Question 1

Expenditures incurred in the process of converting raw materials to finished goods,that include direct labor and factory overhead are known as _________________________.

Accepted Answer

The answer of Expenditures incurred in the process of converting...

Question 2

The following information pertains to the Frameworks Corporation for May.Calculate the cost of goods sold for the period:

Accepted Answer

A)  $164,300.
B)  $126,800.
C)  $125,300.
D)  $146,300.
E)  $128,300.F) B) and C)
G) A) and E)

Question 3

Both financial and managerial accounting affect user's decisions and actions.

Accepted Answer

A) True 
 B)False

Question 4

Expenditures necessary and integral to the manufacture of finished products are ________________ costs.

Accepted Answer

The answer of Expenditures necessary and integral to the manufacture...

Question 5

Asteroid Industries accumulated the following cost information for the year:  Using the above information,total factory overhead costs would be:

Accepted Answer

A)  $78,300.
B)  $25,300.
C)  $12,800.
D)  $16,800.
E)  $53,000.F) All of the above
G) B) and D)

Question 6

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Accepted Answer

A) True 
 B)False

Question 7

The Work in Process Inventory account is found only in the ledgers of merchandising companies.

Accepted Answer

A) True 
 B)False

Question 8

The ______________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1)financial, (2)customer, (3)internal business processes,and (4)learning and growth.

Accepted Answer

The answer of The ______________ aids continuous improvement by augmenting...

Question 9

Compute the ending work in process inventory for a manufacturer with the following information.

Accepted Answer

The answer of Compute the ending work in process inventory...

Question 10

The cost of partially completed products is included in the balance of the Work in Process Inventory account.

Accepted Answer

A) True 
 B)False

Question 11

Another title for work in process inventory is:

Accepted Answer

A)  Indirect materials inventory.
B)  Goods in process inventory.
C)  Conversion costs.
D)  Direct materials inventory.
E)  Raw materials inventory.F) All of the above
G) A) and D)

Question 12

Which of the following items is not a management concept that was created to improve companies' performances?

Accepted Answer

A)  Just-in-time manufacturing.
B)  GAAP constraints and guidelines.
C)  Total quality management.
D)  Continuous improvement.
E)  Customer orientation.F) C) and D)
G) A) and D)

Question 13

Flexibility of practice when applied to managerial accounting means that

Accepted Answer

A)  The information must be presented in electronic format so that it is easily changed.
B)  Managers must be willing to accept the information as the accountants present it to them,rather than in the format they ask for.
C)  The managerial accountants need to be on call twenty-four hours a day.
D)  Managerial accounting system differ across companies depending on the nature of the business and the arrangement of its internal operations.
E)  Managers must be flexible with information provided in varying forms and using inconsistent measures.F) None of the above
G) A) and D)

Question 14

The following information is available for the year ended December 31:  The amount of raw materials used in production for the year is:

Accepted Answer

A)  $76,400.
B)  $95,500.
C)  $72,500.
D)  $74,900.
E)  $70,100.F) C) and D)
G) A) and D)

Question 15

Mustang Corporation has accumulated the following accounting data for the month of April:  The cost of goods sold for the year is:

Accepted Answer

A)  $169,300.
B)  $108,900.
C)  $59,700.
D)  $120,100.
E)  $144,700.F) A) and E)
G) B) and D)

Question 16

____________________ inventory consists of completed products ready for sale by a manufacturer.

Accepted Answer

The answer of ____________________ inventory consists of completed products ready...

Question 17

The Malcolm Baldrige National Quality Award that encourages an emphasis on quality was established by

Accepted Answer

A)  The United Nations.
B)  The U.S.Chamber of Commerce.
C)  The Malcolm Baldrige Foundation.
D)  The U.S.Congress.
E)  The SEC.F) B) and E)
G) C) and D)

Question 18

Use the following data to determine the cost of goods manufactured.

Accepted Answer

A)  $102,000.
B)  $110,100.
C)  $96,600.
D)  $113,700.
E)  $100,200.F) C) and D)
G) A) and D)

Question 19

Costs that are capitalized as inventory when they are incurred are called:

Accepted Answer

A)  Period costs.
B)  Product costs.
C)  General costs.
D)  Administrative costs.
E)  Fixed costs.F) A) and B)
G) A) and E)

Question 20

Newly completed units are combined with beginning finished goods inventory to make up total ending work in process inventory.

Accepted Answer

A) True 
 B)False

Exam 18: Managerial Accounting Concepts and Principles

Expenditures necessary and integral to the manufacture of finished products are ________________ costs.

Correct AnswerverifiedShow Answer

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Correct AnswerverifiedShow Answer

Another title for work in process inventory is:

Correct AnswerverifiedShow Answer

Mustang Corporation has accumulated the following accounting data for the month of April: The cost of goods sold for the year is:

Correct AnswerverifiedShow Answer

____________________ inventory consists of completed products ready for sale by a manufacturer.

Correct AnswerverifiedShow Answer

The cost of partially completed products is included in the balance of the Work in Process Inventory account.

Correct AnswerverifiedShow Answer

Costs that are capitalized as inventory when they are incurred are called:

Correct AnswerverifiedShow Answer

The following information pertains to the Frameworks Corporation for May.Calculate the cost of goods sold for the period:

Correct AnswerverifiedShow Answer

The ______________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1)financial, (2)customer, (3)internal business processes,and (4)learning and growth.

Correct AnswerverifiedShow Answer

The Malcolm Baldrige National Quality Award that encourages an emphasis on quality was established by

Correct AnswerverifiedShow Answer

Flexibility of practice when applied to managerial accounting means that

Correct AnswerverifiedShow Answer

Asteroid Industries accumulated the following cost information for the year: Using the above information,total factory overhead costs would be:

Correct AnswerverifiedShow Answer

Compute the ending work in process inventory for a manufacturer with the following information.

Correct AnswerverifiedShow Answer

Newly completed units are combined with beginning finished goods inventory to make up total ending work in process inventory.

Correct AnswerverifiedShow Answer

The Work in Process Inventory account is found only in the ledgers of merchandising companies.

Correct AnswerverifiedShow Answer

The following information is available for the year ended December 31: The amount of raw materials used in production for the year is:

Correct AnswerverifiedShow Answer

Expenditures incurred in the process of converting raw materials to finished goods,that include direct labor and factory overhead are known as _________________________.

Correct AnswerverifiedShow Answer

Which of the following items is not a management concept that was created to improve companies' performances?

Correct AnswerverifiedShow Answer

Use the following data to determine the cost of goods manufactured.

Correct AnswerverifiedShow Answer

Both financial and managerial accounting affect user's decisions and actions.

Correct AnswerverifiedShow Answer

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