question

Planning phase key words

answer

increase/decrease, implement

question

Directing phase key words

answer

examine, set, observe, find out, improve

question

control phase key words

answer

monitor, track, examine

question

gather, summarize, and report data

answer

managerial accounting

question

credibility key word

answer

disclose

question

SEC examiner

answer

financial acc

question

division controller

answer

finnancial and managerial

question

board of directors

answer

financial and managerial

question

internal auditor

answer

financial and managerial

question

potential investors

answer

financial

question

current stockholders

answer

financial

question

reporter

answer

financial

question

which type of accounting does not use gaap

answer

managerial

question

raises capital and invests funds

answer

treasurer

question

Sarbanes oaxley act

answer

-The penalties for corporate fraud were increased -At least one audit committee member should be a financial expert -The CEO and CFO must certify that the financial statements fairly present the company's operations and financial condition.

question

T or F? The company's auditors assume responsibility for the financial statements

answer

false

question

T or F? CPA's audit the budget plans of public companies.

answer

false

question

Maintain and appropriate level of professional expertise by continually developing knowledge and skills

answer

competence

question

Perform professional duties in accordance with relevant laws, regulations, and technical standards

answer

competence

question

Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.

answer

credibility

question

Abstain from engaging in or supporting any activity that might discredit the profession.

answer

integrity

question

Provide decision support information and recommendations that are accurate, clear, concise, and timely.

answer

competence

question

direct materials are first written on the _____ ______ then when sold, transferred to the ______ ______.

answer

balance sheet, income statement

question

T or F? Throughput time is the time it takes to process the financial statements of the company.

answer

false

question

T or F? Corporate sustainability reporting is covered by GAAP.

answer

false

question

The global reporting initiative provides guidance on_____ _______

answer

sustainability reporting

question

What is the GRI?

answer

-nonprofit organization -promotes a reporting framework for sustainability that is widely used around the world -advocates reporting performance results on human rights -advocates reporting data on economic, environmental and social aspects

question

T or f? An Environmental Management Accounting System tracks physical information and marketing information.

answer

false; physical and monetary

question

life cycle assesment

answer

raw materials>value chain>customer>disposal

question

What inventory accounts appear on the balance sheet of a manufacturer?

answer

work in process raw materials finished goods

question

What inventory accounts appear on the income sheet of a manufacturer?

answer

COGS

question

Direct labor and direct material combined

answer

prime costs

question

Direct labor and manufacturing overhead

answer

conversion costs

question

Outlays that can be easily identified to a particular cost object

answer

direct costs

question

Expenditures that are not directly associated with the production of a product, such as advertising costs and general administrative costs.

answer

period costs

question

The cost of compensation provided to employees besides the employees salaries and wages

answer

fringe

question

Raw materials, inventory, work in process inventory, and finished goods are considered to be

answer

inventoriable

question

Over head costs? 1. Insurance to protect the factory contents 2.Advertising cost to promote the finished goods 3.Electricity to run factory machines 4.Security guards that protect the factory building

answer

all but 2 advertising is a PERIOD cost

question

Which of the following is an indirect cost? The cost object is the service department of a car dealership. a.The depreciation on the car lifts in the service bay. b.The salary of the general manager of the dealership c.The labor of the mechanics working to fix the cars d.The cost of oil filters

answer

b

question

At what point are manufacturing costs expensed?

answer

when finished goods are sold

question

When indirect materials are used, which account increases?

answer

manufacturing overhead

question

When products are completed, which account is decreased?

answer

WIP

question

Which of the following is a characteristic of a fixed cost? a.Both answers are correct b.Neither answer is correct c.The cost per unit varies inversely with changes in the level of activity. d.The total cost remains constant, regardless of changes in the level of activity.

answer

a.

question

A category of costs that include all the costs associated with the general management of the company is referred to as

answer

period cost

question

If the cost of goods sold is less than the cost of goods manufactured, then Finished Goods Inventory __________during the period.

answer

increased

question

The wages of security guards to protect the factory building is an example of what type of costs?

answer

indirect; product

question

Direct Labor is considered a

answer

variable cost

question

Cost of goods manufactured________ the finished goods account

answer

increases

question

Oil to keep the factory machinery lubricated is an example of what types of costs?

answer

indirect material; overhead

question

A source document for tracking employee hours is called a:

answer

labor time record

question

T or F? Management can use the job cost information to control costs on future jobs.

answer

true

question

T or F?' If manufacturing overhead has been overallocated during the year, it means the jobs have been overcosted.

answer

true

question

When direct materials are requisitioned, they flow directly into:

answer

work in process

question

Allocating manufacturing overhead costs is done:

answer

during the period

question

which costs are inventoriable?

answer

all product costs are inventoried on B/S before the product is sold

question

product costs=__________costs

answer

inventoriable

question

T or F? product costs appear on both I/S and B/S at the same time.

answer

false. first balance then income

question

property tax on corporate marketing offices are ______ costs.

answer

period

question

cost of warranty repairs is a ______cost

answer

period

question

what is overhead rate?

answer

est'd MOH/ est'd hours

question

how much overhead was allocated to jobs during the year?

answer

overhead rate x actual # of hours

question

what account does overhead allocated go into?

answer

WIP because it is part of job cost

question

if actual OH is more than allocated OH, were jobs under or over costed?

answer

undercosted

question

what is the account adjustment for undercosted jobs?

answer

increase COGS by difference amount

question

COGM is what you take out of ______ account and put into _______

answer

WIP; finished goods

question

what goes into WIP? actual MOH or applied MOH?

answer

Applied

question

formula for COGM

answer

beg wip +DM +DL +applied OH -end WIP

question

COGM transfers into which account?

answer

FInished goods

question

actual MOH= 70,000 applied MOH= 75,000 what is the journal entry

answer

decrease cogs by 5,000

question

budgeted OH applied OH actual OH which do you use to calculate OH rate? which do you use for under/over?

answer

rate= budgeted under/over= applied vs actual

question

is applied a budgeted or actual number?

answer

half and half

question

is receptionist wage a direct cost or OH cost?

answer

OH

question

what account would be affected given: budgeted OH budgeted DL hours

answer

None

question

what accounts would be affected: raw materials were purchased for cash

answer

raw materials

question

what accounts would be affected: 89000 in raw materials were requisitioned. 78000 went to direct. the rest went ti indirect

answer

decrease raw materials increase WIP 78000 the remainder goes into OH

question

what accounts would be affected: additional MOH was incurred and paid

answer

actual MOH

question

what accounts would be affected: MOH costs were applied to jobs using predetermined OH rate.

answer

Increase WIP

question

A job cost record is born in which account?

answer

WIP

question

job 63= 35000 completed job64= 84000 in process job 65= 53500 in process where does each job go?

answer

job 63= beginning balance of finished goods job64+65= begining balance of wip

question

what is the cost of jobs still in production at the end of the year?

answer

end WIP balance

question

where do you find the cost of jobs completed but not yet sold?

answer

finished goods

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