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Accounting Final Test 1

False
Controlling means overseeing the company’s day-to-day operations:
True
The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made.
True
Planning, directing, and controlling are a manager’s three primary responsibilities.
True
Managerial accounting develops reports that help internal parties effectively and efficiently run the company.
Managerial Accounting
____ gathers, summarizes, and reports on the financial impact of changes to business operations.
Adhering to GAAP
Which of the following is NOT one of the primary responsibilities of management?
Internal Reporting
The focus of management accounting is on
True
The treasurer and the controller report directly to the CFO
True
Trends to the modern business environment include a shift to the service economy and the rise of the global marketplace.
SOX
A wave of accounting scandals around the turn of the 21st century prompted which of the following?
True
Manufacturing companies usually have three types of inventory
True
Only manufacturing companies have finished goods inventory.
Manufacturers
Which of the following types of companies has raw materials, work in process and finished goods inventory?
Service Companies
Which type of company makes up the largest sector of the United States economy?
Little or no Inventory
The balance sheet of a service company has
Merchandise inventory
American Eagle Outfitters classifies the denim jeans on the shelves at its retail location as:
Work In progress
How would Chevrolet classify its partially completed vehicles?
Service
A _________ company has the highest percentage of labor costs as compared to the other types of companies.
Assembly worker wages
Which of the following costs could be found in work in process inventory for a candy bar manufacturer?
Cost of automobile engines
Which of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?
A period cost
A salesperson’s salary would be classified as _________ when determining the cost of a manufactured product.
Sand Paper
All of the following would be considered a direct material for kitchen cabinet EXCEPT …
Wages of factory maintenance personal
Which of the following is an example of overhead in a factory?
$250,500
Prime costs for Country Furniture Company Totaled ( Prime = direct labor and direct materials)
$415,500
Conversation costs for Country furniture company totaled (Conversion = direct labor and overhead)
Overhead and product costs
Indirect Materials and indirect labor are _________ for a manufactured product.
Advertising expense
Which of the following is an example of a period cost when manufacturing products?
irrelevant costs
Costs that remain the same among alternatives are
$240
Plowin’ Supply plans to make 15,000 tractors at its plant. Fixed costs are $600,000 and variable costs are $200 per tractor. What is the average cost per tractor?
salary of a plant manager
An example of a fixed cost for a manufacturer would be which of the following?
They remain the same throughout production levels within the relevant range
How do variable costs per unit behave?
True
Process costing is used by companies that produce large numbers of identical units of production in a continuous fashion.
Job costing system
Which product costing system would be better for custom-order products?
Commercial building construction
Which of the following industries would be most likely to use a job costing system?
work in process inventory
When direct materials are requisitioned, they flow directly into
manufacturing overhead
Prayroll cost for factory employees who do not work directly on the product are considered
false
An equal amount of manufacturing overhead should be allocated to each job
all of the listed choices
Manufacturing overhead is allocated on the basis of
$13.50
Before the year began, Murphy Manufacturing estimated that manufacturing overhead for the year would be $175,500 and that 13,000 direct labor hours would be worked. Actual results for the year included the following:

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