Exam 18: Managerial Accounting Concepts and Principles

Product costs are not expensed until the product is sold.

The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff EXCEPT:

All of the following employees hold line positions in Anthea Electric EXCEPT:

Another term often used to refer to factory overhead is:

Managerial accounting uses only past data in reports to aid management in the decision making process.

If the cost of employee wages is not a significant portion of the total product cost, the wages are classified as direct materials cost.

Williams Company reports production costs for 2015 as follows: Williams Company's product costs for 2015 amount to:

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Materials must have which two qualities in order to be classified as direct materials?

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

Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $186,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.

Differentiate between financial and managerial accounting, addressing such issues as what reports are generated, when, and for whom.

Watson Company has the following data: Show how you would calculate the amount of Direct Materials Used.