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Exam 15: Introduction to Managerial Accounting

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Question 41

Multiple Choice

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Which of the following terms is used to describe the process of monitoring operating results and comparing actual results with the expected results?

A) improving
B) controlling
C) directing
D) planning

E) B) and C)
F) None of the above

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Question 42

True/False

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Only the value of the inventory that is sold will appear on the income statement.

A) True
B) False

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Question 43

Multiple Choice

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A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was

Managerial accountants could prepare all of the following reports except a(n)

The following are all product costs except

Match the items below to the appropriate term (a-d). -Advertising expense A)Direct materials B)Selling and administrative expense C)Factory overhead D)Direct labor

Indirect labor would be included in factory overhead.

Product costs are not expensed until the product is sold.

Match the items below for a lawn mower manufacturer to the type of cost (a-d). -Depreciation on worker's tools A)Direct materials B)Direct labor C)Factory overhead D)Nonmanufacturing cost

A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report.

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Differentiate between financial and managerial accounting, addressing such issues as users, nature of information, guidelines for preparation, timeliness, and focus of reporting.

Given the following data: Direct materials used is

Factory overhead includes

The cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Jensen Company reports the following: -Which of the following is not a factory overhead cost?

A plant manager's salary is a(n)

A cost object indicates how costs are related or identified.

Factory overhead is an example of a product cost.

Match the items below to the type of cost (a or b). -Advertising expense A)Product cost B)Period cost

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct b.Indirect -Nails and screws used in the production of the bar stools