Question 1

Goods that are partially completed by a manufacturer are referred to as:

Accepted Answer

A)   merchandise inventory
B)   work in process inventory
C)   finished goods inventory
D)   materials inventoryE) B) and C)
F) A) and D)

Question 2

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost.

Accepted Answer

A) True 
 B)False

Question 3

The Sharpe Company reports the following information for 2015:  Determine product costs for 2015.

Accepted Answer

A)   $24,500
B)   $30,300
C)   $29,200
D)   $35,000E) B) and C)
F) A) and D)

Question 4

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.

Accepted Answer

$50,000 + $56,000 + ...

Question 5

The Zoe Corporation has the following information for the month March. Determine the (a) cost of goods manufactured, and (b) cost of goods sold.

Accepted Answer

The answer of The Zoe Corporation has the following information...

Question 6

All of the following are ways that managers use managerial information except

Accepted Answer

A)   to evaluate the company's stock performance
B)   to evaluate the performance of a company's operations
C)   to support long-term planning decisions
D)   to determine the cost of manufacturing a productE) A) and C)
F) C) and D)

Question 7

What term is used to refer to the cost of changing direct materials into a finished manufactured product?

Accepted Answer

A)   Factory overhead cost
B)   Period cost
C)   Conversion cost
D)   Direct labor costE) B) and C)
F) A) and D)

Question 8

The vice presidents of production and sales and the controller hold line positions in most large organizations.

Accepted Answer

A) True 
 B)False

Question 9

The following are all product costs except:

Accepted Answer

A)   Direct materials
B)   Sales and administrative expenses
C)   Direct labor
D)   Factory overheadE) B) and D)
F) B) and C)

Question 10

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

Accepted Answer

A)   factory overhead cost
B)   miscellaneous expense
C)   product costs
D)   period costE) A) and C)
F) A) and B)

Question 11

Which of the following is most associated with managerial accounting?

Accepted Answer

A)   Must follow GAAP
B)   May rely on estimates and forecasts
C)   Is prepared for users outside the organization.
D)   Always reports on the entire entityE) A) and B)
F) A) and C)

Question 12

Period costs are operating costs that are expensed in the period in which the goods are sold.

Accepted Answer

A) True 
 B)False

Question 13

Managerial accounting reports are prepared according to generally accepted accounting principles.

Accepted Answer

A) True 
 B)False

Question 14

Prime costs consist of factory overhead and direct labor.

Accepted Answer

A) True 
 B)False

Question 15

Match between columns
                        Premises: insurance expired on administrative facilities
utilities on factory building
indirect materials used
salespersons’ salaries
utilities on administrative facilities
factory equipment depreciation
direct materials used
direct labor incurred
office equipment depreciation
indirect labor incurred
administrative office salaries

Accepted Answer

The Answer of indirect and neither and direct is...

Question 16

Work in process inventory on December 31, 2011, is $42,000. Work in process inventory decreased by 40% during 2011. Total manufacturing costs incurred in 2011 amount to $260,000. What is cost of goods manufactured?

Accepted Answer

A)   $232,000
B)   $302,000
C)   $288,000
D)   $190,000E) A) and D)
F) A) and C)

Question 17

Beginning work in process is equal to:

Accepted Answer

A)   cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period
B)   cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period
C)   ending work in process plus manufacturing costs incurred during the current period
D)   manufacturing costs incurred during the current period minus ending work in processE) None of the above
F) All of the above

Question 18

Prime costs are

Accepted Answer

A)   direct materials and factory overhead
B)   direct materials and direct labor
C)   direct labor and factory overhead
D)   period costs and factory overheadE) All of the above
F) B) and C)

Question 19

Reedy Company reports the following information for 2012: Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:

Accepted Answer

A)   $16,250
B)   $8,500
C)   $18,750
D)   $13,500E) B) and D)
F) A) and B)

Question 20

Product costs are also referred to as inventoriable costs.

