Question 1

A management concept based on an understanding of the changing wants and needs of customers,and which leads to flexible product designs and production processes,is called:

Accepted Answer

A)  Continuous improvement.
B)  Customer orientation.
C)  Just-in-time.
D)  Theory of constraints.
E)  Total quality management.F) B) and C)
G) A) and E)

Question 2

Materials a company acquires to use in making products are called:

Accepted Answer

A)  Cost of goods sold.
B)  Raw materials inventory.
C)  Finished goods inventory.
D)  Work in process inventory.
E)  Conversion costs.F) All of the above
G) C) and D)

Question 3

What is the main difference between the income statement of a manufacturer and that of a merchandiser?

Accepted Answer

In the calculation of cost of goods sold...

Question 4

Expenditures incurred in the process of converting raw materials to finished goods,that include direct labor and factory overhead are known as ________.

Accepted Answer

The answer of Expenditures incurred in the process of converting...

Question 5

Which of the following is the correct formula for calculating cost of goods manufactured?

Accepted Answer

A)  Direct materials used + direct labor + factory overhead + beginning work in process + ending work in process.
B)  Direct materials used + direct labor + factory overhead + beginning work in process − ending work in process.
C)  Direct materials used + direct labor + factory overhead − beginning work in process + ending work in process.
D)  Direct materials used + direct labor + factory overhead − beginning work in process − ending work in process.
E)  Direct materials used + direct labor − factory overhead + beginning work in process − ending work in process.F) A) and E)
G) A) and B)

Question 6

Jenny,an employee of Toucan Company,used company assets for her own personal gain.This is an example of:

Accepted Answer

A)  employee advance.
B)  fraud.
C)  internal control.
D)  ethics.
E)  employment perks.F) A) and E)
G) B) and E)

Question 7

A schedule of cost of goods manufactured is also known as a:

Accepted Answer

A)  Raw materials processed schedule.
B)  Factory supplies used schedule.
C)  Manufacturing statement.
D)  Total finished goods statement.
E)  Cost of goods sold schedule.F) A) and D)
G) All of the above

Question 8

The salary paid to the assembly line supervisor would normally be classified as:

Accepted Answer

A)  Direct labor.
B)  Indirect labor.
C)  A period cost.
D)  A general cost.
E)  An assembly cost.F) C) and E)
G) A) and E)

Question 9

Just-in-time manufacturing (JIT)is a system that acquires inventory and produces only when needed.

Accepted Answer

A) True 
 B)False

Question 10

________ is the deliberate misuse of the employer's assets for the employee's personal gain.

Accepted Answer

The answer of ________ is the deliberate misuse of the...

Question 11

Adopting a lean business model should have no effect on cost in a modern manufacturing environment.

Accepted Answer

A) True 
 B)False

Question 12

If the cost of the beginning work in process inventory is $60,000,direct materials cost is $350,000,direct labor cost is $216,000,and overhead cost is $319,000,and the ending work in process inventory is $55,000,calculate the cost of goods manufactured.

Accepted Answer

A)  $1,000,000.
B)  $571,000.
C)  $885,000.
D)  $890,000.
E)  $945,000.F) B) and E)
G) A) and B)

Question 13

Marketing managers can use managerial accounting information to decide whether to advertise on social media.

Accepted Answer

A) True 
 B)False

Question 14

Information for the Deuce Manufacturing Company follows.Compute the cost of goods manufactured for this company.

Accepted Answer

The answer of Information for the Deuce Manufacturing Company follows.Compute...

Question 15

One of the usual differences between financial and managerial accounting is the timeliness of the information reported.

Accepted Answer

A) True 
 B)False

Question 16

The main goal of the lean business model is the elimination of waste while satisfying the customer and providing a positive return to the company.

Accepted Answer

A) True 
 B)False

Question 17

The main difference between the cost of goods sold of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

Accepted Answer

A) True 
 B)False

Question 18

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year:  The raw materials used in manufacturing during the year totaled $1,018,000.Raw materials purchased during the year amount to:

Accepted Answer

A)  $955,000.
B)  $892,000.
C)  $1,565,000.
D)  $408,000.
E)  $1,081,000.F) C) and D)
G) A) and D)

Question 19

Which of the following is the correct formula for calculating days' sales in raw materials inventory for a manufacturer?

Accepted Answer

A)  Raw materials purchased/Average raw materials inventory.
B)  Average raw materials inventory/Raw materials used.
C)  Raw materials used/Average raw materials inventory.
D)  Ending raw materials inventory/Raw materials used × 365.
E)  Raw materials used/Beginning raw materials inventory × 365.F) D) and E)
G) B) and E)

Question 20

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

Accepted Answer

A)  Cost of goods sold.
B)  Cost of goods purchased.
C)  Cost of goods available.
D)  Beginning merchandise inventory.
E)  Ending merchandise inventory.F) A) and E)
G) A) and B)

Exam 14: Managerial Accounting Concepts and Principles

One of the usual differences between financial and managerial accounting is the timeliness of the information reported.

Correct AnswerverifiedShow Answer

Information for the Deuce Manufacturing Company follows.Compute the cost of goods manufactured for this company.

Correct AnswerverifiedShow Answer

If the cost of the beginning work in process inventory is $60,000,direct materials cost is $350,000,direct labor cost is $216,000,and overhead cost is $319,000,and the ending work in process inventory is $55,000,calculate the cost of goods manufactured.

Correct AnswerverifiedShow Answer

Marketing managers can use managerial accounting information to decide whether to advertise on social media.

Correct AnswerverifiedShow Answer

What is the main difference between the income statement of a manufacturer and that of a merchandiser?

Correct AnswerverifiedIn the calculation of cost of goods sold...View AnswerShow Answer

Materials a company acquires to use in making products are called:

Correct AnswerverifiedShow Answer

Just-in-time manufacturing (JIT)is a system that acquires inventory and produces only when needed.

Correct AnswerverifiedShow Answer

The main difference between the cost of goods sold of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

Correct AnswerverifiedShow Answer

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

Correct AnswerverifiedShow Answer

Which of the following is the correct formula for calculating cost of goods manufactured?

Correct AnswerverifiedShow Answer

Adopting a lean business model should have no effect on cost in a modern manufacturing environment.

Correct AnswerverifiedShow Answer

Which of the following is the correct formula for calculating days' sales in raw materials inventory for a manufacturer?

Correct AnswerverifiedShow Answer

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year: The raw materials used in manufacturing during the year totaled $1,018,000.Raw materials purchased during the year amount to:

Correct AnswerverifiedShow Answer

Expenditures incurred in the process of converting raw materials to finished goods,that include direct labor and factory overhead are known as ________.

Correct AnswerverifiedShow Answer

The salary paid to the assembly line supervisor would normally be classified as:

Correct AnswerverifiedShow Answer

The main goal of the lean business model is the elimination of waste while satisfying the customer and providing a positive return to the company.

Correct AnswerverifiedShow Answer

________ is the deliberate misuse of the employer's assets for the employee's personal gain.

Correct AnswerverifiedShow Answer

A management concept based on an understanding of the changing wants and needs of customers,and which leads to flexible product designs and production processes,is called:

Correct AnswerverifiedShow Answer

A schedule of cost of goods manufactured is also known as a:

Correct AnswerverifiedShow Answer

Jenny,an employee of Toucan Company,used company assets for her own personal gain.This is an example of:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
In the calculation of cost of goods sold...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified