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Exam 1: Managerial Accounting Concepts and Principles

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Question 31

Multiple Choice

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Managerial accountants could prepare all of the following reports except

A) a performance report identifying amounts of scrap
B) a control report comparing direct material usage over time
C) a sales report targeting monthly sales and potential bonuses
D) an annual report for external regulators such as the SEC

E) All of the above
F) C) and D)

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Question 32

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The vice presidents of production and sales and the controller hold line positions in most large organizations.

A) True
B) False

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Question 33

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Which of the following are reported on the income statement as part of cost of goods?

A cost can be a payment of cash for the purpose of generating revenues.

Differentiate between: a direct materials versus indirect materials b direct labor versus indirect labor

Controlling deals with choosing goals and deciding how to achieve them.

For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.

Match the items below for a bakery to the type of cost a-d. -Depreciation expense-office

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Sprinkles for decoration indirect material

The following data in thousands of dollars have been taken from the accounting records of Rayburn Corporation for the current year. Required: Present all calculations in thousands of dollars. a What was the cost of the direct materials used in production during the year? b What was the cost of goods manufactured for the year? c What was the cost of goods sold for the year? d What was the net income for the year? Present all calculations in thousands of dollars.

Given the following data: What is the amount of raw materials used?

If the cost of a direct material is a small portion of total production cost, it may be classified as part of

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Depreciation expense-factory

The cost of goods sold for Michaels Manufacturing in the current year was $233,000.The January 1 finished goods inventory balance was $31,600, and the December 31 finished goods inventory balance was $24,200.Cost of goods manufactured during the period was

For a construction contractor, the wages of carpenters would be classified as factory overhead cost.

Factory overhead includes all manufacturing costs except direct materials and direct labor.

For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Accountant salaries

Differentiate between financial and managerial accounting, addressing such issues as users, nature of information, guidelines for preparation, timeliness and focus of reporting.

Prime costs are the combination of direct materials and direct labor costs.

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as