Exam 2: Basic Managerial Accounting Concepts

Wright & Boyle Inc.had the following income statement for the month of May: - What was the selling expense percent? (Note: Round answer to two decimal places.)

Costs that can be easily and accurately traced to a cost object are called __________.

Select the appropriate classification of the items listed below. -A professor's salary at a university

Select the appropriate definition for each of the items listed below. -The cost of units unfinished at the end of the current period

Direct labor is a(n)

Select the appropriate item for each of the definitions listed below. -marketing and distributing costs

Direct costs are those costs that cannot be easily and accurately traced to a cost object.

Expired costs are called ____________.

Expired costs are called assets.

Cost of goods sold is the total product cost of the units sold during a period.

Selected data concerning the past year's operations of the Burner Corporation are as follows: The cost of direct materials purchased is:

Select the appropriate classification for each of the following costs. -Supplies for factory washroom

Which of the following is true of assigning costs to cost objects?

Select the appropriate definition of each of the items listed below. -The difference between sales revenue and cost of goods sold

A manufacturer normally has

Which of the following would be found on the balance sheet of a manufacturer?

Select the appropriate classification of the items listed below. -Cost of lubricating factory machinery

Select the appropriate classification of the output generated by each of the following industries. -Car manufacturer

Product costs consist of

Information from the records of Garcia & Gordon Corp.for December of the current year is as follows: The prime costs are: