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Accounting Ch. 18 Handout

Which of the following are basic phases of the management process
A. supervising and directing
B. decision making and supervising
C. organizing and directing
D. planning and controlling
D. planning and controlling
what term is used to describe the process of monitoring operating results and comparing actual results with the expected results
A. improving
B. controlling
C. directing
D.planning
B. controlling
Accounting designed to meet the needs of decision makers inside the business is
A. general accounting
B. financial accounting
C. managerial accounting
D. external accounting
C. managerial accounting
what term is used to describe the process of developing the organizations objectives and translating those into courses of action
A. supervising
B. planning
C. improving
D. decision making
b. planning
which of the following is the principle reason for preparing managerial accounting reports
A. usefulness to management
B. cost of preparation
C. clarity
D.GAAP
A. usefulness to management
The primary goal of managerial accounting is to provide information to
A. investors
B. creditors
C.management
D. external auditors
c. management
which of the following is not a characteristic of useful managerial accounting reports
A. accurate
B. GAAP—-adhering
C.historical and estimated data
D. prepared as needed
B. GAAP—-adhering
which of the following is not true in regards to direct materials for a bakery
A. flour and sugar would probably be direct materials
B. eggs would probably be a direct material
C. oil to lubricate factory machines would not be a direct material
D. paper cupcake liners that become part of the product must be accounted for as direct materials
D. paper cupcake liners that become part of the product must be accounted for as direct materials
the cost of a manufactured product generally consists of which of the following costs
A. direct materials and factory overhead costs only
B. direct labor cost and factory overhead costs only
C. direct labor cost, direct materials cost, and factory overhead cost
D.direct materials cost an direct labor cost only
C. direct labor cost, direct materials cost, and factory overhead cost
materials must have which two quantities in order to be classified as direct materials
A. they must be classified as both prime costs and conversion costs
B. they must be introduced into the process in both work-in-process inventories and finished good inventories
C. they must be an integral part of the finished product but can be significant portion of the total product cost
D. they must be an integral part of the finished product and be a significant portion of the total product cost
D. they must be an integral part of the finished product and be a significant portion of the total product cost
which of the following is an example of direct materials cost for an automobile manufacturer
A. cost of oil lubricants for factory machinery
B. cost of wages of assembly worker
C. salary of production supervisor
D. cost of interior upholstery
D. cost of interior upholstery
a plant manager salary is
A. a direct cost and indirect cost
B. a direct cost
C. an indirect cost
D. a period cost
C. an indirect cost
if the cost of a direct material is a small portion of total production cost it may be classified as part of
A. direct labor
B. selling and administrative costs
C. miscellaneous costs
D. factory and overhead costs
D. factory and overhead costs
the cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished products is classified as
A. factory overhead
B.direct labor cost
C. miscellaneous costs
D. direct materials costs
B.direct labor cost
which of the following is an example of direct labor cost for a cell phone manufacturer
A. cost of oil lubricants
B. cost of wages of assembly worker
C. salary of plant supervisor
D. cost of phone components
B. cost of wages of assembly worker
costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as
A. factory overhead cost
B. miscellaneous expense
C. product costs
D. period costs
A. factory overhead cost
which of the following is an example of a factory overhead cost
A. repair and maintenance cost on the administrative building
B. factory heating and lighting cost
C. insurace premiums on sales persons automobiles
D. presidents salary
B. factory heating and lighting cost
period costs include
A. current assets on the balance sheet
B. current liabilities on the balance sheet
C. operating costs that are shown on the income statement when products are sold
D. operating costs that are shown on the income statement in the period in which they are incurred
D. operating costs that are shown on the income statement in the period in which they are incurred
another term for factory over head is
A. surplus
B. period cost
C. supervisory cost
D. factory burden
D. factory burden
which of the following costs are conversion costs
A. direct labor cost and factory overhead cost
B. direct materials cost and direct labor cost
C. factory overhead cost
D. direct materials cost and factory overhead cost
D. direct materials cost and factory overhead cost
goods that are partially completed by the manufacturer are
A. merchandise inventory
B. work in process inventory
C. finished goods inventory
D. materials inventory
B. Work in process inventory
what term refers to the cost of changing direct materials into a finished manufactured product
A. factory overhead cost
B. period cost
C. conversion cost
D. direct labor cost
C. conversion cost
which of the following items would not be classified as part of factory overhead
A. direct labor used
B.amortization of manufacturing patents
C. production supervisors salaries
D. factory supplies used
A, direct labor used
which of the following is part of factory overhead cost
A. sales commissions
B. depreciation of factory equipment and machines
C. depreciation of sales persons vehicle
D. direct materials used
B. depreciation of factory equipment and machines
which of the following manufacturing costs is an indirect cost of producing a product
A. oil lubricants used for factory machinery
B. commissions for sales personnel
C. hourly wages of an assembly worker
D. memory chips for a microcomputer worker
A. oil lubricants used for factory machinery
all of the following could be considered a direct material except
A. steel
B. fabric
C.glue
D. lumber
c. glue
prime costs are
A. direct materials and factory overhead
B. direct materials and direct labor
C. direct labor and factory overhead
D. period costs and factory overhead
B. direct materials and direct labor
a product cost is
A. expenses in the period in which it is manufactured
B. shown with the current liabilities on the balance sheet
C. shown with operating expenses on the income statement
D. expensed in the period the product is sold
D. expensed in the period the product is sold
conversion costs are
A. direct materials and direct labor
B. direct materials and factory overhead
C. factory overhead and direct labor
D. direct materials and indirect labor
C. factory overhead and direct labor
which of the following is not a prime cost
A. plant janitors wages
B. direct labor wages
C. machine operator wages
D. assembly line wages
a. plant janitors wages
product costs
A. appear only on the balance sheet
B. appear only on the income statement
C. are expensed as costs incurred for direct labor, direct material, and factory overhead
D. appear on both the income statement and balance sheet
D. appear on both the income statement and balance sheet
the following are all product costs except
A. direct materials
B. sales and administrative expenses
C. direct labor
D. factory overhead
B. sales and administrative expenses
indirect labor and indirect materials are classified as
A. factory overhead and product costs
B. factory overhead and period costs
C. operating costs and period costs
D. operating costs and product costs
A. factory overhead and product costs

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