Question 1

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

Accepted Answer

A)  factory overhead cost 
B)  miscellaneous expense 
C)  product costs 
D)  period cost 
A)  factory overhead cost 
B)  miscellaneous expense 
C)  product costs 
D)  period cost

Question 2

The Sharpe Company reports the following information for 2015:   Determine period costs for 2015.

Accepted Answer

A)  $24,500 
B)  $30,300 
C)  $29,200 
D)  $35,000 
A)  $24,500 
B)  $30,300 
C)  $29,200 
D)  $35,000

Question 3

All of the following are examples of indirect labor except:

Accepted Answer

A)  maintenance personnel 
B)  janitorial personnel 
C)  machine operators 
D)  plant managers 
A)  maintenance personnel 
B)  janitorial personnel 
C)  machine operators 
D)  plant managers

Question 4

Watson Company has the following data:

Accepted Answer

Show how you would calculate t

Question 5

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 6

The cost of goods sold for Heedy manufacturing in 2011 was $233,000. The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200. Cost of goods manufactured during the period was:

Accepted Answer

A)  $233,000 
B)  $225,600 
C)  $288,800 
D)  $240,400 
A)  $233,000 
B)  $225,600 
C)  $288,800 
D)  $240,400

Question 7

Work in process inventory increased by $20,000 during 2011. Cost of goods manufactured was $180,000. Total manufacturing costs incurred in 2011 are:

Accepted Answer

A)  $198,000 
B)  $160,000 
C)  $189,000 
D)  $200,000 
A)  $198,000 
B)  $160,000 
C)  $189,000 
D)  $200,000

Question 8

A cost object indicates how costs are related or identified.

Accepted Answer

A) True 
 B)False

Question 9

The payment of dividends is an example of a cost.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is most associated with managerial accounting?

Accepted Answer

A)  Must follow GAAP 
B)  May rely on estimates and forecasts 
C)  Is prepared for users outside the organization. 
D)  Always reports on the entire entity 
A)  Must follow GAAP 
B)  May rely on estimates and forecasts 
C)  Is prepared for users outside the organization. 
D)  Always reports on the entire entity

Question 11

Rosalba Manufacturing Company had the following account balance for 2012:

Accepted Answer

Collections on account were $625,000 in

Question 12

If the cost of direct materials 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 13

What is the amount of Direct Materials used?

Accepted Answer

A)  $2,000 
B)  $4,000 
C)  $8,000 
D)  $14,000 
A)  $2,000 
B)  $4,000 
C)  $8,000 
D)  $14,000

Question 14

Managerial accounting

Accepted Answer

A)  is prepared according to GAAP. 
B)  is prepared according to management needs. 
C)  is prepared periodically only. 
D)  is related to the entire business entity only. 
A)  is prepared according to GAAP. 
B)  is prepared according to management needs. 
C)  is prepared periodically only. 
D)  is related to the entire business entity only.

Question 15

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 16

Rent expense incurred on a factory building would be treated as a(n):

Accepted Answer

A)  indirect cost 
B)  period cost 
C)  product cost 
D)  both A and C are correct 
A)  indirect cost 
B)  period cost 
C)  product cost 
D)  both A and C are correct

Question 17

Direct labor costs are included in the conversion costs of a product.

Accepted Answer

A) True 
 B)False

Question 18

Prime costs consist of factory overhead and direct labor.

Accepted Answer

A) True 
 B)False

Question 19

Cost of Materials Used $45,000 Direct Labor costs $48,000
Factory Overhead $39,000
Work in Process, beg. $28,000
Work in Process, end. $18,000
What is Cost of Goods Manufactured?

Accepted Answer

A)  $178,000 
B)  $132,000 
C)  $122,000 
D)  $142,000 
A)  $178,000 
B)  $132,000 
C)  $122,000 
D)  $142,000

Question 20

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Accepted Answer

A) True 
 B)False

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

The Sharpe Company reports the following information for 2015: Determine period costs for 2015.

All of the following are examples of indirect labor except:

Watson Company has the following data:

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

The cost of goods sold for Heedy manufacturing in 2011 was $233,000. The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200. Cost of goods manufactured during the period was:

Work in process inventory increased by $20,000 during 2011. Cost of goods manufactured was $180,000. Total manufacturing costs incurred in 2011 are:

A cost object indicates how costs are related or identified.

The payment of dividends is an example of a cost.

Which of the following is most associated with managerial accounting?

Rosalba Manufacturing Company had the following account balance for 2012:

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

What is the amount of Direct Materials used?

Managerial accounting

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

Rent expense incurred on a factory building would be treated as a(n):

Direct labor costs are included in the conversion costs of a product.

Prime costs consist of factory overhead and direct labor.

Cost of Materials Used $45,000 Direct Labor costs $48,000 Factory Overhead $39,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 What is Cost of Goods Manufactured?

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Cost Management for Just-In-Time Environments

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 15: Managerial Accounting Concepts and Principles

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

The Sharpe Company reports the following information for 2015: Determine period costs for 2015.

All of the following are examples of indirect labor except:

Watson Company has the following data:

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

The cost of goods sold for Heedy manufacturing in 2011 was $233,000. The January 1, 2011, finished goods inventory balance was $31,600, and the December 31, 2011, finished goods inventory balance was $24,200. Cost of goods manufactured during the period was:

Work in process inventory increased by $20,000 during 2011. Cost of goods manufactured was $180,000. Total manufacturing costs incurred in 2011 are:

A cost object indicates how costs are related or identified.

The payment of dividends is an example of a cost.

Which of the following is most associated with managerial accounting?

Rosalba Manufacturing Company had the following account balance for 2012:

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

What is the amount of Direct Materials used?

Managerial accounting

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

Rent expense incurred on a factory building would be treated as a(n):

Direct labor costs are included in the conversion costs of a product.

Prime costs consist of factory overhead and direct labor.

Cost of Materials Used $45,000 Direct Labor costs $48,000 Factory Overhead $39,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 What is Cost of Goods Manufactured?

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis and Product Pricing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Cost Management for Just-In-Time Environments

Statement of Cash Flows

Financial Statement Analysis

Filters