Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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 4

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.

Question 5

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 6

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

Question 7

Which of the following is not a separate management function?

Accepted Answer

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

Exam 1: Managerial Accounting

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

Correct Answer
verified

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

Correct Answer
verified

Which of the following is not a manufacturing cost category?

Correct Answer
verified

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?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Which of the following is not a separate management function?

Correct Answer
verified

Exam 1: Managerial Accounting

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a manufacturing cost category?

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a separate management function?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified