Exam 14: Managerial Accounting Concepts and Principles

The orientation of just-in-time manufacturing is that products are "pulled" through the manufacturing process by the orders received from customers.

Total manufacturing costs incurred during the year do not include:

The focus of financial accounting is on an organization's projects, processes, and subdivisions, and the focus of managerial accounting is on the whole organization.

Which of the following costs would not be classified as factory overhead?

A fixed cost:

A management concept that applies quality improvement to all aspects of business activities is called:

When the attitude of continuous improvement exists throughout an organization, every manager and employee seeks to continuously experiment with new and improved business practices.

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

Costs that flow directly to the current income statement are called:

Use the following data to determine the cost of goods manufactured. Beginning finished goods inventory \ 6,200 Direct labor 15,100 Beginning goods in process inventory 1,500 General and administrative expenses 20,000 Direct materials used 20,500 Ending goods in process inventory 4,000 Indirect labor 7,300 Ending finished goods inventory 5,000 Indirect materials 3,400 Depreciation - factory equipment 2,000

The main principle of the lean business model is the elimination of waste of every kind while satisfying the customer and providing a positive return to the company.

List the four elements found in all fraud schemes.

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Control is the process of setting goals and determining ways to achieve them.

A mixed cost:

Cycle time is:

Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30: Goods in process inventory, May 31 \ 12,600 Goods in process inventory, June 30 16,500 Direct materials used during June 21,000 Direct labor used during June 31,000 Factory overhead: Indirect material 6,400 Indirect labor 9,200 Factory rent 12,000 Factory depreciation 15,000 Factory utilities 18,400

A management concept that encourages all managers and employees to be in tune with the wants and needs of customers, and which leads to flexible product designs and production processes, is called:

Use the following information from Hardy Co. for the current year: Direct materials used \ 5,000 Direct Labor 7,000 Total Factory overhead 5,100 Beginning goods in process 3,000 Ending goods in process 4,000 -Hardy Co.'s cost of goods manufactured for the current year is:

_____________________ involves the use of one's job for personal gain, through the deliberate misuse of employer's assets.