Question 1

A manager that is establishing objectives is performing which management function?

Accepted Answer

A)   Controlling
B)   Directing
C)   Planning
D)   Constraining

Question 2

The following information is available for Elliot Company.  
Instructions
(a) Compute cost of goods manufactured.
(b) Prepare an income statement through gross profit.

Accepted Answer

The answer of The following information is available for Elliot...

Question 3

Managerial accounting information is generally prepared for

Accepted Answer

A)   stockholders.
B)   creditors.
C)   managers.
D)   regulatory agencies.

Question 4

The function that pertains to keeping the activities of the enterprise on track is

Accepted Answer

A)   planning.
B)   directing.
C)   controlling.
D)   accounting.

Question 5

Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information.

Accepted Answer

A)   $2,246,000.
B)   $2,208,000.
C)   $2,232,000.
D)   $2,248,000.

Question 6

Presented below are incomplete 2010 manufacturing cost data for Tardy Corporation.  
Instructions
Determine the missing amounts.

Accepted Answer

The answer of Presented below are incomplete 2010 manufacturing cost...

Question 7

Exercising good judgment in performing the managerial functions and choosing among alternative courses of action is called ______________.

Accepted Answer

The answer of Exercising good judgment in performing the managerial...

Question 8

Assuming that the total manufacturing costs are $2,700,000, compute the cost of goods manufactured using the information below.

Accepted Answer

A)   $2,688,000.
B)   $2,691,000.
C)   $2,709,000.
D)   $2,712,000.

Question 9

The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the

Accepted Answer

A)   cost of goods manufactured.
B)   total manufacturing overhead.
C)   total manufacturing costs.
D)   total cost of work in process.

Question 10

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

Accepted Answer

A)   Work in Process Inventory and Raw Materials Inventory.
B)   Finished Goods Inventory and Raw Materials Inventory.
C)   Finished Goods Inventory and Work in Process Inventory.
D)   Raw Materials Inventory and Work in Process Inventory.

Question 11

Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles.
____ 1. Property taxes on the factory land
____ 2. Nails and glue used in production
____ 3. Cabinet maker's wages
____ 4. Factory supervisors' salaries
____ 5. Metal used in manufacturing
____ 6. Depreciation on factory machines
____ 7. Factory utilities
____ 8. Carpeting for the recreational vehicles
____ 9. Property taxes on the factory building
____ 10. Insurance on factory equipment
Instructions
Classify the above items into the following categories:
DM - Direct Materials
DL - Direct Labor
MO - Manufacturing Overhead

Accepted Answer

1. MO 6. MO
2. MO 7....

Question 12

A major difference between the income statements of a merchandising company and a manufacturing company is that the cost of goods sold section of a merchandising company shows cost of goods______________, whereas a manufacturing company shows cost of goods ______________.

Accepted Answer

purchased,...

Question 13

Cost of goods manufactured in a manufacturing company is analogous to

Accepted Answer

A)   Ending inventory in a merchandising company.
B)   Beginning inventory in a merchandising company.
C)   Cost of goods available for sale in a merchandising company.
D)   Cost of goods purchased in a merchandising company.

Question 14

Manufacturing costs that cannot be classified as either direct materials or direct labor are known as

Accepted Answer

A)   period costs.
B)   nonmanufacturing costs.
C)   selling and administrative expenses.
D)   manufacturing overhead.

Question 15

On the costs of goods manufactured schedule, depreciation on factory equipment

Accepted Answer

A)   is not listed because it is included with Depreciation Expense on the income statement.
B)   appears in the manufacturing overhead section.
C)   is not listed because it is not a product cost.
D)   is not an inventoriable cost.

Question 16

What term describes all activities associated with providing a product or service?

Accepted Answer

A)   The manufacturing chain
B)   The product chain
C)   The supply chain
D)   The value chain

Question 17

Laflin Manufacturing Company reported the following year-end information:  Laflin Manufacturing Company's cost of goods manufactured for the year is

Accepted Answer

A)   $2,400,000.
B)   $2,580,000.
C)   $2,220,000.
D)   $2,760,000.

Question 18

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 19

Which one of the following costs would not be inventoriable?

Accepted Answer

A)   Period costs
B)   Factory insurance costs
C)   Indirect materials
D)   Indirect labor costs

Question 20

Assuming the cost of direct materials used is $1,300,000, compute the total manufacturing costs using the information below.

Accepted Answer

A)   $2,790,000.
B)   $2,781,000.
C)   $2,490,000.
D)   $3,420,000.

