Question 1

A ________ cost changes in total in proportion to changes in the volume of activity.

Accepted Answer

The answer of A ________ cost changes in total in...

Question 2

Which of the following costs is not included in factory overhead?

Accepted Answer

A)  Payroll taxes on the wages of factory supervisors.
B)  Indirect labor.
C)  Depreciation of manufacturing equipment.
D)  Manufacturing supplies used.
E)  Direct materials.F) A) and C)
G) A) and E)

Question 3

Which of the following items does not represent a difference between financial and managerial accounting?

Accepted Answer

A)  Users of the information.
B)  Flexibility of reporting.
C)  Timeliness of information.
D)  Focus of the information.
E)  Managerial accounting does not use the financial information from the financial accounting system.F) A) and B)
G) A) and C)

Question 4

For a manufacturer,the cost of goods sold can be computed by adding the beginning finished goods inventory to ________ and then subtracting the ending finished goods inventory.

Accepted Answer

cost of go...

Question 5

Current information for the Stellar Corporation follows: 
Stellar Corporation's cost of goods manufactured for the year is:

Accepted Answer

A)  $295,100.
B)  $296,500.
C)  $313,000.
D)  $275,800.
E)  $293,700.F) A) and B)
G) B) and E)

Question 6

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

Accepted Answer

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

Question 7

Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory equals cost of goods sold.

Accepted Answer

A) True 
 B)False

Question 8

The Institute of Management Accountants (IMA)Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

Accepted Answer

A) True 
 B)False

Question 9

Materials that are used in manufacturing but are not clearly identified with specific product units are called:

Accepted Answer

A)  Secondary materials.
B)  General materials.
C)  Direct materials.
D)  Indirect materials.
E)  Materials inventory.F) A) and D)
G) A) and E)

Question 10

The schedule of cost of goods manufactured is also known as a manufacturing statement.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following should not be included in direct materials costs for a bike manufacturer?

Accepted Answer

A)  Tires.
B)  Machine lubrication oil.
C)  Seats.
D)  Pedals.
E)  Handlebars.F) All of the above
G) A) and D)

Question 12

Costs that flow directly to the current income statement and are not reported as assets are ________ costs.

Accepted Answer

The answer of Costs that flow directly to the current...

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Match between columns
                        Premises: Period costs
Product costs
Indirect costs
Direct materials
Prime costs
Factory overhead
Direct labor
Conversion costs
Fixed costs
Variable costs

Accepted Answer

The Answer of Manufacturing costs that cannot be separately or is...

Question 15

A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a:

Accepted Answer

A)  Materials statement.
B)  Managerial statement.
C)  Schedule of cost of goods manufactured.
D)  Merchandise schedule.
E)  General-purpose statement.F) A) and D)
G) A) and E)

Question 16

An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment.According to the Institute of Management Accountants,the employee's next step should be to:

Accepted Answer

A)  contact the IMA.
B)  contact the next level of management who is not involved in the ethical conflict.
C)  make the president of the company aware of the ethical conflict.
D)  report the incident to the State Board of Accountancy.
E)  resign from the company.F) C) and E)
G) A) and E)

Question 17

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Accepted Answer

A) True 
 B)False

Question 18

Costs that flow directly to the income statement as expenses are called:

Accepted Answer

A)  Period costs.
B)  Product costs.
C)  General costs.
D)  Balance sheet costs.
E)  Capitalized costs.F) A) and B)
G) A) and C)

Question 19

Use the cost information below for Laurels Company to determine the manufacturing costs added during the current year:

Accepted Answer

A)  $12,000.
B)  $16,100.
C)  $17,100.
D)  $18,100.
E)  $13,600.F) A) and B)
G) A) and E)

Question 20

The purpose of managerial accounting information is to help ________ users make decisions while the purpose of financial accounting is to help ________ users make decisions.

Accepted Answer

internal; external
a...