Accepted Answer

A) True 
 B)False

Exam 16: Managerial Accounting Concepts and Principles

Managerial accounting reports are prepared according to generally accepted accounting principles.

Correct Answer
verified

The Zoe Corporation has the following information for the month March. Determine the (a) cost of goods manufactured, and (b) cost of goods sold.

Correct Answer
verified

Goods that are partially completed by a manufacturer are referred to as:

Correct Answer
verified

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.

Correct Answer
verified
$50,000 + $56,000 + ...
View Answer

All of the following are ways that managers use managerial information except

Correct Answer
verified

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost.

Correct Answer
verified

Classify the following costs as direct, indirect, or neither:

Which of the following is most associated with managerial accounting?

Correct Answer
verified

Beginning work in process is equal to:

Correct Answer
verified

The Sharpe Company reports the following information for 2015: Determine product costs for 2015.

Correct Answer
verified

Work in process inventory on December 31, 2011, is $42,000. Work in process inventory decreased by 40% during 2011. Total manufacturing costs incurred in 2011 amount to $260,000. What is cost of goods manufactured?

Correct Answer
verified

The vice presidents of production and sales and the controller hold line positions in most large organizations.

Correct Answer
verified

The following are all product costs except:

Correct Answer
verified

Prime costs are

Correct Answer
verified

Reedy Company reports the following information for 2012: Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:

Correct Answer
verified

Period costs are operating costs that are expensed in the period in which the goods are sold.

Correct Answer
verified

Prime costs consist of factory overhead and direct labor.

Correct Answer
verified

Product costs are also referred to as inventoriable costs.

Correct Answer
verified

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

Correct Answer
verified

What term is used to refer to the cost of changing direct materials into a finished manufactured product?

Correct Answer
verified

Exam 16: Managerial Accounting Concepts and Principles

Managerial accounting reports are prepared according to generally accepted accounting principles.

Correct AnswerverifiedShow Answer

The Zoe Corporation has the following information for the month March. Determine the (a) cost of goods manufactured, and (b) cost of goods sold.

Correct AnswerverifiedShow Answer

Goods that are partially completed by a manufacturer are referred to as:

Correct AnswerverifiedShow Answer

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.

Correct Answerverified$50,000 + $56,000 + ...View AnswerShow Answer

All of the following are ways that managers use managerial information except

Correct AnswerverifiedShow Answer

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost.

Correct AnswerverifiedShow Answer

Classify the following costs as direct, indirect, or neither:

Which of the following is most associated with managerial accounting?

Correct AnswerverifiedShow Answer

Beginning work in process is equal to:

Correct AnswerverifiedShow Answer

The Sharpe Company reports the following information for 2015: Determine product costs for 2015.

Correct AnswerverifiedShow Answer

Work in process inventory on December 31, 2011, is $42,000. Work in process inventory decreased by 40% during 2011. Total manufacturing costs incurred in 2011 amount to $260,000. What is cost of goods manufactured?

Correct AnswerverifiedShow Answer

The vice presidents of production and sales and the controller hold line positions in most large organizations.

Correct AnswerverifiedShow Answer

The following are all product costs except:

Correct AnswerverifiedShow Answer

Prime costs are

Correct AnswerverifiedShow Answer

Reedy Company reports the following information for 2012: Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:

Correct AnswerverifiedShow Answer

Period costs are operating costs that are expensed in the period in which the goods are sold.

Correct AnswerverifiedShow Answer

Prime costs consist of factory overhead and direct labor.

Correct AnswerverifiedShow Answer

Product costs are also referred to as inventoriable costs.

Correct AnswerverifiedShow Answer

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

Correct AnswerverifiedShow Answer

What term is used to refer to the cost of changing direct materials into a finished manufactured product?

Correct AnswerverifiedShow Answer

Correct Answer
verified

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$50,000 + $56,000 + ...
View Answer

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verified

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