Exam 19: Managerial Accounting

Correct Answer
verified
1. MO 6. MO
2. MO 7....
View Answer

The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the

Correct Answer
verified

Exercising good judgment in performing the managerial functions and choosing among alternative courses of action is called ______________.

Correct Answer
verified

Assuming the cost of direct materials used is $1,300,000, compute the total manufacturing costs using the information below.

Correct Answer
verified

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

Correct Answer
verified

Laflin Manufacturing Company reported the following year-end information: Laflin Manufacturing Company's cost of goods manufactured for the year is

Correct Answer
verified

What term describes all activities associated with providing a product or service?

Correct Answer
verified

Assuming that the total manufacturing costs are $2,700,000, compute the cost of goods manufactured using the information below.

Correct Answer
verified

Presented below are incomplete 2010 manufacturing cost data for Tardy Corporation. Instructions Determine the missing amounts.

Correct Answer
verified

Which one of the following costs would not be inventoriable?

Correct Answer
verified

The following information is available for Elliot Company. Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit.

Correct Answer
verified

Which of the following is not a manufacturing cost category?

Correct Answer
verified

The function that pertains to keeping the activities of the enterprise on track is

Correct Answer
verified

Cost of goods manufactured in a manufacturing company is analogous to

Correct Answer
verified

Manufacturing costs that cannot be classified as either direct materials or direct labor are known as

Correct Answer
verified

A major difference between the income statements of a merchandising company and a manufacturing company is that the cost of goods sold section of a merchandising company shows cost of goods, whereas a manufacturing company shows cost of goods .

Correct Answer
verified
purchased,...
View Answer

Managerial accounting information is generally prepared for

Correct Answer
verified

Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information.

Correct Answer
verified

A manager that is establishing objectives is performing which management function?

Correct Answer
verified

On the costs of goods manufactured schedule, depreciation on factory equipment

Correct Answer
verified

Exam 19: Managerial Accounting

Correct Answerverified1. MO 6. MO2. MO 7....View AnswerShow Answer

The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the

Correct AnswerverifiedShow Answer

Exercising good judgment in performing the managerial functions and choosing among alternative courses of action is called ______________.

Correct AnswerverifiedShow Answer

Assuming the cost of direct materials used is $1,300,000, compute the total manufacturing costs using the information below.

Correct AnswerverifiedShow Answer

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

Correct AnswerverifiedShow Answer

Laflin Manufacturing Company reported the following year-end information: Laflin Manufacturing Company's cost of goods manufactured for the year is

Correct AnswerverifiedShow Answer

What term describes all activities associated with providing a product or service?

Correct AnswerverifiedShow Answer

Assuming that the total manufacturing costs are $2,700,000, compute the cost of goods manufactured using the information below.

Correct AnswerverifiedShow Answer

Presented below are incomplete 2010 manufacturing cost data for Tardy Corporation. Instructions Determine the missing amounts.

Correct AnswerverifiedShow Answer

Which one of the following costs would not be inventoriable?

Correct AnswerverifiedShow Answer

The following information is available for Elliot Company. Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit.

Correct AnswerverifiedShow Answer

Which of the following is not a manufacturing cost category?

Correct AnswerverifiedShow Answer

The function that pertains to keeping the activities of the enterprise on track is

Correct AnswerverifiedShow Answer

Cost of goods manufactured in a manufacturing company is analogous to

Correct AnswerverifiedShow Answer

Manufacturing costs that cannot be classified as either direct materials or direct labor are known as

Correct AnswerverifiedShow Answer

A major difference between the income statements of a merchandising company and a manufacturing company is that the cost of goods sold section of a merchandising company shows cost of goods______________, whereas a manufacturing company shows cost of goods ______________.

Correct Answerverifiedpurchased,...View AnswerShow Answer

Managerial accounting information is generally prepared for

Correct AnswerverifiedShow Answer

Using $2,240,000 as the cost of goods manufactured, compute the cost of goods sold using the following information.

Correct AnswerverifiedShow Answer

A manager that is establishing objectives is performing which management function?

Correct AnswerverifiedShow Answer

On the costs of goods manufactured schedule, depreciation on factory equipment

Correct AnswerverifiedShow Answer

Correct Answer
verified
1. MO 6. MO
2. MO 7....
View Answer

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verified

A major difference between the income statements of a merchandising company and a manufacturing company is that the cost of goods sold section of a merchandising company shows cost of goods, whereas a manufacturing company shows cost of goods .

Correct Answer
verified
purchased,...
View Answer

Correct Answer
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