Exam 14: Managerial Accounting Concepts and Principles

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

Correct Answer
verified

The Institute of Management Accountants (IMA)Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

Correct Answer
verified

An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment.According to the Institute of Management Accountants,the employee's next step should be to:

Correct Answer
verified

Current information for the Stellar Corporation follows: Stellar Corporation's cost of goods manufactured for the year is:

Correct Answer
verified

Which of the following items does not represent a difference between financial and managerial accounting?

Correct Answer
verified

A ________ cost changes in total in proportion to changes in the volume of activity.

Correct Answer
verified

Costs that flow directly to the income statement as expenses are called:

Correct Answer
verified

Match each of the following terms with the appropriate definition.

Costs that flow directly to the current income statement and are not reported as assets are ________ costs.

Correct Answer
verified

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Correct Answer
verified

Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory equals cost of goods sold.

Correct Answer
verified

Use the cost information below for Laurels Company to determine the manufacturing costs added during the current year:

Correct Answer
verified

Materials that are used in manufacturing but are not clearly identified with specific product units are called:

Correct Answer
verified

For a manufacturer,the cost of goods sold can be computed by adding the beginning finished goods inventory to ________ and then subtracting the ending finished goods inventory.

Correct Answer
verified
cost of go...
View Answer

The purpose of managerial accounting information is to help users make decisions while the purpose of financial accounting is to help users make decisions.

Correct Answer
verified
internal; external
a...
View Answer

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

Correct Answer
verified

Which of the following costs is not included in factory overhead?

Correct Answer
verified

The schedule of cost of goods manufactured is also known as a manufacturing statement.

Correct Answer
verified

Which of the following should not be included in direct materials costs for a bike manufacturer?

Correct Answer
verified

A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a:

Correct Answer
verified

Exam 14: Managerial Accounting Concepts and Principles

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

Correct AnswerverifiedShow Answer

The Institute of Management Accountants (IMA)Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

Correct AnswerverifiedShow Answer

An employee is dissatisfied with the resolution of an ethical conflict with his supervisor at his place of employment.According to the Institute of Management Accountants,the employee's next step should be to:

Correct AnswerverifiedShow Answer

Current information for the Stellar Corporation follows: Stellar Corporation's cost of goods manufactured for the year is:

Correct AnswerverifiedShow Answer

Which of the following items does not represent a difference between financial and managerial accounting?

Correct AnswerverifiedShow Answer

A ________ cost changes in total in proportion to changes in the volume of activity.

Correct AnswerverifiedShow Answer

Costs that flow directly to the income statement as expenses are called:

Correct AnswerverifiedShow Answer

Match each of the following terms with the appropriate definition.

Costs that flow directly to the current income statement and are not reported as assets are ________ costs.

Correct AnswerverifiedShow Answer

Factory overhead includes selling and administrative expenses because they are indirect costs of a product.

Correct AnswerverifiedShow Answer

Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory equals cost of goods sold.

Correct AnswerverifiedShow Answer

Use the cost information below for Laurels Company to determine the manufacturing costs added during the current year:

Correct AnswerverifiedShow Answer

Materials that are used in manufacturing but are not clearly identified with specific product units are called:

Correct AnswerverifiedShow Answer

For a manufacturer,the cost of goods sold can be computed by adding the beginning finished goods inventory to ________ and then subtracting the ending finished goods inventory.

Correct Answerverifiedcost of go...View AnswerShow Answer

The purpose of managerial accounting information is to help ________ users make decisions while the purpose of financial accounting is to help ________ users make decisions.

Correct Answerverifiedinternal; externala...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following costs is not included in factory overhead?

Correct AnswerverifiedShow Answer

The schedule of cost of goods manufactured is also known as a manufacturing statement.

Correct AnswerverifiedShow Answer

Which of the following should not be included in direct materials costs for a bike manufacturer?

Correct AnswerverifiedShow Answer

A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
cost of go...
View Answer

The purpose of managerial accounting information is to help users make decisions while the purpose of financial accounting is to help users make decisions.

Correct Answer
verified
internal; external
a...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified