Question 1

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

Accepted Answer

A)   general accountants
B)   budgets and budget analysts
C)   investments and shareholder relations managers
D)   cost accountantsE) A) and B)
F) B) and D)

Question 2

Bartel Corporation produces bar stools for restaurants.For each of the following,indicate whether the cost would typically be considered direct or indirect cost for the cost object given.
-Manufacturing costs for wood and steel used in the bar stools

Accepted Answer

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

Question 3

Factory overhead cost is sometimes referred to as factory burden.

Accepted Answer

A) True 
 B)False

Question 4

Given the following data: ​
​
Cost of materials used $45,000
Direct labor costs 48,000
Factory overhead 39,000
Work in process,beginning 28,000
Work in process,ending 18,000
Finished goods,beginning 28,000
Finished goods,ending 18,000
What is cost of goods sold?

Accepted Answer

A)   $152,000
B)   $142,000
C)   $10,000
D)   $128,000E) A) and B)
F) A) and C)

Question 5

A company manufactured 50,000 units of a product at a cost of $450,000.It sold 45,000 units at $15 each.The gross profit is

Accepted Answer

A)   $750,000
B)   $240,000
C)   $600,000
D)   $270,000E) C) and D)
F) B) and C)

Question 6

A plant manager's salary is

Accepted Answer

A)   a direct cost and an indirect cost
B)   a direct cost
C)   an indirect cost
D)   a period costE) None of the above
F) A) and B)

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Controlling deals with choosing goals and deciding how to achieve them.

Accepted Answer

A) True 
 B)False

Question 9

Managerial accounting reports are

Accepted Answer

A)   prepared according to GAAP
B)   prepared according to management needs
C)   prepared periodically only
D)   related to the entire business entity onlyE) A) and B)
F) None of the above

Question 10

Compute conversion costs given the following data: direct materials,$347,500; direct labor,$196,300; factory overhead,$187,900; and selling expenses,$45,290.

Accepted Answer

A)   $543,800
B)   $187,900
C)   $731,700
D)   $384,200E) None of the above
F) A) and D)

Question 11

Indirect labor and indirect materials would be part of factory overhead.

Accepted Answer

A) True 
 B)False

Question 12

The vice presidents of human resources and the controller hold line positions in most large organizations.

Accepted Answer

A) True 
 B)False

Question 13

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) C) and D)
F) None of the above

Question 14

Which of the following is part of factory overhead cost?

Accepted Answer

A)   sales commissions
B)   depreciation of factory equipment and machines
C)   depreciation of sales person's vehicle
D)   direct materials usedE) A) and B)
F) None of the above

Question 15

Which of the following are reported on the income statement as part of cost of goods?

Accepted Answer

A)   administrative expenses
B)   period costs
C)   cost of goods manufactured
D)   operating expensesE) B) and C)
F) None of the above

Question 16

The following are all product costs except

Accepted Answer

A)   direct materials
B)   sales and administrative expenses
C)   direct labor
D)   factory overheadE) None of the above
F) A) and B)

Question 17

Which of the following is not a factory overhead cost?

Accepted Answer

A)   materials used directly in the manufacturing process of the product
B)   insurance on factory equipment
C)   salaries of production supervisors
D)   property tax on factory buildingE) All of the above
F) C) and D)

Question 18

Depreciation on factory plant and equipment is an example of factory overhead cost.

Accepted Answer

A) True 
 B)False

Question 19

Another term for factory overhead is

Accepted Answer

A)   surplus
B)   period cost
C)   supervisory cost
D)   factory burdenE) A) and D)
F) B) and D)

Question 20

Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making,managerial accounting provides ample opportunity for developing business strategies.

Accepted Answer

A) True 
 B)False

Exam 15: Introduction to Managerial Accounting

Factory overhead cost is sometimes referred to as factory burden.

Correct AnswerverifiedShow Answer

Depreciation on factory plant and equipment is an example of factory overhead cost.

Correct AnswerverifiedShow Answer

Another term for factory overhead is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is part of factory overhead cost?

Correct AnswerverifiedShow Answer

Since there are few rules to restrict how an organization chooses to arrange its own internal data for decision making,managerial accounting provides ample opportunity for developing business strategies.

Correct AnswerverifiedShow Answer

Bartel Corporation produces bar stools for restaurants.For each of the following,indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -Manufacturing costs for wood and steel used in the bar stools

Correct AnswerverifiedShow Answer

The following are all product costs except

Correct AnswerverifiedShow Answer

An example of a period cost is

Correct AnswerverifiedShow Answer

Which of the following is not a factory overhead cost?

Correct AnswerverifiedShow Answer

A plant manager's salary is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A company manufactured 50,000 units of a product at a cost of $450,000.It sold 45,000 units at $15 each.The gross profit is

Correct AnswerverifiedShow Answer

The vice presidents of human resources and the controller hold line positions in most large organizations.

Correct AnswerverifiedShow Answer

Given the following data: ​ ​ Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process,beginning 28,000 Work in process,ending 18,000 Finished goods,beginning 28,000 Finished goods,ending 18,000 What is cost of goods sold?

Correct AnswerverifiedShow Answer

Compute conversion costs given the following data: direct materials,$347,500; direct labor,$196,300; factory overhead,$187,900; and selling expenses,$45,290.

Correct AnswerverifiedShow Answer

Managerial accounting reports are

Correct AnswerverifiedShow Answer

Controlling deals with choosing goals and deciding how to achieve them.

Correct AnswerverifiedShow Answer

Which of the following are reported on the income statement as part of cost of goods?

Correct AnswerverifiedShow Answer

Indirect labor and indirect materials would be part of factory overhead.

Correct AnswerverifiedShow Answer

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Given the following data: Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process,beginning 28,000 Work in process,ending 18,000 Finished goods,beginning 28,000 Finished goods,ending 18,000 What is cost of goods sold?

Correct Answer
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