question

Which of the following are considered to be management's three broad functions?

answer

Planning, directing, and controlling

question

Which of the following is considered part of the controlling process?

answer

Keeping the company's activities on track

question

The management function that requires management to look ahead and establish objectives is

answer

planning

question

The process of keeping the company's activities on track is

answer

controlling

question

Managerial accounting applies to each of the following types of businesses except

answer

managerial accounting applies to all types of firms

question

managerial accounting applies to all types of firms

answer

managers

question

Managerial accounting information

answer

pertains to subunits of the entity and may be very detailed

question

The major reporting standard for presenting managerial accounting information is

answer

relevance

question

Which of the following is not an internal user?

answer

creditor

question

Planning is a function that involves

answer

setting goals and objectives for an entity

question

The managerial function of controlling

answer

includes performance evaluation by management

question

Which of the following is not a management function?

answer

constraining

question

A manager that is establishing objectives is performing which management function?

answer

planning

question

The management function that requires managers to look ahead and establish objectives is

answer

planning

question

In determining whether planned goals are being met, a manager is performing the function of

answer

controlling

question

Which of the following is not a separate management function?

answer

decision-making

question

Directing includes

answer

coordinating a company's diverse activities and human resources to produce a smooth-running operation

question

Financial and managerial accounting are similar in that both

answer

deal with the economic events of an enterprise

question

The function that pertains to keeping the activities of the enterprise on track is

answer

controlling

question

General-purpose reports

answer

Financial Accounting

question

Reports are used internally

answer

Managerial accounting

question

Prepared in accordance with generally accepted accounting principles

answer

Financial Accounting

question

Special purpose reports

answer

Managerial Accounting

question

Limited to historical cost data

answer

Financial Accounting

question

Reporting standard is relevance to the decision to be made

answer

Managerial Accounting

question

Financial statements

answer

Financial Accounting

question

Reports generally pertain to the business as a whole

answer

Financial Accounting

question

Reports generally pertain to subunits

answer

Managerial Accounting

question

Reports issued quarterly or annually

answer

Financial Accounting

question

Financial accounting information is prepared mainly for Entry field with correct answer_______ users, while managerial accounting information is prepared primarily for_________ users

answer

external,internal

question

three broad managerial functions are: (1)_________,(2)__________, and (3)_________.

answer

planning, directing and controlling

question

The ________function is concerned with setting goals and objectives for the entity.

answer

planning

question

Exercising good judgment in performing the managerial functions and choosing among alternative courses of action is called

answer

decision making

question

frames and tires used in manufacturing bicyles

answer

direct materials

question

wages paid to production workers

answer

direct labor

question

insurance on factory equipment and machinery

answer

manufacturing overhead

question

depreciation on factory equipment

answer

manufacturing overhead

question

windshield

answer

direct materials

question

engine

answer

direct matierals

question

wages of assembly line worker

answer

direct labor

question

depreciation of factory machinery

answer

manufacturing overhead

question

factory machinery lubricants

answer

manufacturing overhead

question

tires

answer

direct materials

question

steering wheel

answer

direct materials

question

salary of painting supervisor

answer

manufacturing overhead

question

Barry's BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the ribs at $10 per hour, $50 for seasoning and sauce, $300 for signs to advertise the ribs, $150 to clean the grill after cooking the ribs, and $100 of administrative costs. How much are total product costs?

answer

$2,050

question

Which group of costs consists of only product costs?

answer

Direct labor, indirect labor, factory utilities

question

Product costs include each of the following except

answer

selling and administrative expenses

question

Both direct materials and indirect materials are

answer

raw materials

question

The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is

answer

direct labor

question

Which one of the following would not be classified as manufacturing overhead?

answer

direct materials

question

Which one of the following is not a direct material?

answer

Lubricant for a ball-bearing joint for a large crane

question

Which of the following is not classified as direct labor?

answer

wages of supervisors

question

Cotter pins and lubricants used irregularly in a production process are classified as

answer

indirect materials

question

Because of automation, which component of product cost is declining?

answer

direct labor

question

Which one of the following represents a period cost?

answer

The VP of Sales' salary and benefits

question

Product costs are also called

answer

inventoriable costs

question

For inventoriable costs to become expenses under the matching principle,

answer

the product to which they attach must be sold.

question

a.Advertising b.Direct materials used c.Sales salaries d.Indirect factory labor e.Repairs to office equipment f.Factory manager's salary g.Direct labor h.Indirect materials

answer

-period cost -product cost -period cost -product cost -product cost -period cost -product cost -product cost

question

The three cost elements in manufacturing a product are (1)___________, (2) _______________, and (3)______________.

answer

direct materials, direct labor and Manufacturing overhead

question

The work of factory employees that can be physically and directly associated with converting raw materials into products is classified as

answer

direct labor

question

Indirect materials and indirect labor are classified as

answer

manufacturing overhead

question

Each of the manufacturing cost components is a______ cost.

answer

product

ACCT 241 ch.1 – Flashcards

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