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Exam 15: Introduction to Managerial Accounting

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Question 1

True/False

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Sustainability is the practice of operating a business to maximize profits while attempting to preserve the environment,economy,and needs of future generations.

A) True
B) False

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Question 2

Multiple Choice

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

A) Product
B) Period

C) A) and B)
D) undefined

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Question 3

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

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given. -Delivery costs to take the bicycles to stores

Rent expense on a factory building would be treated as a(n)

Jensen Company's product costs are

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

Sustainability information can provide important feedback to guide a company's strategic and operational decision making.

Beginning work in process is equal to

Managerial accounting information includes both historical and estimated data.

The Putney Company reports the following information: ​ ​ Compute: a)product costs b)period costs

Conversion costs are the combination of direct labor,direct material,and factory overhead costs.

What is decision making? Who is responsible for decision making in a managerial situation?​

Conversion cost is the combination of direct labor cost and factory overhead cost.

Period (nonmanufacturing)costs are classified into two categories: selling and administrative.

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Davis Manufacturing Company had the following data: ​ ​ Collections on account were $625,000. Cost of goods sold was 68% of sales. Direct materials purchased amounted to $90,000. Factory overhead was 300% of the cost of direct labor. Compute: (a)Sales revenue (all sales were on account) (b)Cost of goods sold (c)Cost of goods manufactured (d)Direct labor used (e)Direct materials incurred (f)Factory overhead incurred

The cost of a manufactured product generally consists of which of the following costs?

Managerial accountants could prepare all of the following reports except

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