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Account test 4

In order to be useful to managers, management account reports should possess all of the following characteristics except”
be prepared in accordance with generally accepted accounting principles
what is the primary criterion for the preparation of managerial accounting reports
meet the manager needs
which of the following is most associated with managerial accounting
may rely on estimates and forecasts
which of the following statements is false
there is no overlap between financial and managerial accounting
in most business organizations, the chief management accountant is called the
controller
all of the following employees hold line positions in anthea electric except
vice president of finance
the controller’s staff often consists of several management accountants. All of the following would most like be on the controller’s staff except
investments and shareholder relations managers
managerial accounting
is prepared according to management needs
who are the individuals charged with the responsibility for directing the day to day operations of a business
managers
which of the following are basic phases of the management process
planning and controlling
what term is used to describe the process of monitoring operating results and comparing actual results with the expected results
controling
what term is used to describe the process of developing the organization’s objectives and translating those into courses of action
planning
which of the following is the principle reason for preparing managerial accounting reports
usefulness to management
which of the following is not a characteristic of useful managerial accounting reports
GAAP
compute conversion costs given the following data: direct materials, 452,700; Direct labor, 186300; factory overhead, 175600; and selling expenses, 45290
361900
which of the following is false in regards to direct materials for an auto manufacturer
small plastic clips to hold on door panels, that become part of the auto, must be accounted for as direct materials
the cost of a manufactured product generally consists of which of the following costs
direct labor cost, direct materials cost, and factory overhead cost
materials must have which two qualities in order to be classified as direct materials
they must be an integral part of the finished product and be a significant portion of the total produce cost
which of the following is an example of direct materials cost for an automobile manufacturer
cost of interior upholstery
if the cost of direct materials is a small portion of total production cost, it may be classified as part of
factory overhead cost
the cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product is classified as
direct labor cost
which of the following is an example of direct labor cost for an airplane manufacturer
cost of wages of assembly worker
cost other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as
factory overhead cost
which of the following is an example of a factory overhead cost
factory heating and lighting cost
another term often used to refer to factory overhead is
factory burden
which of the following costs are referred to as conversion costs
direct labor cost and factory overhead cost
what term is used to refer to the cost of changing direct materials into a finished manufactured product
conversion cost
which of the following items would not be classified as part of factory overhead
direct labor used
which of the following is considered a part of factory overhead cost
depreciation of factory buildings
which of the following manufacturing cost is an indirect cost of producing a product
oil lubricants used for factory machinery
prime costs are
direct materials and direct labor
conversion costs are
factory overhead and direct labor
which of the following is not a prime cost
supervisor’s wages
the following are all product costs except
sales and administrative expenses
which of the following will not be found on the balance sheet of a manufacturing company
cost of goods sold
in the income statement of a manufacturing company, what replaces purchases in the cost of goods section of a retail company
cost of goods manufactured
what is the purpose of the statement of cost of goods manufactured
to determine:
ending materials in inventory
ending work in process inventory
amounts transferred to finished goods
which of the following accounts will be found on the income statement
cost of goods sold
all of the following are ways that managers use managerial information except
evaluate the company’s stock performance
Cost of materials used 40,000
direct labor cost 55,000
factory overhead 32,000
work in process beg. 28,000
work in process end 18,000

What is Cost of goods manufactured?

137,000
Cost of materials used 40,000
direct labor costs 55,000
factory overhead 32,000
work in process beg. 28,000
work in process end 18,000
finished goods beg. 28,000
finished goods end 18,000

What is cost of goods sold

147,000
Beg.Raw materials inventory 75,000
materials purchased 20,000
ending raw mat. inventory 30,000

What is the amount of raw materials used?

65,000
a company manufactured 50,000 units of a product at a cost of 250,000. They sold 40,000 units for 10 each. What is the gross margin
200,000
wip beg. 10,000
wip ending 15,000
direct labor cost incurred 4,000
cost of goods manufactured 8,000
factory overhead 8,000

What is the amount of direct materials used

1,000
a company sells goods for 300,000 that cost 140,000 to manufacture. Which statement is true?
the company will decrease finished goods by 140,000
product costs
appear on both the income statement and the balance sheet
which of the following would be least likely to be considered a managerial accounting report
a statement of stockholders’ equity
managerial accountants would most likely prepare all of the following reports except
an annual report for external regulators such as the SEC
accounting designed to meet the needs of decision-makers inside the business is referred to as
managerial accounting
the primary goal of managerial accounting is to provide information to
management
goods that are partially completed by a manufacturer are referred to as
work in process inventory
a plant manager’s salary may be referred to as
an indirect cost
all of the following would probably be considered a direct material except
glue
period costs include
operating costs that are shown on the income statement in the period in which they are incurred
a product cost is
expensed in the period the product is sold
indirect labor and indirect materials are classified as
factory overhead and product costs
an example of a period cost is
advertising expense
direct labor and direct materials are classified as
product costs and expensed when the goods are sold
indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as
product costs and expensed when the goods are sold
rent expense on a factory building would be treated as a
product cost
rent expense incurred on a factory building would be treated as
indirect and product cost
which of the following is not a factory overhead cost
materials used directly in the manufacturing process of the product
all of the following are example of indirect labor except
machine operators
factory overhead includes
indirect labor and indirect materials
costs which are reported on the income statement as part of cost of goods sold are referred to as
cost of goods manufactured
costs on the income statement for both merchandiser and a manufacturer would include
operating expenses
cost of goods sold for a manufacturer equals cost of goods manufactured plus
beginning finished goods inventory less ending finished goods inventory
cost of goods manufactured is equal to
total manufacturing costs plus beginning work in process inventory less ending work in process inventory
finished goods inventory is reported on the
balance sheet as a current asset
beginning work in process is equal to
cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period
all of the following must be reported on the balance sheet as a current asset except
factory overhead
Reedy Company reports the following info for 2012:
-cost of goods manufactured 69,500
-direct materials used 27,000
-direct labor incurred 25,000
-wip inventory jan. 1 2012 11,000

Facroty overhead is 75% of the cost of direct labor. Work in process inventory on dec. 31, 2012 is:

12,250
at the beginning of 2011, the gilbert company’s work in process inventory account had a balance of 30,000. during 2011, 68,000 of direct materials were used in production, and 66,000 of direct labor costs were incurred. factory overhead in 2011 amounted to 90,000. cost of goods manufactured is 220,000 in 20011. the balance in work in process inventory on dec. 31, 2011 is
34,000
a company used 35,000 of direct materials, incurred 73,000 in direct labor cost, and 114,000 in factory overhead costs during the period. if beginning and ending work in process inventories were 28,000 and 21,000 respectively, the cost of goods manufactured was
229,000
cost of goods manufactured during 2011 is 240, work in process inventory on dec 31, 2011 is 50. work in process inventory during 2011 decreased 60%. total manufacturing costs incurred during 2011 amount to
165
work in process inventory dec 31, 2011 is 44,000. work in process inventory increased 60% during 2011. cost of goods manufactured for 2011 amounts to 275,000. What are the total manufacturing costs incurred in 2011
291,500
work in process inventory on dec 31,2011 is 42,000. work in process inventory decreased 40% during 2011. total manufacturing costs incurred in 2011 amount to 260,000. what is the cost of goods manufactured
288,000
work in process inventory increased 20,000 during 2011. cost of goods manufactured was 280,000. total manufacturing costs incurred in 2011 are
300,000
the cost of goods sold for heedy manufacturing in 2011 was 233,00. the jan. 1, 2011, finished goods inventory balance was 31,600 and the dec. 31, 2011 finished goods inventory balance was 24, 200. cost of goods manufactured during the period was
225,600
Used by management to develop the organization’s objectives and goals
planning
managers run their day to day activities
directing
monitoring the operating results of implemented plans and comparing actual results
controlling
used by managers for continuous improvement
improving
managers must decide how to respond to unfavorable performances
decision making
frosting
direct material, prime cost, product cost
depreciation on oven
factory overhead, conversion cost
wages of bakers
direct labor, prime/conversion cost, product cost
sprinkles for topping
factory overhead, conversion cost
advertising fees
period cost
transportation out
period cost
indirect labor incurred
indirect
factory equipment depreciation
indirect
indirect materials used
indirect
office equipment depreciation
neither
direct materials used
direct
insurance expired on administrative facilities
neither
direct labor incurred
direct
administrative office salaries
neither
salesperson’s salaries
neither
utilities on factory building
indirect
utilities on administrative facilities
neither
rent expense on factory building
factory overhead
sales supplies used
selling and administrative expense
factory supplies used
factory overhead
indirect materials used
factory overhead
wages of assembly line personnel
direct labor
cost of primary material used to make product
direct materials
depreciation on office equipment
selling and administrative expense
rent of office facilites
selling and administrative expense
insurance expired on factory equipment
factory overhead
utilities incurred in the office
selling and administrative expense
advertising expense
selling and administrative expense

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