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Exam 16: Managerial Accounting Concepts and Principles

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Question 51

Multiple Choice

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Indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as:

A) period costs and expensed when incurred
B) product costs and expensed when the goods are sold
C) product costs and expenses when incurred
D) period costs and expensed when the goods are sold

E) All of the above
F) A) and B)

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Question 52

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If the cost of materials is not a significant portion of the total product cost, the materials may be classified as part of factory overhead cost.

A) True
B) False

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Question 53

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Which of the following is not a characteristic of useful managerial accounting reports?

Indirect labor and indirect materials are classified as:

The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff EXCEPT:

Which of the following items would not be classified as part of factory overhead?

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

Factory overhead includes:

Direct labor costs are included in the conversion costs of a product.

Differentiate between financial and managerial accounting, addressing such issues as what reports are generated, when, and for whom.

The Sharpe Company reports the following information for 2015: Determine period costs for 2015.

Finished goods inventory is reported on the:

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

The 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) prepare only the inventory section of the balance sheet.

Managers use managerial information to evaluate performance of a company's operation.

At the beginning of 2011, the Gilbert Company's work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead in 2011 amounted to $90,000. Cost of goods manufactured is $230,000 in 2011. The balance in work in process inventory on December 31, 2011, is:

All of the following would probably be considered a direct material except:

Managerial accounting uses only past data in reports to aid management in the decision making process.

Conversion costs consist of product costs and period costs.

Managerial accountants would most likely prepare all of the following reports except: