Question 1

Comet Company accumulated the following account information for the year:  Using the above information,total factory overhead costs would be:

Accepted Answer

A)  $9,800.
B)  $16,800.
C)  $15,800.
D)  $13,000.
E)  $7,800.F) B) and C)
G) C) and D)

Question 2

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 3

A schedule of cost of goods manufactured is also known as a:

Accepted Answer

A)  Raw materials processed schedule.
B)  Factory supplies used schedule.
C)  Manufacturing statement.
D)  Total finished goods statement.
E)  Cost of goods sold schedule.F) A) and E)
G) C) and D)

Question 4

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its conversion costs total:

Accepted Answer

A)  $10,000,000.
B)  $8,000,000.
C)  $12,000,000.
D)  $5,000,000.
E)  $15,000,000.F) C) and D)
G) B) and D)

Question 5

Period costs for a manufacturing company would flow directly to:

Accepted Answer

A)  The income statement as an expense.
B)  Factory overhead.
C)  The balance sheet as inventory.
D)  Cost of goods sold on the income statement.
E)  The current schedule of cost of goods manufactured.F) C) and E)
G) B) and D)

Question 6

Labor costs that are clearly associated with specific units of product because the labor is used to convert raw materials into finished products are called:

Accepted Answer

A)  Contracted labor.
B)  Direct labor.
C)  Indirect labor.
D)  Finished labor.
E)  All labor.F) A) and B)
G) A) and E)

Question 7

Thornton Foods bakes and sells 2,000 dozen muffins each week to food service operations.Among the costs are bakers' salaries,$24,000;production management salaries,$16,000;production equipment operating costs,$32,000;and flour and ingredient costs,$15,000.Using this information,compute: (a)prime costs and (b)conversion costs.

Accepted Answer

The answer of Thornton Foods bakes and sells 2,000 dozen...

Question 8

Product costs can be classified as one of three types: direct materials,direct labor,or overhead.

Accepted Answer

A) True 
 B)False

Question 9

Information for the Deuce Manufacturing Company follows.Compute the cost of goods manufactured for this company.

Accepted Answer

The answer of Information for the Deuce Manufacturing Company follows.Compute...

Question 10

Using the information below for Singing Dolls,Inc. ,determine the total manufacturing costs incurred during the year:

Accepted Answer

A)  $13,000.
B)  $44,500.
C)  $57,500.
D)  $94,500.
E)  $89,000.F) None of the above
G) A) and B)

Question 11

Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Accepted Answer

A) True 
 B)False

Question 12

The focus of managerial accounting information is on the organization as a whole.

Accepted Answer

A) True 
 B)False

Question 13

Adopting a lean business model should have no effect on cost in a modern manufacturing environment.

Accepted Answer

A) True 
 B)False

Question 14

Products that have been completed and are ready to be sold by the manufacturer are called:

Accepted Answer

A)  Finished goods inventory.
B)  Work in Process inventory.
C)  Raw materials inventory.
D)  Cost of goods sold.
E)  Factory supplies.F) B) and E)
G) B) and C)

Question 15

Straight line depreciation,rent and manager salaries are examples of variable costs.

Accepted Answer

A) True 
 B)False

Question 16

___________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Accepted Answer

Managerial...

Question 17

Which one of the following items is normally not a manufacturing cost?

Accepted Answer

A)  Direct materials.
B)  Factory overhead.
C)  General and administrative expenses.
D)  Direct labor.
E)  Conversion cost.F) B) and D)
G) B) and C)

Question 18

The raw materials inventory turnover is raw materials purchased divided by the average raw materials inventory.

Accepted Answer

A) True 
 B)False

Question 19

Cost concepts such as variable,fixed,mixed,direct and indirect apply only to manufacturers and not to service companies.

Accepted Answer

A) True 
 B)False

Question 20

Indirect materials are accounted for as factory overhead because they are not clearly identified with specific product units.

