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Exam 1: Managerial Accounting Concepts and Principles

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Question 91

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Which of the following are basic phases of the management process?

A) supervising and directing
B) decision making and supervising
C) organizing and directing
D) planning and controlling

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

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Question 92

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Period costs include

A) current assets on the balance sheet
B) current liabilities on the balance sheet
C) operating costs that are shown on the income statement when products are sold
D) operating costs that are shown on the income statement in the period in which they are incurred

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

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Question 93

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The controller's staff consists of management accountants responsible for systems and procedures, general accounting, budgets, taxes, and cost accounting.

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Frosting

Davis Manufacturing Company had the following data: Collections on account were $625,000. Cost of goods sold was 68% of sales. Direct materials purchased amounted to $90,000.Factory overhead was 300% of the cost of direct labor. Compute: a Sales revenue all sales were on account b Cost of goods sold c Cost of goods manufactured d Direct labor used e Direct materials incurred f Factory overhead incurred

Period costs include direct materials and direct labor.

Direct labor and direct materials are

Which of the following will not be found on the balance sheet of a manufacturing company?

What term refers to the cost of changing direct materials into a finished manufactured product?

The payment of dividends is an example of a cost.

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.

Direct costs can be specifically traced to a cost object.

Beginning work in process is equal to

Goods that are part way through the manufacturing process, but not yet complete, are referred to as materials inventory.

In most business organizations, the chief accountant is called the treasurer.

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

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

Factory overhead includes

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

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory.