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Exam 16: Managerial Accounting Concepts and Principles

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Question 21

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Indirect labor and indirect materials are classified as

A) factory overhead and product costs
B) factory overhead and period costs
C) operating costs and period costs
D) operating costs and product costs

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Question 22

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Controlling is the process of monitoring operating results and comparing actual results with the expected results.

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Question 23

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Factory overhead includes

Managerial information is for external as well as internal stakeholders.

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. -The production labor wages for the bar stool assemblers

Match the items below for a bakery to the type of cost a-d) . -Frosting

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. -Nails and screws used in the production of the bar stools

Only the value of the inventory that is sold will appear on the income statement.

Product costs are not expensed until the product is sold.

Prime costs consist of factory overhead and direct labor.

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

Prime costs are the combination of direct labor costs and factory overhead costs.

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

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

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

Classify the following costs as either a product cost or a period cost:

Which of the following is most associated with financial accounting?

Operating expenses are product costs and are expensed when the product is sold.

Managers used managerial information for all of the following except

The controller's staff consists of management accountants responsible for systems and procedures, general accounting, budgets, taxes, and cost accounting.