Accepted Answer

A) True 
 B)False

Exam 18: Managerial Accounting Concepts and Principles

The raw materials inventory turnover is raw materials purchased divided by the average raw materials inventory.

Correct Answer
verified

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

Correct Answer
verified

___________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Correct Answer
verified
Managerial...
View Answer

The focus of managerial accounting information is on the organization as a whole.

Correct Answer
verified

Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Correct Answer
verified

Product costs can be classified as one of three types: direct materials,direct labor,or overhead.

Correct Answer
verified

Adopting a lean business model should have no effect on cost in a modern manufacturing environment.

Correct Answer
verified

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its conversion costs total:

Correct Answer
verified

Which one of the following items is normally not a manufacturing cost?

Correct Answer
verified

Cost concepts such as variable,fixed,mixed,direct and indirect apply only to manufacturers and not to service companies.

Correct Answer
verified

Labor costs that are clearly associated with specific units of product because the labor is used to convert raw materials into finished products are called:

Correct Answer
verified

Indirect materials are accounted for as factory overhead because they are not clearly identified with specific product units.

Correct Answer
verified

Comet Company accumulated the following account information for the year: Using the above information,total factory overhead costs would be:

Correct Answer
verified

Products that have been completed and are ready to be sold by the manufacturer are called:

Correct Answer
verified

Correct Answer
verified

A schedule of cost of goods manufactured is also known as a:

Correct Answer
verified

Using the information below for Singing Dolls,Inc. ,determine the total manufacturing costs incurred during the year:

Correct Answer
verified

Straight line depreciation,rent and manager salaries are examples of variable costs.

Correct Answer
verified

Period costs for a manufacturing company would flow directly to:

Correct Answer
verified

Information for the Deuce Manufacturing Company follows.Compute the cost of goods manufactured for this company.

Correct Answer
verified

Exam 18: Managerial Accounting Concepts and Principles

The raw materials inventory turnover is raw materials purchased divided by the average raw materials inventory.

Correct AnswerverifiedShow Answer

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

Correct AnswerverifiedShow Answer

___________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Correct AnswerverifiedManagerial...View AnswerShow Answer

The focus of managerial accounting information is on the organization as a whole.

Correct AnswerverifiedShow Answer

Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Correct AnswerverifiedShow Answer

Product costs can be classified as one of three types: direct materials,direct labor,or overhead.

Correct AnswerverifiedShow Answer

Adopting a lean business model should have no effect on cost in a modern manufacturing environment.

Correct AnswerverifiedShow Answer

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its conversion costs total:

Correct AnswerverifiedShow Answer

Which one of the following items is normally not a manufacturing cost?

Correct AnswerverifiedShow Answer

Cost concepts such as variable,fixed,mixed,direct and indirect apply only to manufacturers and not to service companies.

Correct AnswerverifiedShow Answer

Labor costs that are clearly associated with specific units of product because the labor is used to convert raw materials into finished products are called:

Correct AnswerverifiedShow Answer

Indirect materials are accounted for as factory overhead because they are not clearly identified with specific product units.

Correct AnswerverifiedShow Answer

Comet Company accumulated the following account information for the year: Using the above information,total factory overhead costs would be:

Correct AnswerverifiedShow Answer

Products that have been completed and are ready to be sold by the manufacturer are called:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A schedule of cost of goods manufactured is also known as a:

Correct AnswerverifiedShow Answer

Using the information below for Singing Dolls,Inc. ,determine the total manufacturing costs incurred during the year:

Correct AnswerverifiedShow Answer

Straight line depreciation,rent and manager salaries are examples of variable costs.

Correct AnswerverifiedShow Answer

Period costs for a manufacturing company would flow directly to:

Correct AnswerverifiedShow Answer

Information for the Deuce Manufacturing Company follows.Compute the cost of goods manufactured for this company.

Correct AnswerverifiedShow Answer

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Managerial...
View Answer

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