Question 1

Which one of the following isnot a cost element in manufacturing a product?

Accepted Answer

A) Manufacturing overhead 
B) Direct materials 
C) Office salaries 
D) Direct labor 
A) Manufacturing overhead 
B) Direct materials 
C) Office salaries 
D) Direct labor C

Question 2

Managerial accounting is primarily concerned with managers and external users.

Accepted Answer

A) True 
 B)False  False

Question 3

A distinguishing feature of managerial accounting is

Accepted Answer

A) external users. 
B) general-purpose reports. 
C) very detailed reports. 
D) quarterly and annual reports. 
A) external users. 
B) general-purpose reports. 
C) very detailed reports. 
D) quarterly and annual reports. C

Question 4

Product costs are also called inventoriable costs.

Accepted Answer

A) True 
 B)False

Question 5

Benson Inc.'s accounting records reflect the following inventories: $\begin{array}{lcc} 
& \text { Dec. 31,2021 } & \text { Dec. 31,2022 } \
\hline  \text { Raw materials inventory } & \$ 80,000 & \$ 64,000 \
\text { Work in process inventory } & 104,000 & 116,000 \
\text { Finished qoods inventory } & 100,000 & 92,000
\end{array}$ During 2022 Benson purchased $1450000 of raw materials incurred direct labor costs of $250000 and incurred manufacturing overhead totaling $160000. How much raw materials were transferred to production during 2022 for Benson?

Accepted Answer

A) $1386000 
B) $1466000 
C) $1450000 
D) $1434000 
A) $1386000 
B) $1466000 
C) $1450000 
D) $1434000

Question 6

Which of the following is not an internal user?

Accepted Answer

A) Creditor 
B) Department manager 
C) Controller 
D) Treasurer 
A) Creditor 
B) Department manager 
C) Controller 
D) Treasurer

Question 7

Product costs are also called

Accepted Answer

A) direct costs. 
B) overhead costs. 
C) inventoriable costs. 
D) capitalizable costs. 
A) direct costs. 
B) overhead costs. 
C) inventoriable costs. 
D) capitalizable costs.

Question 8

Which of the following is not another name for the term manufacturing overhead?

Accepted Answer

A) Factory overhead 
B) Pervasive costs 
C) Burden 
D) Indirect manufacturing costs 
A) Factory overhead 
B) Pervasive costs 
C) Burden 
D) Indirect manufacturing costs

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Decision-making is an integral part of the planning directing and controlling functions.

Accepted Answer

A) True 
 B)False

Question 11

A manufacturing company reports cost of goods manufactured as a(n)

Accepted Answer

A) current asset on the balance sheet. 
B) administrative expense on the income statement. 
C) component in the calculation of cost of goods sold on the income statement. 
D) component of the raw materials inventory on the balance sheet. 
A) current asset on the balance sheet. 
B) administrative expense on the income statement. 
C) component in the calculation of cost of goods sold on the income statement. 
D) component of the raw materials inventory on the balance sheet.

Question 12

In determining whether planned goals are being met a manager is performing the function of

Accepted Answer

A) planning. 
B) follow-up. 
C) directing. 
D) controlling. 
A) planning. 
B) follow-up. 
C) directing. 
D) controlling.

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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?

Accepted Answer

A) $810000. 
B) $825000. 
C) $665000. 
D) $695000. 
A) $810000. 
B) $825000. 
C) $665000. 
D) $695000.

Question 15

Direct materials and direct labor are the only product costs.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) cost of goods purchased. 
B) cost of goods manufactured. 
C) net purchases. 
D) total manufacturing costs. 
A) cost of goods purchased. 
B) cost of goods manufactured. 
C) net purchases. 
D) total manufacturing costs.

Question 17

Managerial accounting reports can be described as

Accepted Answer

A) general-purpose. 
B) macro-reports. 
C) special-purpose. 
D) classified financial statements. 
A) general-purpose. 
B) macro-reports. 
C) special-purpose. 
D) classified financial statements.

Question 18

Internal reports are generally

Accepted Answer

A) aggregated. 
B) detailed. 
C) regulated. 
D) unreliable. 
A) aggregated. 
B) detailed. 
C) regulated. 
D) unreliable.

Question 19

The principal difference between a merchandising and a manufacturing income statement is the

Accepted Answer

A) cost of goods sold section. 
B) extraordinary item section. 
C) operating expense section. 
D) revenue section. 
A) cost of goods sold section. 
B) extraordinary item section. 
C) operating expense section. 
D) revenue section.

Question 20

Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.

Accepted Answer

A) True 
 B)False

Which one of the following isnot a cost element in manufacturing a product?

Managerial accounting is primarily concerned with managers and external users.

A distinguishing feature of managerial accounting is

Product costs are also called inventoriable costs.

Which of the following is not an internal user?

Product costs are also called

Which of the following is not another name for the term manufacturing overhead?

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

Decision-making is an integral part of the planning directing and controlling functions.

A manufacturing company reports cost of goods manufactured as a(n)

In determining whether planned goals are being met a manager is performing the function of

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

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?

Direct materials and direct labor are the only product costs.

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

Managerial accounting reports can be described as

Internal reports are generally

The principal difference between a merchandising and a manufacturing income statement is the

Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

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Exam 10: Cost-Volume-Profit

Which one of the following isnot a cost element in manufacturing a product?

Managerial accounting is primarily concerned with managers and external users.

A distinguishing feature of managerial accounting is

Product costs are also called inventoriable costs.

Which of the following is not an internal user?

Product costs are also called

Which of the following is not another name for the term manufacturing overhead?

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

Decision-making is an integral part of the planning directing and controlling functions.

A manufacturing company reports cost of goods manufactured as a(n)

In determining whether planned goals are being met a manager is performing the function of

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

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?

Direct materials and direct labor are the only product costs.

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

Managerial accounting reports can be described as

Internal reports are generally

The principal difference between a merchandising and a manufacturing income statement is the

Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Accrual Accounting Concepts

Fraud, Internal Control, and Cash

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities and Stockholders Equity

Financial Analysis: the Big Picture

Managerial Accounting

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

Activity Based Costing

Cost-Volume Profit Analysis: Additional Issues

Filters