods manufactured,(b)an income statement for the month ended March 31,and (c)the inventory section of the balance sheet.

Given the following data: What is the amount of raw materials used?