question

In order to be useful to managers, management account reports should possess all of the following characteristics except"

answer

be prepared in accordance with generally accepted accounting principles

question

what is the primary criterion for the preparation of managerial accounting reports

answer

meet the manager needs

question

which of the following is most associated with managerial accounting

answer

may rely on estimates and forecasts

question

which of the following statements is false

answer

there is no overlap between financial and managerial accounting

question

in most business organizations, the chief management accountant is called the

answer

controller

question

all of the following employees hold line positions in anthea electric except

answer

vice president of finance

question

the controller's staff often consists of several management accountants. All of the following would most like be on the controller's staff except

answer

investments and shareholder relations managers

question

managerial accounting

answer

is prepared according to management needs

question

who are the individuals charged with the responsibility for directing the day to day operations of a business

answer

managers

question

which of the following are basic phases of the management process

answer

planning and controlling

question

what term is used to describe the process of monitoring operating results and comparing actual results with the expected results

answer

controling

question

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

answer

planning

question

which of the following is the principle reason for preparing managerial accounting reports

answer

usefulness to management

question

which of the following is not a characteristic of useful managerial accounting reports

answer

GAAP

question

compute conversion costs given the following data: direct materials, 452,700; Direct labor, 186300; factory overhead, 175600; and selling expenses, 45290

answer

361900

question

which of the following is false in regards to direct materials for an auto manufacturer

answer

small plastic clips to hold on door panels, that become part of the auto, must be accounted for as direct materials

question

the cost of a manufactured product generally consists of which of the following costs

answer

direct labor cost, direct materials cost, and factory overhead cost

question

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

answer

they must be an integral part of the finished product and be a significant portion of the total produce cost

question

which of the following is an example of direct materials cost for an automobile manufacturer

answer

cost of interior upholstery

question

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

answer

factory overhead cost

question

the cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product is classified as

answer

direct labor cost

question

which of the following is an example of direct labor cost for an airplane manufacturer

answer

cost of wages of assembly worker

question

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

answer

factory overhead cost

question

which of the following is an example of a factory overhead cost

answer

factory heating and lighting cost

question

another term often used to refer to factory overhead is

answer

factory burden

question

which of the following costs are referred to as conversion costs

answer

direct labor cost and factory overhead cost

question

what term is used to refer to the cost of changing direct materials into a finished manufactured product

answer

conversion cost

question

which of the following items would not be classified as part of factory overhead

answer

direct labor used

question

which of the following is considered a part of factory overhead cost

answer

depreciation of factory buildings

question

which of the following manufacturing cost is an indirect cost of producing a product

answer

oil lubricants used for factory machinery

question

prime costs are

answer

direct materials and direct labor

question

conversion costs are

answer

factory overhead and direct labor

question

which of the following is not a prime cost

answer

supervisor's wages

question

the following are all product costs except

answer

sales and administrative expenses

question

which of the following will not be found on the balance sheet of a manufacturing company

answer

cost of goods sold

question

in the income statement of a manufacturing company, what replaces purchases in the cost of goods section of a retail company

answer

cost of goods manufactured

question

what is the purpose of the statement of cost of goods manufactured

answer

to determine: ending materials in inventory ending work in process inventory amounts transferred to finished goods

question

which of the following accounts will be found on the income statement

answer

cost of goods sold

question

all of the following are ways that managers use managerial information except

answer

evaluate the company's stock performance

question

Cost of materials used 40,000 direct labor cost 55,000 factory overhead 32,000 work in process beg. 28,000 work in process end 18,000 What is Cost of goods manufactured?

answer

137,000

question

Cost of materials used 40,000 direct labor costs 55,000 factory overhead 32,000 work in process beg. 28,000 work in process end 18,000 finished goods beg. 28,000 finished goods end 18,000 What is cost of goods sold

answer

147,000

question

Beg.Raw materials inventory 75,000 materials purchased 20,000 ending raw mat. inventory 30,000 What is the amount of raw materials used?

answer

65,000

question

a company manufactured 50,000 units of a product at a cost of 250,000. They sold 40,000 units for 10 each. What is the gross margin

answer

200,000

question

wip beg. 10,000 wip ending 15,000 direct labor cost incurred 4,000 cost of goods manufactured 8,000 factory overhead 8,000 What is the amount of direct materials used

answer

1,000

question

a company sells goods for 300,000 that cost 140,000 to manufacture. Which statement is true?

answer

the company will decrease finished goods by 140,000

question

product costs

answer

appear on both the income statement and the balance sheet

question

which of the following would be least likely to be considered a managerial accounting report

answer

a statement of stockholders' equity

question

managerial accountants would most likely prepare all of the following reports except

answer

an annual report for external regulators such as the SEC

question

accounting designed to meet the needs of decision-makers inside the business is referred to as

answer

managerial accounting

question

the primary goal of managerial accounting is to provide information to

answer

management

question

goods that are partially completed by a manufacturer are referred to as

answer

work in process inventory

question

a plant manager's salary may be referred to as

answer

an indirect cost

question

all of the following would probably be considered a direct material except

answer

glue

question

period costs include

answer

operating costs that are shown on the income statement in the period in which they are incurred

question

a product cost is

answer

expensed in the period the product is sold

question

indirect labor and indirect materials are classified as

answer

factory overhead and product costs

question

an example of a period cost is

answer

advertising expense

question

direct labor and direct materials are classified as

answer

product costs and expensed when the goods are sold

question

indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as

answer

product costs and expensed when the goods are sold

question

rent expense on a factory building would be treated as a

answer

product cost

question

rent expense incurred on a factory building would be treated as

answer

indirect and product cost

question

which of the following is not a factory overhead cost

answer

materials used directly in the manufacturing process of the product

question

all of the following are example of indirect labor except

answer

machine operators

question

factory overhead includes

answer

indirect labor and indirect materials

question

costs which are reported on the income statement as part of cost of goods sold are referred to as

answer

cost of goods manufactured

question

costs on the income statement for both merchandiser and a manufacturer would include

answer

operating expenses

question

cost of goods sold for a manufacturer equals cost of goods manufactured plus

answer

beginning finished goods inventory less ending finished goods inventory

question

cost of goods manufactured is equal to

answer

total manufacturing costs plus beginning work in process inventory less ending work in process inventory

question

finished goods inventory is reported on the

answer

balance sheet as a current asset

question

beginning work in process is equal to

answer

cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period

question

all of the following must be reported on the balance sheet as a current asset except

answer

factory overhead

question

Reedy Company reports the following info for 2012: -cost of goods manufactured 69,500 -direct materials used 27,000 -direct labor incurred 25,000 -wip inventory jan. 1 2012 11,000 Facroty overhead is 75% of the cost of direct labor. Work in process inventory on dec. 31, 2012 is:

answer

12,250

question

at the beginning of 2011, the gilbert company's work in process inventory account had a balance of 30,000. during 2011, 68,000 of direct materials were used in production, and 66,000 of direct labor costs were incurred. factory overhead in 2011 amounted to 90,000. cost of goods manufactured is 220,000 in 20011. the balance in work in process inventory on dec. 31, 2011 is

answer

34,000

question

a company used 35,000 of direct materials, incurred 73,000 in direct labor cost, and 114,000 in factory overhead costs during the period. if beginning and ending work in process inventories were 28,000 and 21,000 respectively, the cost of goods manufactured was

answer

229,000

question

cost of goods manufactured during 2011 is 240, work in process inventory on dec 31, 2011 is 50. work in process inventory during 2011 decreased 60%. total manufacturing costs incurred during 2011 amount to

answer

165

question

work in process inventory dec 31, 2011 is 44,000. work in process inventory increased 60% during 2011. cost of goods manufactured for 2011 amounts to 275,000. What are the total manufacturing costs incurred in 2011

answer

291,500

question

work in process inventory on dec 31,2011 is 42,000. work in process inventory decreased 40% during 2011. total manufacturing costs incurred in 2011 amount to 260,000. what is the cost of goods manufactured

answer

288,000

question

work in process inventory increased 20,000 during 2011. cost of goods manufactured was 280,000. total manufacturing costs incurred in 2011 are

answer

300,000

question

the cost of goods sold for heedy manufacturing in 2011 was 233,00. the jan. 1, 2011, finished goods inventory balance was 31,600 and the dec. 31, 2011 finished goods inventory balance was 24, 200. cost of goods manufactured during the period was

answer

225,600

question

Used by management to develop the organization's objectives and goals

answer

planning

question

managers run their day to day activities

answer

directing

question

monitoring the operating results of implemented plans and comparing actual results

answer

controlling

question

used by managers for continuous improvement

answer

improving

question

managers must decide how to respond to unfavorable performances

answer

decision making

question

frosting

answer

direct material, prime cost, product cost

question

depreciation on oven

answer

factory overhead, conversion cost

question

wages of bakers

answer

direct labor, prime/conversion cost, product cost

question

sprinkles for topping

answer

factory overhead, conversion cost

question

advertising fees

answer

period cost

question

transportation out

answer

period cost

question

indirect labor incurred

answer

indirect

question

factory equipment depreciation

answer

indirect

question

indirect materials used

answer

indirect

question

office equipment depreciation

answer

neither

question

direct materials used

answer

direct

question

insurance expired on administrative facilities

answer

neither

question

direct labor incurred

answer

direct

question

administrative office salaries

answer

neither

question

salesperson's salaries

answer

neither

question

utilities on factory building

answer

indirect

question

utilities on administrative facilities

answer

neither

question

rent expense on factory building

answer

factory overhead

question

sales supplies used

answer

selling and administrative expense

question

factory supplies used

answer

factory overhead

question

indirect materials used

answer

factory overhead

question

wages of assembly line personnel

answer

direct labor

question

cost of primary material used to make product

answer

direct materials

question

depreciation on office equipment

answer

selling and administrative expense

question

rent of office facilites

answer

selling and administrative expense

question

insurance expired on factory equipment

answer

factory overhead

question

utilities incurred in the office

answer

selling and administrative expense

question

advertising expense

answer

selling and administrative expense

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