ACC 211 – Managerial Accounting – Flashcards

Managerial accounting would use which of the following types of​ information? A. Nonfinancial information B. Financial information C. Forecasts of future earnings D. All of the above

The primary goal of financial accounting is to provide information to A. creditors. B. government regulators. C. potential investors. D. all of the above.

How often should managerial accounting reports be​ prepared? A. Quarterly B. As often as necessary C. Annually D. Monthly

An external party receives information about past performance from A. financial statements. B. internal managerial accounting reports. C. budget reports. D. planning reports.

Which of the following are the internal decision makers of a​ company? A. Vendors B. Customers C. Managers D. Shareholders

The IMA issues which of the following​ certifications? A. CFP B. CPA C. CMA D. CIA

The focus of management accounting is on A. tax preparation. B. internal reporting. C. external reporting. D. auditing.

Planning involves which of the following​ activities? A. Setting goals and objectives for the company B. Overseeing the​ company's day−to−day operations C. Evaluating the results of operations D. None of the above

​________ gathers,​ summarizes, and reports on the financial impact of changes to business operations. A. Planning B. Directing C. Controlling D. Managerial accounting

The standards in the IMA Statement of Ethical Professional Practice includes A. ​Competence, Confidence,​ Integrity, and Credibility. B. ​Competence, Confidentiality,​ Integrity, and Credibility. C. ​Competence, Objectivity,​ Credibility, and Honesty. D. ​Competence, Confidentiality,​ Integrity, and Objectivity.

Lucky Cow Dairy provided the following expense information for​ May: Assemblyminusline ​workers' wages ​$72,000 Caps for milk bottles ​ 3,000 Reconfiguring the assembly line ​125,000 Customer support hotline ​10,000 Delivery expenses ​20,000 Depreciation on factory equipment ​75,000 Plastic milk bottles ​52,000 Salaries of salespeople ​63,000 Salaries of research scientists ​70,000 Customer tollminusfree order line ​6,000 A. $73,000 B. $70,000 C. ​$55,000 D. ​$195,000

How would Chevrolet classify its partially completed​ vehicles? A. Raw materials inventory B. Work in process inventory C. Finished goods inventory D. Supplies inventory

Before operating income can be determined for a​ manufacturer, which of the following is​ calculated? A. Cost of goods available for sale B. Cost of goods sold C. Cost of goods manufactured D. All of the above

Which of the following value chain elements is associated with the costs of shipping inventory to the retail outlet in a merchandising​ company? A. Design B. Distribution C. Customer Service D. Production and Purchases

Conversion costs consist of A. direct labor and manufacturing overhead. B. direct materials and manufacturing overhead. C. direct​ materials, direct labor and manufacturing overhead. D. direct materials and direct labor.

Tuity Fruity Beverage​ Company's operating activities for the year are listed below. Purchases ​$140,700 Operating expenses 80,000 Beginning inventory 12,300 Ending inventory 19,000 Sales revenue 300,800 What is the cost of goods sold for the​ year? A. 134,000 B. 153,000 C. 140,700 D. 80,000

The balance sheet of a service company has A. three categories of inventory. B. little or no inventory. C. raw materials inventory. D. two categories of inventory.

A factory​ janitor's wages would be classified as​ ________ when determining the cost of a manufactured product. A. a direct cost B. an indirect cost C. a period cost D. none of the above

What type of company resells tangible products it purchases ready - made from​ suppliers? A. Merchandiser B. Retailer C. Wholesaler D. All of the above

Before the year​ began, Murphy Manufacturing estimated that manufacturing overhead for the year would be $ 175,500 and that 13,100 direct labor hours would be worked. Actual results for the year included the​ following: Actual manufacturing overhead cost $ 184,000 Actual direct labor hours 15,400 The amount of manufacturing overhead allocated for the year based on direct labor hours would have been ___. ​(Round intermediary calculations to the nearest​ cent.) A. $206,360. B. $156,519. C. $184,000. D. $175,500.

When direct materials are​ requisitioned, they flow directly into A. manufacturing overhead account. B. cost of goods sold account. C. finished goods inventory account. D. work in process inventory account.

What is the primary factor that causes a​ "cost" called? A. Cost allocation B. Cost driver C. Materials requisition D. Predetermined manufacturing overhead rate

A job costing system can be used by which types of​ companies? A. Service and merchandising businesses B. Service and manufacturing businesses C. ​Service, manufacturing, and merchandising businesses D. Manufacturing and merchandising businesses

​Ryan's Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost ​$235,000 Actual manufacturing overhead cost ​$244,000 Estimated machine hours ​20,000 Actual machine hours ​22,500 The estimates were made as of the beginning of the​ year, while the actual results were for the entire year. The predetermined manufacturing overhead rate per machine hour is closest to A. ​$11.75. B. ​$10.84. C. ​$12.20. D. ​$10.44.

Which of the following is an example of an industry that would use a process costinglong dashrather than a job costinglong dash​system? A. Brugman Custom Cabinetry B. Computer Repair C. Smith​ & Zu Certified Public Accountants D. Pepsi

Squire Corporation charged Job 110 with​ $13,400 of direct materials and​ $11,900 of direct labor. Allocation for manufacturing overhead is​ 75% of direct labor costs. What is the total cost of Job​ 110? A. ​$8,925 B. ​$34,225 C. ​$25,300 D. ​$41,167

​________ is the system for assigning costs to unique cost objects. A. Job costing B. Service costing C. Process costing D. Time costing

Federer Company is debating the use of direct labor cost or direct labor hours as the cost allocation base for allocating manufacturing overhead. The following information is available for the most recent​ year: Estimated direct labor cost $ 508,000 Actual direct labor cost $ 466,000 Estimated manufacturing overhead costs $ 436,880 Actual manufacturing overhead costs $ 350,100 Estimated direct labor hours 250,700 Actual direct labor hours 232,400 If Federer Company uses direct labor cost as the allocation​ base, what would the allocated manufacturing overhead be for the​ year? A. $400,760 B. $350,100 C. $721,915 D. $436,880

Payrollminusrelated costs for factory employees who do not work directly on the product are considered A. administrative costs. B. manufacturing overhead. C. selling expenses. D. direct labor.