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The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

A) True
B) False

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Crane, Inc. reported the following data regarding costs and inventories for the current year: beginning work in process inventory, $4,000; beginning finished goods inventory, $2,000; cost of goods manufactured, $11,500; operating expenses, $3,000; ending finished goods inventory, $1,000; ending work in process inventory, $1,500. Cost of goods sold for Crane, Inc. equals ________.

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$12,500
Beginning Finished Goo...

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________ is the process of setting goals and making plans to achieve them.

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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.

A) True
B) False

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Managerial accounting reports and information are used by external users and financial accounting by internal users.

A) True
B) False

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Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?

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Period costs are the expenditures that a...

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Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

A) True
B) False

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________ is the process of monitoring planning decisions and evaluating an organization's activities and employees.

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Match each of the following terms to the appropriate definitions.

Premises
Just-in-time manufacturing
Lean business model
Raw materials inventory turnover
Managerial accounting
Work in Process inventory
Customer orientation
Prime costs
Corporate social responsibility
Continuous improvement
Raw materials inventory
Responses
An idea that rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.
A concept that considers the demands of diverse stakeholders, including employees, suppliers, and society.
An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.
The idea that managers and employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.
A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.
Materials a company acquires to use in making products.
Costs directly associated with the manufacture of finished goods; includes direct materials and direct labor.
Products in the process of being manufactured but not yet complete.
A system that acquires inventory and produces only when needed.
Reveals how many times a company uses its raw materials inventory in production during a period.

Correct Answer

Just-in-time manufacturing
Lean business model
Raw materials inventory turnover
Managerial accounting
Work in Process inventory
Customer orientation
Prime costs
Corporate social responsibility
Continuous improvement
Raw materials inventory

Costs that flow directly to the income statement as expenses are called:


A) Period costs.
B) Product costs.
C) General costs.
D) Balance sheet costs.
E) Capitalized costs.

F) D) and E)
G) A) and B)

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Costs necessary and integral to the manufacture of finished products are ________ costs.

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The following information is available for the year ended December 31: The following information is available for the year ended December 31: The amount of raw materials used in production for the year is: A) $76,400. B) $95,500. C) $72,500. D) $74,900. E) $70,100. The amount of raw materials used in production for the year is:


A) $76,400.
B) $95,500.
C) $72,500.
D) $74,900.
E) $70,100.

F) C) and D)
G) A) and B)

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Which of the following accounts would not appear on a schedule of cost of goods manufactured?


A) Wages payable.
B) Raw materials inventory.
C) Depreciation on factory equipment.
D) Indirect labor.
E) Factory insurance expired.

F) A) and E)
G) C) and D)

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Prime costs consist of direct materials and direct labor.

A) True
B) False

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________ inventory consists of goods a company acquires to use in making products.

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Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year: Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year: A) $13,000. B) $44,500. C) $57,500. D) $94,500. E) $89,000.


A) $13,000.
B) $44,500.
C) $57,500.
D) $94,500.
E) $89,000.

F) A) and D)
G) C) and E)

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Prime costs consist of direct labor and factory overhead.

A) True
B) False

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The three major cost of manufacturing a product are:


A) Marketing, selling, and administrative costs.
B) Indirect labor, indirect materials, and fixed expenses.
C) Direct materials, direct labor, and factory overhead.
D) Product costs, period costs, and variable costs.
E) General, selling, and administrative costs.

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

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The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice requires that management accountants be competent and act with integrity.

A) True
B) False

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Romeo Corporation reports the following for the year: Romeo Corporation reports the following for the year: The cost of goods manufactured for the year is: A) $21,400. B) $11,000. C) $15,000. D) $17,400. E) $10,200. The cost of goods manufactured for the year is:


A) $21,400.
B) $11,000.
C) $15,000.
D) $17,400.
E) $10,200.

F) B) and E)
G) A) and E)

Correct Answer

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Showing 121 - 140 of 251

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