acct chap 14 – Flashcards
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Which of the following statements is not true about managerial accounting?
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It is highly aggregated
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Which of the following statements is true about managerial accounting?
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It provides more detailed information than financial accounting does
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Managerial accounting
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places emphasis on special-purpose information.
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All of the following are distinguishing features of managerial accounting except
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independent audits
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Which of the following are considered to be management's three broad functions?
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Planning, directing, and controlling
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Which of the following is considered part of the controlling process?
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Keeping the company's activities on track
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The management of an organization performs several broad functions. They are
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planning, directing, and controlling
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After passage of the Sarbanes-Oxley Act of 2002
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CEOs and CFOs must certify that financial statements give a fair presentation of the company's operating results.
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The management function that requires management to look ahead and establish objectives is
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planning
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The process of keeping the company's activities on track is
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controlling
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Which one of the following is not a manufacturing cost
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Advertising cost
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Which of the following answer choices lists the three manufacturing costs
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Direct materials, direct labor, and manufacturing overhead
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Which of the following costs would a computer manufacturer include in manufacturing overhead
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Depreciation on testing equipment
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Which of the following is not an element of manufacturing overhead
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Sales manager's salary
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Manufacturing overhead includes all of the following except
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direct materials
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On average, studies have shown that the smallest component of total manufacturing cost is
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direct labor
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Which group of costs consists of only product costs
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Direct labor, indirect labor, factory utilities
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Indirect labor is a
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product cost
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Which of the following costs are classified as a period cost
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Wages paid to a cost accountant department supervisor
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Product costs include each of the following except
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selling and administrative expenses
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Each of the following is a period cost except
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indirect labor
