Question 1

Which of the following accounts would not appear on a schedule of cost of goods manufactured?

Accepted Answer

A)  Wages payable. 
B)  Raw materials inventory. 
C)  Depreciation on factory equipment. 
D)  Indirect labor. 
E)  Factory insurance expired. 
A)  Wages payable. 
B)  Raw materials inventory. 
C)  Depreciation on factory equipment. 
D)  Indirect labor. 
E)  Factory insurance expired.

Question 2

Match between columns
                        Premises: Just-in-time manufacturing
Lean business model
Raw materials inventory turnover
Managerial accounting
Work in Process inventory
Customer orientation
Prime costs
Corporate social responsibility
Continuous improvement
Raw materials inventory

Accepted Answer

The Answer of An idea that rejects the notions of is...

Question 3

The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

________ inventory consists of goods a company acquires to use in making products.

Accepted Answer

The answer of ________ inventory consists of goods a company...

Question 6

________ is the process of setting goals and making plans to achieve them.

Accepted Answer

The answer of ________ is the process of setting goals...

Question 7

Managerial accounting reports and information are used by external users and financial accounting by internal users.

Accepted Answer

A) True 
 B)False

Question 8

Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

Accepted Answer

A) True 
 B)False

Question 9

Prime costs consist of direct materials and direct labor.

Accepted Answer

A) True 
 B)False

Question 10

Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year:

Accepted Answer

A)  $13,000. 
B)  $44,500. 
C)  $57,500. 
D)  $94,500. 
E)  $89,000. 
A)  $13,000. 
B)  $44,500. 
C)  $57,500. 
D)  $94,500. 
E)  $89,000.

Question 11

________ is the process of monitoring planning decisions and evaluating an organization's activities and employees.

Accepted Answer

The answer of ________ is the process of monitoring planning...

Question 12

Prime costs consist of direct labor and factory overhead.

Accepted Answer

A) True 
 B)False

Question 13

Costs that flow directly to the income statement as expenses are called:

Accepted Answer

A)  Period costs. 
B)  Product costs. 
C)  General costs. 
D)  Balance sheet costs. 
E)  Capitalized costs. 
A)  Period costs. 
B)  Product costs. 
C)  General costs. 
D)  Balance sheet costs. 
E)  Capitalized costs.

Question 14

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

Accepted Answer

A) True 
 B)False

Question 15

The following information is available for the year ended December 31:

The amount of raw materials used in production for the year is:

Accepted Answer

A)  $76,400. 
B)  $95,500. 
C)  $72,500. 
D)  $74,900. 
E)  $70,100. 
A)  $76,400. 
B)  $95,500. 
C)  $72,500. 
D)  $74,900. 
E)  $70,100.

Question 16

Costs necessary and integral to the manufacture of finished products are ________ costs.

Accepted Answer

The answer of Costs necessary and integral to the manufacture...

Question 17

Romeo Corporation reports the following for the year:   The cost of goods manufactured for the year is:

Accepted Answer

A)  $21,400. 
B)  $11,000. 
C)  $15,000. 
D)  $17,400. 
E)  $10,200. 
A)  $21,400. 
B)  $11,000. 
C)  $15,000. 
D)  $17,400. 
E)  $10,200.

Question 18

The three major cost of manufacturing a product are:

Accepted Answer

A)  Marketing, selling, and administrative costs. 
B)  Indirect labor, indirect materials, and fixed expenses. 
C)  Direct materials, direct labor, and factory overhead. 
D)  Product costs, period costs, and variable costs. 
E)  General, selling, and administrative costs. 
A)  Marketing, selling, and administrative costs. 
B)  Indirect labor, indirect materials, and fixed expenses. 
C)  Direct materials, direct labor, and factory overhead. 
D)  Product costs, period costs, and variable costs. 
E)  General, selling, and administrative costs.

Question 19

Crane, Inc. reported the following data regarding costs and inventories for the current year: beginning work in process inventory, $4,000; beginning finished goods inventory, $2,000; cost of goods manufactured, $11,500; operating expenses, $3,000; ending finished goods inventory, $1,000; ending work in process inventory, $1,500. Cost of goods sold for Crane, Inc. equals ________.

Accepted Answer

$12,500
Beginning Finished Goo

Question 20

Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?

Accepted Answer

Period costs are the expenditures that a

Which of the following accounts would not appear on a schedule of cost of goods manufactured?

The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

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

________ inventory consists of goods a company acquires to use in making products.

________ is the process of setting goals and making plans to achieve them.

Managerial accounting reports and information are used by external users and financial accounting by internal users.

Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

Prime costs consist of direct materials and direct labor.

Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year:

________ is the process of monitoring planning decisions and evaluating an organization's activities and employees.

Prime costs consist of direct labor and factory overhead.

Costs that flow directly to the income statement as expenses are called:

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

Costs necessary and integral to the manufacture of finished products are ________ costs.

Romeo Corporation reports the following for the year: The cost of goods manufactured for the year is:

The three major cost of manufacturing a product are:

Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Lean Principles and Accounting

Accounting for Business Transactions

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Exam 1: Managerial Accounting Concepts and Principles

Which of the following accounts would not appear on a schedule of cost of goods manufactured?

The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

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

________ inventory consists of goods a company acquires to use in making products.

________ is the process of setting goals and making plans to achieve them.

Managerial accounting reports and information are used by external users and financial accounting by internal users.

Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

Prime costs consist of direct materials and direct labor.

Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year:

________ is the process of monitoring planning decisions and evaluating an organization's activities and employees.

Prime costs consist of direct labor and factory overhead.

Costs that flow directly to the income statement as expenses are called:

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

Costs necessary and integral to the manufacture of finished products are ________ costs.

Romeo Corporation reports the following for the year: The cost of goods manufactured for the year is:

The three major cost of manufacturing a product are:

Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?

Job Order Costing and Analysis

Process Costing and Analysis

Activity-Based Costing and Analysis

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing and Analysis

Master Budgets and Performance Planning

Flexible Budgets and Standard Costs

Performance Measurement and Responsibility Accounting

Relevant Costing for Managerial Decisions

Capital Budgeting and Investment Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Lean Principles and Accounting

Accounting for Business Transactions

Filters