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Exam 18: Managerial Accounting Concepts and Principles

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Question 81

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Which of the following is not a characteristic of useful managerial accounting reports?

A) Accuracy
B) GAAP
C) historical and estimated data
D) reports prepared as needed

E) All of the above
F) A) and B)

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Question 82

Multiple Choice

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Which of the following manufacturing costs is an indirect cost of producing a product?

A) Oil lubricants used for factory machinery
B) Commissions for sales personnel
C) Hourly wages of an assembly worker
D) Memory chips for a microcomputer manufacturer

E) A) and D)
F) All of the above

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Question 83

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What is the amount of Direct Materials used?

The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product is classified as:

Period costs include direct materials and direct labor.

Accounting designed to meet the needs of decision-makers inside the business is referred to as:

Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making, managerial accounting provides ample opportunity for creativity and change.

Period costs can be found in the balance sheet or in the income statement.

Laramie Technologies had the following data: Cost of Materials Used $50,000 Direct Labor costs $56,000 Factory Overhead $28,000 Work in Process, beg. $45,000 Work in Process, end. $32,000 Show your calculations to determine the Cost of Goods Manufactured.

The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

Factory overhead cost is sometimes referred to as factory burden.

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Work in process inventory on December 31, 2011, is $44,000. Work in process inventory increased by 60% during 2011. Cost of goods manufactured for 2011 amounts to $275,000. What are the total manufacturing costs incurred in 2011?

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000 respectively, the cost of goods manufactured was:

Control is the process of monitoring operating results and comparing actual results with the expected results.

Managerial accounting

Williams Company reports production costs for 2015 as follows: Williams Company's period costs for 2015 amount to:

Direct labor costs are included in the conversion costs of a product.

Conversion cost is the combination of direct materials cost and factory overhead cost.

A staff department has no direct authority over a line department.