Exam 18: Introduction to Managerial Accounting

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D&I Supplies,Inc.selected cost data for the year are shown below: Assuming manufacturing overhead costs of $27,820,what is the amount of direct labor incurred by D&I Supplies,Inc.during the year?

(Multiple Choice)

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Question 81

The following information relates to Webster,Inc.: How much were Webster's period costs?

(Multiple Choice)

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Question 82

Management accountability is the manager's responsibility to the various stakeholders of the company to maximize profits.

(True/False)

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Question 83

Which of the following is a part of manufacturing overhead?

(Multiple Choice)

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Question 84

Malibu Corporation provided the following information for the year: What was the amount of the cost of goods manufactured for the year?

(Multiple Choice)

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Question 85

New Hope,Inc.is a merchandiser of stone ornaments.It sold 15,000 units during the year.The company has provided the following information: How much is the gross profit for the year?

(Multiple Choice)

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Question 86

The inventory of a merchandising company consists of Raw Materials Inventory,Work-in-Process Inventory,and Finished Goods Inventory.

(True/False)

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Question 87

Managerial accounting includes the planning function.Which of the following items would be part of the planning function of a business's managerial accounting?

(Multiple Choice)

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Question 88

Given the following information,determine the cost of goods sold.

(Multiple Choice)

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Question 89

The Work-in-Process Inventory account includes the ________.

(Multiple Choice)

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Question 90

Classify each cost of a furniture manufacturer as either product cost (PR)or period cost (PE).

(Essay)

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Question 91

Define direct cost.

(Essay)

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Question 92

Repair and maintenance costs for manufacturing equipment are product costs.

(True/False)

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Question 93

The following information relates to Carried Away Hot Air Balloons,Inc.: How much was Carried Away's manufacturing overhead?

(Multiple Choice)

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Question 94

Financial reporting is typically much more detailed than managerial accounting.

(True/False)

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Question 95

A budget is a managerial accounting tool used in the planning process.

(True/False)

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Question 96

Manufacturing costs flow from Work-in-Process Inventory to Cost of Goods Sold to Finished Goods Inventory.

(True/False)

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Question 97

Which of the following would be included as indirect manufacturing costs for a manufacturing company?

(Multiple Choice)

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Question 98

How does a merchandise company calculate unit cost per item? Why do managers need to know the unit cost per item?

(Essay)

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Question 99

For each of the following,indicate whether the statement relates to managerial accounting (MA)or financial accounting (FA):

(Essay)

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Question 100

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Exam 18: Introduction to Managerial Accounting

D&I Supplies,Inc.selected cost data for the year are shown below: Assuming manufacturing overhead costs of $27,820,what is the amount of direct labor incurred by D&I Supplies,Inc.during the year?

The following information relates to Webster,Inc.: How much were Webster's period costs?

Management accountability is the manager's responsibility to the various stakeholders of the company to maximize profits.

Which of the following is a part of manufacturing overhead?

Malibu Corporation provided the following information for the year: What was the amount of the cost of goods manufactured for the year?

New Hope,Inc.is a merchandiser of stone ornaments.It sold 15,000 units during the year.The company has provided the following information: How much is the gross profit for the year?

The inventory of a merchandising company consists of Raw Materials Inventory,Work-in-Process Inventory,and Finished Goods Inventory.

Managerial accounting includes the planning function.Which of the following items would be part of the planning function of a business's managerial accounting?

Given the following information,determine the cost of goods sold.

The Work-in-Process Inventory account includes the ________.

Classify each cost of a furniture manufacturer as either product cost (PR)or period cost (PE).

Define direct cost.

Repair and maintenance costs for manufacturing equipment are product costs.

The following information relates to Carried Away Hot Air Balloons,Inc.: How much was Carried Away's manufacturing overhead?

Financial reporting is typically much more detailed than managerial accounting.

A budget is a managerial accounting tool used in the planning process.

Manufacturing costs flow from Work-in-Process Inventory to Cost of Goods Sold to Finished Goods Inventory.

Which of the following would be included as indirect manufacturing costs for a manufacturing company?

How does a merchandise company calculate unit cost per item? Why do managers need to know the unit cost per item?

For each of the following,indicate whether the statement relates to managerial accounting (MA)or financial accounting (FA):

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandising Operations

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets, natural Resources, and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

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