Exam 3 Review – Flashcards

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

The reporting standard for external financial reports is

A distinguishing feature of managerial accounting is

Both direct materials and indirect materials are

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

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

Manufacturing costs include

Which one of the following is not a direct material?

Which one of the following is not a cost element in manufacturing a product?

A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)

Which of the following is not classified as direct labor?

Which one of the following costs would not be inventoriable?

A manufacturing company calculates cost of goods sold as follows:

Cost of goods manufactured is calculated as follows:

Dolan Company's accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. The total raw materials available for use during 2017 for Dolan Company is

Which of the following is one of the components of cost accounting?

A major purpose of cost accounting is to

The two basic types of cost accounting systems are

Which of the following would be accounted for using a job order cost system?

An important feature of a job order cost system is that each job

As of December 31, 2017, Stand Still Industries had $2,500 of raw materials inventory. At the beginning of 2017, there was $2,000 of materials on hand. During the year, the company purchased $375,000 of materials; however, it paid for only $312,500. How much inventory was requisitioned for use on jobs during 2017?

Cost of raw materials is debited to Raw Materials Inventory when the

Which of the following best describes a job cost sheet?

A company expected its annual overhead costs to be $1,500,000 and direct labor costs to be $1,000,000. Actual overhead was $1,450,000, and actual labor costs totaled $1,100,000. How much is the company's predetermined overhead rate to the nearest cent?

Vektek, Inc. thinks machine hours is the best activity base for its manufacturing overhead. The estimate of annual overhead costs for its jobs was $2,050,000. The company used 1,000 hours of processing on Job No. B12 during the period and incurred overhead costs totaling $2,100,000. The budgeted machine hours for the year totaled 20,000. How much overhead should be applied to Job No. B12?

Overhead application is recorded with a

A variable cost is a cost that

A cost which remains constant per unit at various levels of activity is a

An increase in the level of activity will have the following effects on unit costs for variable and fixed costs:

A fixed cost is a cost which

If the activity level increases 10%, total variable costs will

Frazier Manufacturing Company collected the following production data for the past month: Units Produced Total Cost 1,600 $66,000 1,300 57,000 1,500 67,500 1,100 49,500 If the high-low method is used, what is the monthly total cost equation?

A mixed cost contains

In CVP analysis, the term "cost"