Exam 19: Managerial Accounting

Period costs include selling and administrative expenses.

What activities and responsibilities are not associated with management's functions?

For a manufacturing firm cost of goods available for sale is computed by adding the beginning finished goods inventory to

Which of the following is not a separate management function?

Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist but they do have a different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users (2) the type and frequency of reports (3) the purpose of reports and (4) the content of reports.

Finished goods inventory does not appear on a cost of goods manufactured schedule.

Both direct labor cost and indirect labor cost are product costs.

Managerial accounting information is generally prepared for

Dolan Company's accounting records reflect the following inventories: Dec. 31,2017 Dec. 31,2016 Raw materials inventory \ 310,000 \ 260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2017 $800000 of raw materials were purchased direct labor costs amounted to $670000 and manufacturing overhead incurred was $640000. The total raw materials available for use during 2017 for Dolan Company is

The major reporting standard for presenting managerial accounting information is

Barton Company has beginning work in process inventory of $144000 and total manufacturing costs of $686000. If cost of goods manufactured is $660000 what is the cost of the ending work in process inventory?

Which of the following is not an internal user?

The following costs and inventory data were taken from the accounts of Simon Company for 2016: January 1,2016 December 31, 2016 Inventories: Raw materials \ 8,000 \ 7,000 Work in process 15,000 13,000 Finished goods 16,000 12,000 Costs incurred: Raw materials purchases \ 98,000 Direct labor 42,000 Factory rent 8,000 Factory utilities 10,000 Indirect materials 6,000 Indirect labor 9,000 Operating expenses 17,000 Instructions a. Prepare a schedule showing the amount of direct materials used in production during the year. b. Compute the amount of manufacturing overhead incurred during the year. c. Prepare a schedule of Cost of Goods Manufactured for Simon Company for the year ended December 31 2016 in good form. d. Prepare the Cost of Goods Sold section of the Income Statement for Simon Company for the year ended December 31 2016 in good form.

The work of factory employees that can be physically and directly associated with converting raw materials into products is classified as ______________.

Which one of the following characteristics would likely be associated with a just-in-time inventory method?

The three cost elements in manufacturing a product are (1)______________ (2)______________ and (3)______________.

Managerial accounting reports can be described as

For the work of factory employees to be considered as direct labor the work must be conveniently and

Molina Company has beginning and ending work in process inventories of $130000 and $145000 respectively. If total manufacturing costs are $680000 what is the total cost of goods manufactured?

If the ending work in process inventory is greater than the beginning work in process inventory then the cost of goods manufactured will be less than total manufacturing costs for the period.