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ACG2071 UCF Test1

Planning phase key words
increase/decrease, implement
Directing phase key words
examine, set, observe, find out, improve
control phase key words
monitor, track, examine
gather, summarize, and report data
managerial accounting
credibility key word
disclose
SEC examiner
financial acc
division controller
finnancial and managerial
board of directors
financial and managerial
internal auditor
financial and managerial
potential investors
financial
current stockholders
financial
reporter
financial
which type of accounting does not use gaap
managerial
raises capital and invests funds
treasurer
Sarbanes oaxley act
-The penalties for corporate fraud were increased
-At least one audit committee member should be a financial expert
-The CEO and CFO must certify that the financial statements fairly present the company’s operations and financial condition.
T or F?
The company’s auditors assume responsibility for the financial statements
false
T or F?
CPA’s audit the budget plans of public companies.
false
Maintain and appropriate level of professional expertise by continually developing knowledge and skills
competence
Perform professional duties in accordance with relevant laws, regulations, and technical standards
competence
Disclose all relevant information that could reasonably be expected to influence an intended user’s understanding of the reports, analyses, or recommendations.
credibility
Abstain from engaging in or supporting any activity that might discredit the profession.
integrity
Provide decision support information and recommendations that are accurate, clear, concise, and timely.
competence
direct materials are first written on the _____ ______ then when sold, transferred to the ______ ______.
balance sheet, income statement
T or F?
Throughput time is the time it takes to process the financial statements of the company.
false
T or F?
Corporate sustainability reporting is covered by GAAP.
false
The global reporting initiative provides guidance on_____ _______
sustainability reporting
What is the GRI?
-nonprofit organization
-promotes a reporting framework for sustainability that is widely used around the world
-advocates reporting performance results on human rights
-advocates reporting data on economic, environmental and social aspects
T or f?
An Environmental Management Accounting System tracks physical information and marketing information.
false; physical and monetary
life cycle assesment
raw materials>value chain>customer>disposal
What inventory accounts appear on the balance sheet of a manufacturer?
work in process
raw materials
finished goods
What inventory accounts appear on the income sheet of a manufacturer?
COGS
Direct labor and direct material combined
prime costs
Direct labor and manufacturing overhead
conversion costs
Outlays that can be easily identified to a particular cost object
direct costs
Expenditures that are not directly associated with the production of a product, such as advertising costs and general administrative costs.
period costs
The cost of compensation provided to employees besides the employees salaries and wages
fringe
Raw materials, inventory, work in process inventory, and finished goods are considered to be
inventoriable
Over head costs?
1. Insurance to protect the factory contents
2.Advertising cost to promote the finished goods
3.Electricity to run factory machines
4.Security guards that protect the factory building
all but 2
advertising is a PERIOD cost
Which of the following is an indirect cost? The cost object is the service department of a car dealership.

a.The depreciation on the car lifts in the service bay.
b.The salary of the general manager of the dealership
c.The labor of the mechanics working to fix the cars
d.The cost of oil filters

b
Which of the following is not a direct labor cost?
a.Wages of computer animators at Pixar
b.Ring engravers at a jewelry manufacturer
c.Wages of the store manager at Starbucks
d.Wages of the assemblers who put planes together at Boeing
At what point are manufacturing costs expensed?
when finished goods are sold
When indirect materials are used, which account increases?
manufacturing overhead
When products are completed, which account is decreased?
WIP
Which of the following is a characteristic of a fixed cost?
a.Both answers are correct
b.Neither answer is correct
c.The cost per unit varies inversely with changes in the level of activity.
d.The total cost remains constant, regardless of changes in the level of activity.
a.
A category of costs that include all the costs associated with the general management of the company is referred to as
period cost
If the cost of goods sold is less than the cost of goods manufactured, then Finished Goods Inventory __________during the period.
increased
The wages of security guards to protect the factory building is an example of what type of costs?
indirect; product
Direct Labor is considered a
variable cost
Cost of goods manufactured________ the finished goods account
increases
Oil to keep the factory machinery lubricated is an example of what types of costs?
indirect material; overhead
A source document for tracking employee hours is called a:
labor time record
T or F?
Management can use the job cost information to control costs on future jobs.
true
T or F?’
If manufacturing overhead has been overallocated during the year, it means the jobs have been overcosted.
true
When direct materials are requisitioned, they flow directly into:
work in process
Allocating manufacturing overhead costs is done:
during the period
which costs are inventoriable?
all product costs are inventoried on B/S before the product is sold
product costs=__________costs
inventoriable
T or F?

product costs appear on both I/S and B/S at the same time.

false. first balance then income
property tax on corporate marketing offices are ______ costs.
period
cost of warranty repairs is a ______cost
period
what is overhead rate?
est’d MOH/ est’d hours
how much overhead was allocated to jobs during the year?
overhead rate x actual # of hours
what account does overhead allocated go into?
WIP because it is part of job cost
if actual OH is more than allocated OH, were jobs under or over costed?
undercosted
what is the account adjustment for undercosted jobs?
increase COGS by difference amount
COGM is what you take out of ______ account and put into _______
WIP; finished goods
what goes into WIP? actual MOH or applied MOH?
Applied
formula for COGM
beg wip
+DM
+DL
+applied OH
-end WIP
COGM transfers into which account?
FInished goods
actual MOH= 70,000
applied MOH= 75,000

what is the journal entry

decrease cogs by 5,000
budgeted OH
applied OH
actual OH

which do you use to calculate OH rate?
which do you use for under/over?

rate= budgeted
under/over= applied vs actual
is applied a budgeted or actual number?
half and half
is receptionist wage a direct cost or OH cost?
OH
what account would be affected given:

budgeted OH
budgeted DL hours

None
what accounts would be affected:

raw materials were purchased for cash

raw materials
what accounts would be affected:

89000 in raw materials were requisitioned. 78000 went to direct. the rest went ti indirect

decrease raw materials
increase WIP 78000
the remainder goes into OH
what accounts would be affected:

additional MOH was incurred and paid

actual MOH
what accounts would be affected:

MOH costs were applied to jobs using predetermined OH rate.

Increase WIP
A job cost record is born in which account?
WIP
job 63= 35000 completed
job64= 84000 in process
job 65= 53500 in process

where does each job go?

job 63= beginning balance of finished goods
job64+65= begining balance of wip
what is the cost of jobs still in production at the end of the year?
end WIP balance
where do you find the cost of jobs completed but not yet sold?
finished goods

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