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Exam 1: Managerial Accounting Concepts and Principles

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Question 61

True/False

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Total quality management and just-in-time manufacturing are two modern systems designed to improve the quality of management and the products and services offered.

A) True
B) False

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Question 62

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Use the following information for Acme, Inc., as of December 31 to answer the next questions: -What is the total amount of manufacturing costs added to Goods In Process?

A) $393,000.
B) $325,000.
C) $389,500.
D) $397,000.
E) $307,500.

F) C) and E)
G) A) and E)

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Question 63

Multiple Choice

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The total cost of goods completed during the accounting period for a manufacturer is called:

Period costs are incurred by purchasing merchandise or manufacturing finished goods.

The focus of managerial accounting is on providing ________________ reports while the focus of financial accounting is on providing _____________reports.

Selling and administrative expenses are normally product costs.

Current information for the Austin Company follows: All raw materials used were traceable to specific batches of product.Austin Company's cost of goods manufactured for the year is:

Manufacturers usually have three inventories: raw materials, goods in process, and finished goods.

Indirect materials are accounted for as factory overhead because they are not easily traced to specific units or batches of production.

Companies A, B, C, and D are competitors in the same industry.Assume that all have adequate quantities of raw materials to meet production needs. Which company has the best raw materials inventory turnover?

HiFi Sound Systems produces speakers for movie theaters that sell for $1,200 each.Listed below are selected cost items for the production of 600 units. Classify each cost as either fixed or variable, and either a product or a period cost.

Indirect labor refers to the cost of the workers whose efforts are directly traceable to specific units or batches of product.

Assuming production needs can be met, companies usually prefer:

The potential benefit lost by taking a specific action from two or more choices is an _____________________________.

An _____________________ cost requires the future outlay of cash and is relevant for decision making.

The management concept of customer orientation causes a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Describe the three types of inventories that are carried by manufacturers..

Cost concepts such as variable, fixed, mixed, direct, and indirect apply only to manufacturers and not to service companies.

Raw materials purchased plus beginning raw materials inventory equals the ending balance of raw materials inventory.

The concept of total quality management focuses on continuous improvement.