Exam 2: Basic Managerial Accounting Concepts
Exam 1: Introduction to Managerial Accounting66 Questions
Exam 2: Basic Managerial Accounting Concepts222 Questions
Exam 3: Cost Behaviour222 Questions
Exam 4: Costvolumeprofit Analysis: a Managerial Planning Tool161 Questions
Exam 5: Job-Order Costing177 Questions
Exam 6: Process Costing157 Questions
Exam 7: Activity-Based Costing and Management154 Questions
Exam 8: Absorption and Variable Costing, and Inventory Management97 Questions
Exam 9: Budgeting, production, cash, and Master Budget165 Questions
Exam 10: Standard Costing: a Managerial Control Tool173 Questions
Exam 11: Flexible Budgets and Overhead Analysis149 Questions
Exam 12: Performance Evaluation and Decentralization145 Questions
Exam 13: Short-Run Decision Making: Relevant Costing149 Questions
Exam 14: Capital Investment Decisions153 Questions
Select questions type
Prairie Plant Company supplied the following data at the end of the current year:
Required: Prepare an income statement for Prairie Plant Company.
Sales commissions \ 15,000 Sales revenue 150,000 Research and development 17,000 Finished goods inventory, Jan. 1 7,500 Work-in-process inventory, Jan 1 9,000 Finished goods inventory, Dec. 31 6,000 Work-in-process inventory, Dec. 31 11,000 Cost of goods manufactured 50,000
(Essay)
5.0/5
(38)
When do materials in the raw materials account become direct materials?
(Multiple Choice)
4.8/5
(35)
Select the appropriate definition for each of the items listed below.
-A cost that can be easily traced to a cost object
(Multiple Choice)
4.8/5
(36)
TechCom Inc. manufactures laptops. Last month, direct materials (e.g., computer components) costing $600,000 were put into production. Direct labour of $900,000 was incurred, overhead equalled $500,000, and selling and administrative costs totalled $400,000. The company manufactured 10,000 laptops during the month. Assume the company had no beginning or ending work-in-process balances.
-Refer to the Figure.What was the amount of cost of goods manufactured last month?
(Multiple Choice)
5.0/5
(46)
Ballard Company makes portable speakers. During the year Ballard manufactured 100,000 sets of portable speakers. Finished goods inventory had the following units on hand:
January 1 1,260 December 31 1,040
-Refer to the Figure.How many sets of portable speakers did Ballard sell during the year?
(Multiple Choice)
4.8/5
(30)
Which of the following would NOT be found on the income statement of a service organization?
(Multiple Choice)
4.9/5
(47)
All product costs other than direct materials and indirect labour are called overhead.
(True/False)
4.9/5
(36)
Which of the following can be found on the income statements of both a manufacturer and a service organization?
(Multiple Choice)
4.9/5
(43)
Into which two major functional categories are costs subdivided?
(Multiple Choice)
5.0/5
(33)
Which of the following is a characteristic of price per unit?
(Multiple Choice)
4.7/5
(44)
What is one of the main purposes of assigning costs to cost objects?
(Multiple Choice)
4.8/5
(24)
Any costs associated with storing,selling,and delivering a product are classified as period costs.
(True/False)
4.8/5
(29)
In July, Econo Company purchased materials costing $21,000 and incurred direct labour cost of $18,000. Overhead totalled $32,000 for the month. Information on inventories was as follows:
July 1 July 31 Materials \ 6,200 \ 7,100 Work in process \ 700 \ 1,200 Finished goods \ 3,300 \ 2,700
-Refer to the Figure.Suppose Econo Company sold 10,000 units during July and gross margin totalled $29,800.What would be the sales price per unit?
(Multiple Choice)
4.8/5
(37)
How many inventory accounts does a typical manufacturer have?
(Multiple Choice)
5.0/5
(36)
Production costs include direct materials,direct labour,and manufacturing overhead.
(True/False)
4.7/5
(36)
Which of the following statements best describes product costs?
(Multiple Choice)
4.7/5
(27)
Select the appropriate classification for each of the costs incurred by a manufacturer of bicycles.
-Factory security costs
(Multiple Choice)
4.9/5
(24)
Select the appropriate definition of each of the items listed below.
-The total cost of goods completed during the current period
(Multiple Choice)
4.9/5
(27)
Last year Quest Company incurred the following costs:
Quest produced and sold 2,000 units at a sales price of $125 each. Assume that beginning and ending inventories of materials, work in process, and finished goods were 0.
Direct materials \ 40,000 Direct labour 60,000 Overhead 90,000 Selling expenses 24,000 Administrative expenses 22,000
-Refer to the Figure.What was the gross margin per unit?
(Multiple Choice)
4.8/5
(31)
Tamarack Company,a manufacturing firm,has supplied the following information from its accounting records for the month of June.
Required: Prepare a statement of cost of goods manufactured
Direct labour cost \ 12,000 Purchases of raw materials 17,000 Factory insurance 4,000 Research and development 7,500 Factory property taxes 3,000 Sales commissions paid 4,500 Work in process, June 1 2,000 Work in process, June 30 2,800 Materials inventory, June 1 1,475 Materials Inventory, June 30 1,200 Finished goods inventory, June 1 2,250 Finished goods inventory, June 30 750
(Essay)
4.8/5
(35)
Showing 121 - 140 of 222
Filters
- Essay(0)
- Multiple Choice(0)
- Short Answer(0)
- True False(0)
- Matching(0)