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Exam 15: Managerial Accounting

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Question 41

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Managerial accounting reports can be described as

A) general-purpose.
B) macro-reports.
C) special-purpose.
D) classified financial statements.

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Question 42

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Which of the following is not a separate management function?

A) Planning
B) Directing
C) Decision-making
D) Controlling

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Question 43

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Which one of the following is an example of a period cost?

Which one of the following would not be classified as manufacturing overhead?

If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then

Managerial accounting does not encompass

Dolan Company's accounting records reflect the following inventories: $\begin{array}{lrr}&\text { Dec. 31, } 2017&\text { Dec. 31, } 2016\\\text { Raw materials inventory } & \$ 310,000 & \$ 260,000 \\\text { Work in process inventory } & 300,000 & 160,000 \\\text { Finished qoods inventory } & 190,000 & 150,000\end{array}$ During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000. If Dolan Company's cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is

Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of $686,000. If cost of goods manufactured is $660,000, what is the cost of the ending work in process inventory?

Because of automation, which component of product cost is declining?

Controlling is the process of determining whether planned goals are being met.

Finished goods inventory for a manufacturing company is equivalent to inventory for a merchandising company.

Ogleby Inc.'s accounting records reflect the following inventories: $\begin{array}{lrr}&\text { Dec. 31, } 2016&\text { Dec. 31, } 2017\\\text { Raw materials inventory } & \$ 120,000 & \$ 96,000 \\\text { Work in process inventory } & 156,000 & 174,000 \\\text { Finished qoods inventory } & 150,000 & 138,000\end{array}$ During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much is total manufacturing costs incurred during 2017 for Ogleby?

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

The wages of a timekeeper in the factory would be classified as

Which one of the following does not appear on the balance sheet of a manufacturing company?

Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $680,000, what is the total cost of goods manufactured?

Which one of the following characteristics would likely be associated with a just-in-time inventory method?

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

Direct materials and direct labor of a company total $8,000,000. If manufacturing overhead is $4,000,000, what is direct labor cost?

The balanced scorecard approach attempts to maintain as little inventory on hand as possible.