FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 16: Introduction to Management Accounting

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 71

True/False

Review LaterAdd Note

Review Later

Baker products shipped an order to a customer on the second day of January. Later that day, the sales manager told the accountant to record the sale as if it had taken place on the last day of December. This would allow the company to book the sales revenue in the year just ended and boost year-end profit. Because the transaction was a legitimate sale, the alteration of the date of sale alone would not be considered unethical.

A) True
B) False

Correct Answer

verified

Show Answer

Question 72

Multiple Choice

Review LaterAdd Note

Review Later

Village Company's selected cost data for 2012 are shown below: Assuming manufacturing overhead costs of $83,375, what is the amount of direct labor incurred by Village Company in 2012?

A) $50,025
B) $62,550
C) $41,700
D) $83,400

E) A) and D)
F) B) and C)

Correct Answer

verified

Show Answer

Question 73

Multiple Choice

Review LaterAdd Note

South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during 2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of $1,800; depreciation of $7,900; and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance. How much is the cost of goods manufactured?

Which of the following is a characteristic of a service company?

Arturo Manufacturing Company provided the following information for the year 2012: Please refer to the T-accounts below which show the beginning balances for the year. Use the T-accounts to record the transactions for the year. What is the ending balance in the Direct materials account?

Which of the following is NOT a product cost?

The costs of indirect materials cannot easily be traced to the manufactured product and is therefore a component of manufacturing overhead.

Charleston Company was nearing year-end and the CEO wanted to report a high level of inventory on the balance sheet. An order of raw materials was planned for early the next year, but the CEO asked the purchasing manager to accelerate the shipment so that it would arrive before the end of the year. Because this action was taken deliberately to affect the financial results of the company, it would be considered unethical.

Period costs do NOT include which of the following?

T-accounts for the inventory accounts of the Arturo Manufacturing Company are shown below. This data represents transactions for the year of 2012. Based on the data shown here, what was the amount of direct materials used in production? (NOTE: This is not covered in Chapter 16.)

Management is accountable to communities in which of the following ways?

For a manufacturing business, which of the following would be considered a direct labor cost?

For a manufacturing business, which of the following would be included in manufacturing overhead?

What is total quality management?

The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. What is the gross profit for 2012?

Managerial accounting includes the controlling function. Which of the following items would be part of the controlling function of a business's managerial accounting?

Which of the following is NOT a part of manufacturing overhead?

The following information was obtained from Fizz Company: How much were Fizz's period costs?

Davidson Production provides the following information on the year 2012: During the year, Davidson produced 71,020 units of product. What was the unit product cost (cost to make each unit) ? (Please round to the nearest cent.)

Arturo Manufacturing Company provided the following information for the year 2012: Please prepare a statement of the cost of goods manufactured using the following format: