Managerial Accounting Exam 1 Example Questions – Flashcards
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Are managerial accounting reports prepared according to GAAP?
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false
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In most business organizations, the chef management accountant is called
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controller
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Managerial accounting provides useful information to mangers on
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cost
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Type of inventories
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Direct Material, finished goods, work in progress
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Components of conversion cost
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direct labor , factory overhead
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A manufacture may employ a job order cost system or process costs system
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process cost system
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a job order cost system would be appropriate in what type of business
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custom order, specifically
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How would classify depreciation expense on factory equipment
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factory overhead
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Definition and type of period cost
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selling expense or administrative expense
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Is job order cost accounting system appropriate for serving business
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true
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The primary goal of managerial accounting is to provide information to what groups of users
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management
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The cost of a manufactured product generally consists of
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direct material, direct labor factory overhead
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frequency of preparing managerial accounting reports
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as-needed basis
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Examples of direct material cost
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example of a guitar, the string would be direct
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components of conversion cost
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direct labor factory overhead
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Businesses in which job order cost system is most appropriate
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custom order
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The basis for recording direct and indirect labor cost incurred
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time tickets
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the double entry to record the floe of direct labor costs into production in a job order cost accounting system
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debit work progress credit wages payble
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double entry for recording jobs completed or finished
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debit finished goods credit work in progress
