Question 1

Which of the following is not part of the sales activity in the flow of manufacturing activities?

Accepted Answer

A)  Beginning Finished Goods Inventory
B)  Cost of goods manufactured
C)  Total Finished Goods available for sale
D)  Ending Work in Process Inventory
E)  Ending Finished Goods InventoryF) None of the above
G) C) and E)

Question 2

The following information is available for the year ended December 31:  The amount of raw materials used in production for the year is:

Accepted Answer

A)  $87,500.
B)  $85,700.
C)  $86,900.
D)  $85,400.
E)  $86,600.F) A) and E)
G) A) and B)

Question 3

Information for Eastman Industries is presented below.Compute the cost of goods manufactured.

Accepted Answer

The answer of Information for Eastman Industries is presented below.Compute...

Question 4

Managerial accounting reports and information are used by external users and financial accounting by internal users.

Accepted Answer

A) True 
 B)False

Question 5

_______________ are beliefs that distinguish right from wrong.

Accepted Answer

The answer of _______________ are beliefs that distinguish right from...

Question 6

Four factors come together in production activity: beginning work in process inventory,raw materials,direct labor,and factory overhead.

Accepted Answer

A) True 
 B)False

Question 7

The following information relates to the manufacturing operations of the JNR Printing Company for the year:  The raw materials used in manufacturing during the year totaled $118,000.Raw materials purchased during the year amount to:

Accepted Answer

A)  $107,000.
B)  $115,000.
C)  $118,000.
D)  $121,000.
E)  $126,000.F) None of the above
G) B) and E)

Question 8

Managerial accounting is different from financial accounting in that:

Accepted Answer

A)  Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization.
B)  Managerial accounting never includes nonmonetary information.
C)  Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.
D)  Managerial accounting is used extensively by investors,whereas financial accounting is used only by creditors.
E)  Managerial accounting is mainly used to set stock prices.F) B) and C)
G) C) and E)

Question 9

Control is the process of setting goals and determining ways to achieve them.

Accepted Answer

A) True 
 B)False

Question 10

_____________________ rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continuously experiment with new and improved business practices.

Accepted Answer

Continuous...

Question 11

The series of activities that add value to a company's products or services is called a value chain.

Accepted Answer

A) True 
 B)False

Question 12

Current information for the Healey Company follows:  All raw materials used were traceable to specific units of product.Healey Company's direct materials used for the year is:

Accepted Answer

A)  $58,600.
B)  $60,000.
C)  $75,200.
D)  $76,600.
E)  $61,400.F) A) and E)
G) None of the above

Question 13

Last year,Wesson Company sold 10,000 units of its only product.If sales increase by 12% in the current year,how will unit variable cost and unit fixed cost be affected?

Accepted Answer

A)  Choice A
B)  Choice B
C)  Choice C
D)  Choice D
E)  Choice EF) All of the above
G) A) and B)

Question 14

Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor are _____________________ costs.

Accepted Answer

The answer of Expenditures directly associated with the manufacture of...

Question 15

___________________________ reveals how many times a company uses its raw materials inventory in production during a period.

Accepted Answer

Raw Materi...

Question 16

A manufacturer's total cost of making and finishing products in the period is called:

Accepted Answer

A)  Ending finished goods inventory.
B)  Total manufacturing costs.
C)  Ending work in process inventory.
D)  Cost of goods manufactured.
E)  Cost of goods sold.F) A) and C)
G) B) and E)

Question 17

Product costs:

Accepted Answer

A)  Are expenditures necessary and integral to finished products.
B)  Are expenditures identified more with a time period rather than with units of product.
C)  Include selling and administrative expenses.
D)  Are expensed on the income statement when incurred.
E)  Are moved to the income statement for any unsold inventory at the end of the year.F) A) and B)
G) A) and C)

Question 18

Both financial and managerial accounting report monetary information;managerial accounting also reports considerable nonmonetary information.

Accepted Answer

A) True 
 B)False

Question 19

Product costs can refer to expenditures necessary to finish products and to the administrative support during the time period.

Accepted Answer

A) True 
 B)False

Question 20

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) B) and C)
G) B) and D)

Exam 18: Managerial Accounting Concepts and Principles

Managerial accounting reports and information are used by external users and financial accounting by internal users.

Correct AnswerverifiedShow Answer

Four factors come together in production activity: beginning work in process inventory,raw materials,direct labor,and factory overhead.

Correct AnswerverifiedShow Answer

Last year,Wesson Company sold 10,000 units of its only product.If sales increase by 12% in the current year,how will unit variable cost and unit fixed cost be affected?

Correct AnswerverifiedShow Answer

Which of the following is not part of the sales activity in the flow of manufacturing activities?

Correct AnswerverifiedShow Answer

Current information for the Healey Company follows: All raw materials used were traceable to specific units of product.Healey Company's direct materials used for the year is:

Correct AnswerverifiedShow Answer

Product costs can refer to expenditures necessary to finish products and to the administrative support during the time period.

Correct AnswerverifiedShow Answer

Control is the process of setting goals and determining ways to achieve them.

Correct AnswerverifiedShow Answer

_______________ are beliefs that distinguish right from wrong.

Correct AnswerverifiedShow Answer

___________________________ reveals how many times a company uses its raw materials inventory in production during a period.

Correct AnswerverifiedRaw Materi...View AnswerShow 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

The series of activities that add value to a company's products or services is called a value chain.

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Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor are _____________________ costs.

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Both financial and managerial accounting report monetary information;managerial accounting also reports considerable nonmonetary information.

Correct AnswerverifiedShow Answer

_____________________ rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continuously experiment with new and improved business practices.

Correct AnswerverifiedContinuous...View AnswerShow Answer

A manufacturer's total cost of making and finishing products in the period is called:

Correct AnswerverifiedShow Answer

Product costs:

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Information for Eastman Industries is presented below.Compute the cost of goods manufactured.

Correct AnswerverifiedShow Answer

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

Correct AnswerverifiedShow Answer

The following information relates to the manufacturing operations of the JNR Printing Company for the year: The raw materials used in manufacturing during the year totaled $118,000.Raw materials purchased during the year amount to:

Correct AnswerverifiedShow Answer

Managerial accounting is different from financial accounting in that:

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Raw Materi...
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Continuous...
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