Question 1

In most business organizations,the chief accountant is called the treasurer.

Accepted Answer

A) True 
 B)False

Question 2

A staff department or unit is one that provides services,assistance,and advice to the departments with line or other staff responsibilities.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A)  Product
B)  PeriodC) A) and B)
D) undefined

Question 4

The plant manager's salary in a manufacturing business would be considered an indirect cost.

Accepted Answer

A) True 
 B)False

Question 5

Zoe Corporation has the following information for the month of March:
​
  Prepare (a)a schedule of cost of goods manufactured,(b)an income statement for the month ended March 31,and (c)the inventory section of the balance sheet.

Accepted Answer

The answer of Zoe Corporation has the following information for...

Question 6

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

Accepted Answer

A)   $5,000
B)   $55,000
C)   $75,000
D)   $30,000E) B) and C)
F) A) and B)

Question 7

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Accepted Answer

A)   beginning work in process inventory less ending work in process inventory
B)   ending work in process inventory less beginning work in process inventory
C)   beginning finished goods inventory less ending finished goods inventory
D)   ending finished goods inventory less beginning finished goods inventoryE) None of the above
F) B) and C)

Question 8

Finished goods inventory is reported on the

Accepted Answer

A)   income statement as a period cost
B)   balance sheet as a long-term asset
C)   balance sheet as a current asset
D)   income statement as revenueE) B) and C)
F) A) and B)

Question 9

Which of the following costs are conversion costs?

Accepted Answer

A)   direct labor cost and factory overhead cost
B)   direct materials cost and direct labor cost
C)   factory overhead cost
D)   direct materials cost and factory overhead costE) None of the above
F) All of the above

Question 10

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given.
-Nails and screws used in the production of the bar stools

Accepted Answer

A)  Product
B)  PeriodC) A) and B)
D) undefined

Question 11

Direct costs can be specifically traced to a cost object.

Accepted Answer

A) True 
 B)False

Question 12

What is the primary criterion for the preparation of managerial accounting reports?

Accepted Answer

A)   relevance of the reports
B)   manager needs
C)   timing of the reports
D)   cost of the reportsE) B) and C)
F) A) and B)

Question 13

Prime costs are

Accepted Answer

A)   direct materials and factory overhead
B)   direct materials and direct labor
C)   direct labor and factory overhead
D)   period costs and factory overheadE) None of the above
F) A) and B)

Question 14

The cost of a manufactured product generally consists of direct materials cost,direct labor cost,and factory overhead cost.

Accepted Answer

A) True 
 B)False

Question 15

What is the purpose of the statement of cost of goods manufactured?

Accepted Answer

A)   to determine the ending materials inventory
B)   to determine the ending work in process inventory
C)   to determine the amounts transferred to finished goods
D)   all of theseE) B) and C)
F) A) and C)

Question 16

Managerial accounting reports must be prepared according to generally accepted accounting principles.

Accepted Answer

A) True 
 B)False

Question 17

Sienna Company has the following information for January:
​
  Calculate the cost of goods manufactured.

Accepted Answer

The answer of Sienna Company has the following information for...

Question 18

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

Accepted Answer

A)   $233,000
B)   $225,600
C)   $288,800
D)   $240,400E) None of the above
F) B) and D)

Question 19

SASB's standards are required and provide sustainability information in financial statements.

Accepted Answer

A) True 
 B)False

Question 20

All of the following could be considered a direct material except

Accepted Answer

A)   steel
B)   fabric
C)   glue
D)   lumberE) C) and D)
F) B) and D)

Exam 15: Introduction to Managerial Accounting

Sienna Company has the following information for January: ​ Calculate the cost of goods manufactured.

Correct AnswerverifiedShow Answer

In most business organizations,the chief accountant is called the treasurer.

Correct AnswerverifiedShow Answer

SASB's standards are required and provide sustainability information in financial statements.

Correct AnswerverifiedShow Answer

The cost of a manufactured product generally consists of direct materials cost,direct labor cost,and factory overhead cost.

Correct AnswerverifiedShow Answer

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Correct AnswerverifiedShow Answer

Which of the following costs are conversion costs?

Correct AnswerverifiedShow Answer

What is the purpose of the statement of cost of goods manufactured?

Correct AnswerverifiedShow Answer

Zoe Corporation has the following information for the month of March: ​ Prepare (a)a schedule of cost of goods manufactured,(b)an income statement for the month ended March 31,and (c)the inventory section of the balance sheet.

Correct AnswerverifiedShow Answer

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given. -Nails and screws used in the production of the bar stools

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Direct costs can be specifically traced to a cost object.

Correct AnswerverifiedShow Answer

Prime costs are

Correct AnswerverifiedShow Answer

Finished goods inventory is reported on the

Correct AnswerverifiedShow Answer

The plant manager's salary in a manufacturing business would be considered an indirect cost.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is the primary criterion for the preparation of managerial accounting reports?

Correct AnswerverifiedShow Answer

A staff department or unit is one that provides services,assistance,and advice to the departments with line or other staff responsibilities.

Correct AnswerverifiedShow Answer

All of the following could be considered a direct material except

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Managerial accounting reports must be prepared according to generally accepted accounting principles.

Correct AnswerverifiedShow Answer

Sienna Company has the following information for January: Calculate the cost of goods manufactured.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Zoe Corporation has the following information for the month of March: Prepare (a)a schedule of cost of goods manufactured,(b)an income statement for the month ended March 31,and (c)the inventory section of the balance sheet.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified