Question 1

Whether a cost is controllable or not controllable by an employee depends on the employee's level of responsibility.

Accepted Answer

A) True 
 B)False

Question 2

Raw materials inventory includes only direct materials.

Accepted Answer

A) True 
 B)False

Question 3

The following information for Baldwin Company, as of December 31, is provided.
  A.Calculate the direct material used during the period.
B.Calculate the total manufacturing costs incurred during the period.
C.Calculate the Cost of Goods Manufactured during the period.
D.Calculate the Cost of Goods Sold during the period.

Accepted Answer

A.$7,000 + $94,000 - $3500 = $97,500
B.
...

Question 4

Calculate cost of goods sold for the following two companies:

Accepted Answer

CARVER, LT...

Question 5

A management concept that applies quality improvement to all aspects of business activities is called:

Accepted Answer

A)  Continuous operations.
B)  Customer orientation.
C)  Just-in-time.
D)  Managerial accounting.
E)  Total quality management.F) A) and B)
G) C) and D)

Question 6

The main difference between the income statement of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

Accepted Answer

A) True 
 B)False

Question 7

The cost of partially completed products is included in the balance of the Goods in Process Inventory account.

Accepted Answer

A) True 
 B)False

Question 8

Period costs for a manufacturing company would flow directly to:

Accepted Answer

A)   The current income statement.
B)   Factory overhead.
C)   The current balance sheet.
D)   Job cost sheet.
E)   The current manufacturing statement.F) A) and D)
G) A) and C)

Question 9

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 10

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 11

Match between columns
                        Premises: Variable costs
Fixed costs
Factory overhead
Product costs
Sunk costs
Period costs
Conversion costs
Prime costs
Indirect costs
Opportunity costs

Accepted Answer

The Answer of Costs that change in proportion to changes is...

Question 12

One difference between financial and managerial accounting is that the external users that use financial information must plan a company's future, but the internal users of managerial accounting information generally must decide whether to invest in or lend to a company.

Accepted Answer

A) True 
 B)False

Question 13

What is the main difference between the income statement of a manufacturer and that of a merchandiser?

Accepted Answer

In the calculation of cost of goods sold...

Question 14

Costs may be classified by many different cost classifications.

Accepted Answer

A) True 
 B)False

Question 15

A manufacturer's inventory that is not completely finished is called __________________ .

Accepted Answer

The answer of A manufacturer's inventory that is not completely...

Question 16

The Goods in Process Inventory account is found only in the ledgers of merchandising companies.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following costs is not included in factory overhead?

Accepted Answer

A)  Payroll taxes on the wages of supervisory factory workers.
B)  Indirect labor.
C)  Depreciation of manufacturing equipment.
D)  Manufacturing supplies used.
E)  Direct materials.F) None of the above
G) A) and C)

Question 18

An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:

Accepted Answer

A)  Continuous improvement.
B)  Customer orientation.
C)  Just-in-time manufacturing.
D)  Theory of constraints.
E)  Total quality management.F) A) and B)
G) None of the above

Question 19

The manufacturing statement is also known as the schedule of manufacturing activities or the schedule of cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 20

Use the following information to compute the cost of goods manufactured:

Accepted Answer

A)  $36,650
B)  $30,950
C)  $30,650
D)  $30,350
E)  $31,650F) A) and C)
G) A) and E)

Exam 1: Managerial Accounting Concepts and Principles

Use the following information to compute the cost of goods manufactured:

Correct Answer
verified

Calculate cost of goods sold for the following two companies:

Correct Answer
verified
CARVER, LT...
View Answer

A manufacturer's inventory that is not completely finished is called __________________ .

Correct Answer
verified

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

Correct Answer
verified

Whether a cost is controllable or not controllable by an employee depends on the employee's level of responsibility.

Correct Answer
verified

Which of the following costs is not included in factory overhead?

Correct Answer
verified

The Goods in Process Inventory account is found only in the ledgers of merchandising companies.

Correct Answer
verified

The manufacturing statement is also known as the schedule of manufacturing activities or the schedule of cost of goods manufactured.

Correct Answer
verified

Raw materials inventory includes only direct materials.

Correct Answer
verified

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

Correct Answer
verified

An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:

Correct Answer
verified

Correct Answer
verified
A.$7,000 + $94,000 - $3500 = $97,500
B.
...
View Answer

The cost of partially completed products is included in the balance of the Goods in Process Inventory account.

Correct Answer
verified

Match the following terms with the appropriate definition.

What is the main difference between the income statement of a manufacturer and that of a merchandiser?

Correct Answer
verified
In the calculation of cost of goods sold...
View Answer

Costs may be classified by many different cost classifications.

Correct Answer
verified

One difference between financial and managerial accounting is that the external users that use financial information must plan a company's future, but the internal users of managerial accounting information generally must decide whether to invest in or lend to a company.

Correct Answer
verified

Period costs for a manufacturing company would flow directly to:

Correct Answer
verified

The main difference between the income statement of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

Correct Answer
verified

A management concept that applies quality improvement to all aspects of business activities is called:

Correct Answer
verified

Exam 1: Managerial Accounting Concepts and Principles

Use the following information to compute the cost of goods manufactured:

Correct AnswerverifiedShow Answer

Calculate cost of goods sold for the following two companies:

Correct AnswerverifiedCARVER, LT...View AnswerShow Answer

A manufacturer's inventory that is not completely finished is called __________________ .

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Whether a cost is controllable or not controllable by an employee depends on the employee's level of responsibility.

Correct AnswerverifiedShow Answer

Which of the following costs is not included in factory overhead?

Correct AnswerverifiedShow Answer

The Goods in Process Inventory account is found only in the ledgers of merchandising companies.

Correct AnswerverifiedShow Answer

The manufacturing statement is also known as the schedule of manufacturing activities or the schedule of cost of goods manufactured.

Correct AnswerverifiedShow Answer

Raw materials inventory includes only direct materials.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedA.$7,000 + $94,000 - $3500 = $97,500B....View AnswerShow Answer

The cost of partially completed products is included in the balance of the Goods in Process Inventory account.

Correct AnswerverifiedShow Answer

Match the following terms with the appropriate definition.

What is the main difference between the income statement of a manufacturer and that of a merchandiser?

Correct AnswerverifiedIn the calculation of cost of goods sold...View AnswerShow Answer

Costs may be classified by many different cost classifications.

Correct AnswerverifiedShow Answer

One difference between financial and managerial accounting is that the external users that use financial information must plan a company's future, but the internal users of managerial accounting information generally must decide whether to invest in or lend to a company.

Correct AnswerverifiedShow Answer

Period costs for a manufacturing company would flow directly to:

Correct AnswerverifiedShow Answer

The main difference between the income statement of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

Correct AnswerverifiedShow Answer

A management concept that applies quality improvement to all aspects of business activities is called:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
CARVER, LT...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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A.$7,000 + $94,000 - $3500 = $97,500
B.
...
View Answer

Correct Answer
verified

Correct Answer
verified
In the calculation of cost of goods sold...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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