Question 1

An example of a sustainable business practice in energy is the use of wind turbines.

Accepted Answer

A) True 
 B)False

Question 2

A product cost is

Accepted Answer

A)  expensed in the period in which it is manufactured 
B)  shown with current liabilities on the balance sheet 
C)  shown with operating expenses on the income statement 
D)  expensed in the period the product is sold 
A)  expensed in the period in which it is manufactured 
B)  shown with current liabilities on the balance sheet 
C)  shown with operating expenses on the income statement 
D)  expensed in the period the product is sold

Question 3

A diagram of the operating structure of an organization is called an organization chart.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is not true in regards to direct materials for a bakery?

Accepted Answer

A)  Flour and sugar would probably be direct materials. 
B)  Eggs would probably be a direct material. 
C)  Oil to lubricate factory machines would not be a direct material. 
D)  Paper cupcake liners,that become part of the product,must be accounted for as direct materials. 
A)  Flour and sugar would probably be direct materials. 
B)  Eggs would probably be a direct material. 
C)  Oil to lubricate factory machines would not be a direct material. 
D)  Paper cupcake liners,that become part of the product,must be accounted for as direct materials.

Question 5

Prime costs consist of factory overhead and direct labor.

Accepted Answer

A) True 
 B)False

Question 6

Direct labor and direct materials are

Accepted Answer

A)  product costs and expensed when the goods are sold 
B)  product costs and expensed when incurred 
C)  period costs and expensed when incurred 
D)  period costs and expensed when the goods are sold 
A)  product costs and expensed when the goods are sold 
B)  product costs and expensed when incurred 
C)  period costs and expensed when incurred 
D)  period costs and expensed when the goods are sold

Question 7

Which of the following are basic phases of the management process?

Accepted Answer

A)  supervising and directing 
B)  decision making and supervising 
C)  organizing and directing 
D)  planning and controlling 
A)  supervising and directing 
B)  decision making and supervising 
C)  organizing and directing 
D)  planning and controlling

Question 8

Work in process inventory on December 31 is $42,000.Work in process inventory decreased by 40% during the year.Total manufacturing costs incurred amount to $260,000.What is the cost of goods manufactured?

Accepted Answer

A)  $232,000 
B)  $302,000 
C)  $288,000 
D)  $190,000 
A)  $232,000 
B)  $302,000 
C)  $288,000 
D)  $190,000

Question 9

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Accepted Answer

A)  supervising 
B)  planning 
C)  improving 
D)  decision making 
A)  supervising 
B)  planning 
C)  improving 
D)  decision making

Question 10

Materials must have which two qualities in order to be classified as direct materials?

Accepted Answer

A)  They must be classified as both prime costs and conversion costs. 
B)  They must be introduced into the process in both work-in-process inventories and finished goods inventories. 
C)  They must be an integral part of the finished product,but can be an insignificant portion of the total product cost. 
D)  They must be an integral part of the finished product and be a significant portion of the total product cost. 
A)  They must be classified as both prime costs and conversion costs. 
B)  They must be introduced into the process in both work-in-process inventories and finished goods inventories. 
C)  They must be an integral part of the finished product,but can be an insignificant portion of the total product cost. 
D)  They must be an integral part of the finished product and be a significant portion of the total product cost.

Question 11

Prime costs consist of direct materials,indirect materials,and direct labor.

Accepted Answer

A) True 
 B)False

Question 12

Managers used managerial information for all of the following except

Accepted Answer

A)  to evaluate the company's stock performance 
B)  to analyze the performance of a company's operations 
C)  to support long-term planning decisions 
D)  to determine the cost of manufacturing a product 
A)  to evaluate the company's stock performance 
B)  to analyze the performance of a company's operations 
C)  to support long-term planning decisions 
D)  to determine the cost of manufacturing a product

Question 13

Issues such as population growth and climate change all have a direct impact on a company's potential for success.

Accepted Answer

A) True 
 B)False

Question 14

On the balance sheet for a manufacturing business,the cost of direct materials,direct labor,and factory overhead are categorized as either materials inventory,work in process inventory,or finished goods inventory.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is most associated with financial accounting?

Accepted Answer

A)  can have both objective and subjective information 
B)  can be prepared periodically,or as needed 
C)  prepared in accordance with GAAP 
D)  can be prepared for the entity or segment 
A)  can have both objective and subjective information 
B)  can be prepared periodically,or as needed 
C)  prepared in accordance with GAAP 
D)  can be prepared for the entity or segment

Question 16

Differentiate between a line department and a staff department.​

Accepted Answer

A line department is directly involved i

Question 17

The phases of the management process are listed below.Match each phase to the appropriate description.
​
_____ Planning
_____ Directing
_____ Controlling
_____ Improving
_____ Decision making
​
a)Used by managers for continuous improvement
b)Managers must decide how to respond to unfavorable performances
c)Used by management to develop the organization's objectives and goals
d)Monitoring the operating results of implemented plans and comparing actual results to expected results
e)Process by which managers run day-to-day operations

Accepted Answer

The answer of The phases of the management process are...

Question 18

If the cost of a direct material is a small portion of total production cost,it may be classified as part of

Accepted Answer

A)  direct labor cost 
B)  selling and administrative costs 
C)  miscellaneous costs 
D)  factory overhead cost 
A)  direct labor cost 
B)  selling and administrative costs 
C)  miscellaneous costs 
D)  factory overhead cost

Question 19

Period costs include

Accepted Answer

A)  current assets on the balance sheet 
B)  current liabilities on the balance sheet 
C)  operating costs that are shown on the income statement when products are sold 
D)  operating costs that are shown on the income statement in the period in which they are incurred 
A)  current assets on the balance sheet 
B)  current liabilities on the balance sheet 
C)  operating costs that are shown on the income statement when products are sold 
D)  operating costs that are shown on the income statement in the period in which they are incurred

Question 20

Factory overhead is an example of a product cost.

Accepted Answer

A) True 
 B)False

Exam 15: Introduction to Managerial Accounting

An example of a sustainable business practice in energy is the use of wind turbines.

A product cost is

A diagram of the operating structure of an organization is called an organization chart.

Which of the following is not true in regards to direct materials for a bakery?

Prime costs consist of factory overhead and direct labor.

Direct labor and direct materials are

Which of the following are basic phases of the management process?

Work in process inventory on December 31 is $42,000.Work in process inventory decreased by 40% during the year.Total manufacturing costs incurred amount to $260,000.What is the cost of goods manufactured?

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Materials must have which two qualities in order to be classified as direct materials?

Prime costs consist of direct materials,indirect materials,and direct labor.

Managers used managerial information for all of the following except

Issues such as population growth and climate change all have a direct impact on a company's potential for success.

On the balance sheet for a manufacturing business,the cost of direct materials,direct labor,and factory overhead are categorized as either materials inventory,work in process inventory,or finished goods inventory.

Which of the following is most associated with financial accounting?

Differentiate between a line department and a staff department.​

If the cost of a direct material is a small portion of total production cost,it may be classified as part of

Period costs include

Factory overhead is an example of a product 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

Differentiate between a line department and a staff department.