Question 1

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

Accepted Answer

A)   $218,000
B)   $226,000
C)   $190,000
D)   $222,000E) A) and C)
F) All of the above

Question 2

The following are some of the costs incurred by Cupcake Company. Identify them as either:
-Salesperson commissions

Accepted Answer

A)  Prime costs
B)  Conversion costs
C)  Both prime and conversion costs
D)  Neither prime nor conversion costsE) B) and C)
F) None of the above

Question 3

The phases of the management process are listed below. Match each phase to the appropriate description.
-Managers must continually choose among alternative actions

Accepted Answer

A)  Planning
B)  Directing
C)  Controlling
D)  Improving
E)  Decision makingF) A) and B)
G) A) and C)

Question 4

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

Accepted Answer

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

Question 5

Product costs

Accepted Answer

A)   appear only on the balance sheet
B)   appear only on the income statement
C)   are expensed as costs are incurred for direct labor, direct material, and factory overhead
D)   appear on both the income statement and balance sheetE) A) and B)
F) A) and C)

Question 6

Use the information below for Jensen Company to answer the questions that follow.
​
   Direct materials used $345,000 Direct labor incurred 250,000 Factory overhead incurred 400,000 Operating expenses 175,000\begin{array} { l r } 	ext { Direct materials used } & \$ 345,000 \	ext { Direct labor incurred } & 250,000 \	ext { Factory overhead incurred } & 400,000 \	ext { Operating expenses } & 175,000\end{array} Direct materials used  Direct labor incurred  Factory overhead incurred  Operating expenses ​$345,000250,000400,000175,000​ 
-Jensen Company's product costs are

Accepted Answer

A)   $995,000
B)   $920,000
C)   $825,000
D)   $770,000 E) A) and B)
F) None of the above

Question 7

For each of the following costs, classify them as either:
-Labor for machine maintenance

Accepted Answer

A)  Direct costs
B)  Indirect costs
C)  Neither direct nor indirect costsD) A) and B)
E) A) and C)

Question 8

An example of a period cost is

Accepted Answer

A)   advertising expense
B)   indirect materials
C)   depreciation on factory equipment
D)   property taxes on plant facilitiesE) A) and D)
F) A) and C)

Question 9

The following are some of the costs incurred by Cupcake Company. Identify them as either:
-Baker's wages

Accepted Answer

A)  Prime costs
B)  Conversion costs
C)  Both prime and conversion costs
D)  Neither prime nor conversion costsE) A) and C)
F) All of the above

Question 10

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

Accepted Answer

A)  Prime costs
B)  Conversion costs
C)  Both prime and conversion costs
D)  Neither prime nor conversion costsE) All of the above
F) B) and C)

Question 11

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.
-Direct materials used

Accepted Answer

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

Question 12

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

Accepted Answer

A)  Prime costs
B)  Conversion costs
C)  Both prime and conversion costs
D)  Neither prime nor conversion costsE) A) and C)
F) A) and B)

Question 13

For each of the following costs, classify them as either:
-Utilities on administrative facilities

Accepted Answer

A)  Direct costs
B)  Indirect costs
C)  Neither direct nor indirect costsD) A) and C)
E) A) and B)

Question 14

The following are some of the costs incurred by a cake factory. Identify them as either:
-Baker's wages

Accepted Answer

A)  Product costs
B)  Period costsC) A) and B)
D) undefined

Question 15

For each of the following costs, classify them as either:
-Utilities on factory building

Accepted Answer

A)  Direct costs
B)  Indirect costs
C)  Neither direct nor indirect costsD) A) and C)
E) B) and C)

Question 16

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.
-The factory supervisor's salary for the bar stool factory

Accepted Answer

A)  Direct
B)  IndirectC) A) and B)
D) undefined

Question 17

Period costs include direct materials and direct labor.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following would least likely be considered a managerial accounting report?

Accepted Answer

A)   a report to analyze potential efficiencies and savings for the purchase of new production equipment
B)   a schedule of total manufacturing costs incurred
C)   a statement of cost of goods manufactured
D)   a statement of stockholders' equityE) B) and C)
F) A) and B)

Question 19

Which of the following is most associated with managerial accounting?

Accepted Answer

A)   must follow GAAP
B)   may rely on estimates and forecasts
C)   is prepared for users outside the organization
D)   always reports on the entire entityE) A) and D)
F) A) and B)

Question 20

Which of the following accounts will be found on the income statement?

Accepted Answer

A)   Inventory
B)   Work in Process
C)   Finished Goods
D)   Cost of Goods SoldE) All of the above
F) A) and B)

Exam 18: Introduction to Managerial Accounting

Which of the following would least likely be considered a managerial accounting report?

Correct Answer
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An example of a period cost is

Correct Answer
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Which of the following is most associated with managerial accounting?

Correct Answer
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The following are some of the costs incurred by Cupcake Company. Identify them as either: -Cupcake mix

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

Correct Answer
verified

Period costs include direct materials and direct labor.

Correct Answer
verified

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. -The factory supervisor's salary for the bar stool factory

Correct Answer
verified

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

Correct Answer
verified

The following are some of the costs incurred by a cake factory. Identify them as either: -Baker's wages

Correct Answer
verified

For each of the following costs, classify them as either: -Utilities on administrative facilities

Correct Answer
verified

Product costs

Correct Answer
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The phases of the management process are listed below. Match each phase to the appropriate description. -Managers must continually choose among alternative actions

Correct Answer
verified

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Direct materials used

Correct Answer
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Which of the following accounts will be found on the income statement?

Correct Answer
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Correct Answer
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The following are some of the costs incurred by Cupcake Company. Identify them as either: -Baker's wages

Correct Answer
verified

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

Correct Answer
verified

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Salesperson commissions

Correct Answer
verified

For each of the following costs, classify them as either: -Labor for machine maintenance

Correct Answer
verified

For each of the following costs, classify them as either: -Utilities on factory building

Correct Answer
verified

Exam 18: Introduction to Managerial Accounting

Which of the following would least likely be considered a managerial accounting report?

Correct AnswerverifiedShow Answer

An example of a period cost is

Correct AnswerverifiedShow Answer

Which of the following is most associated with managerial accounting?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Period costs include direct materials and direct labor.

Correct AnswerverifiedShow Answer

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. -The factory supervisor's salary for the bar stool factory

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The following are some of the costs incurred by a cake factory. Identify them as either: -Baker's wages

Correct AnswerverifiedShow Answer

For each of the following costs, classify them as either: -Utilities on administrative facilities

Correct AnswerverifiedShow Answer

Product costs

Correct AnswerverifiedShow Answer

The phases of the management process are listed below. Match each phase to the appropriate description. -Managers must continually choose among alternative actions

Correct AnswerverifiedShow Answer

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Direct materials used

Correct AnswerverifiedShow Answer

Which of the following accounts will be found on the income statement?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Baker's wages

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Salesperson commissions

Correct AnswerverifiedShow Answer

For each of the following costs, classify them as either: -Labor for machine maintenance

Correct AnswerverifiedShow Answer

For each of the following costs, classify them as either: -Utilities on factory building

Correct AnswerverifiedShow Answer

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