Exam 18: Introduction to Managerial Accounting

The following format represents the flow of costs for all three manufacturing inventory accounts: Beginning balance + Additions - Ending balance = Amount used,manufactured,or sold

Lakeside Manufacturing provided the following information for the month ended March 31: Compute cost of goods available for sale.

What is Total Quality Management (TQM)?

The following information was obtained from Fizz,Inc.: How much were Fizz's period costs?

Managerial accounting is used in manufacturing and merchandising companies,but not in service companies.

KRD Supplies Corporation provided the following information for the year: What was the amount of the manufacturing overhead costs?

One of the primary activities of Rex,Inc.is to purchase hats from Viva,Inc.in Texas and sell them to its customers in Washington for a profit.It is likely that Rex is a ________.

Mason Cabinet Company sells standard kitchen cabinets.The following information summarizes Mason's operating activities for the year: Mason sold 950 cabinets during the year. Calculate the operating income for the year. Compute the unit cost for one cabinet (Round to two decimal places. )

Managerial accounting focuses on providing information for internal planning and control.

Product costs,such as direct materials,are expensed in the period they are paid.

Which of the following is one of the key standards of ethical practice published by the Institute of Management Accountants (IMA)?

Which of the following would be considered a product cost for a manufacturing company?

The salary of a manufacturing plant manager will be included in manufacturing overhead.

A manufacturer produced 10,500 total units.The cost of goods manufactured is $81,000 and the cost of goods sold is $67,000.The unit product cost is $6.38.

Seria,Inc.has received a bulk order from an overseas client.As a result,the reported earnings of this year are expected to be significantly higher than the estimates of financial analysts.Joshua,an accountant at Seria,tells this to one of his friends.Which of the IMA standards has Joshua violated?

Nurix,Inc.is a business consulting firm.During the month of February,Nurix earned $55,600 of revenues by providing services to 46 clients.Operating expenses for February were $9,000 and non-operating expenses were $4,000. What is the unit cost per service? (Round your answer to the nearest cent. )

Poolside Manufacturing provided the following information for the month ended March 31: Compute cost of goods sold.

In a manufacturing plant,indirect materials costs such as lubricants and cleaning fluids are product costs.

Which of the following is a philosophy designed to integrate all organizational areas in order to provide customers with superior products and services,while meeting organizational goals throughout the value chain?

Robbinsdale,Inc.is a merchandiser of stone ornaments.The company sold 8,000 units during the year.The company has provided the following information: What is the cost of goods available for sale for the year?