Question 1

Which of the following is not a manufacturing cost category?

Accepted Answer

A)  Cost of goods sold 
B)  Direct materials 
C)  Direct labor 
D)  Manufacturing overhead 
A)  Cost of goods sold 
B)  Direct materials 
C)  Direct labor 
D)  Manufacturing overhead

Question 2

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $490,000, what was the cost of raw materials purchased?

Accepted Answer

A)  $490,000. 
B)  $520,000. 
C)  $466,000. 
D)  $514,000. 
A)  $490,000. 
B)  $520,000. 
C)  $466,000. 
D)  $514,000.

Question 3

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is not a separate management function?

Accepted Answer

A)  Planning 
B)  Directing 
C)  Decision-making 
D)  Controlling 
A)  Planning 
B)  Directing 
C)  Decision-making 
D)  Controlling

Question 5

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 6

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Accepted Answer

A) True 
 B)False

Question 7

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Accepted Answer

A) True 
 B)False

Which of the following is not a manufacturing cost category?

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $490,000, what was the cost of raw materials purchased?

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Which of the following is not a separate management function?

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Statement of Cash Flows

Financial Statement Analysis

Filters

Exam 1: Managerial Accounting

Which of the following is not a manufacturing cost category?

Gammil Company has beginning and ending raw materials inventories of $96,000 and $120,000, respectively. If direct materials used were $490,000, what was the cost of raw materials purchased?

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Which of the following is not a separate management function?

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

The controller of a company is responsible for all of the accounting and finance issues a company faces..

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Pricing

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Statement of Cash Flows

Financial Statement Analysis

Filters