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Exam 1: Managerial Accounting Concepts and Principles

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Question 51

Multiple Choice

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

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

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Question 52

Multiple Choice

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The following information is taken from the financial records of Gunner Manufacturing: What is cost of goods manufactured?

A) $178,000
B) $132,000
C) $122,000
D) $142,000

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Question 53

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Period costs are operating costs that are expensed in the period in which the goods are sold.

All of the following employees hold line positions in Facebook except

A staff department has no direct authority over a line department.

Which of the following manufacturing costs is an indirect cost of producing a product?

Work in process inventory on December 31 is $42,000.Work in process inventory decreased by 40% during the year.Total manufacturing costs incurred amount to $260,000.What is the cost of goods manufactured?

An example of a period cost is

Identify the following costs as a prime cost, b conversion cost, or c both for a cake factory. 1.Frosting 2.Wages of the baker 3.Sprinkles for the topping considered an indirect material 4.Depreciation on oven

Cost of goods manufactured during the year is $240,000 work in process inventory on December 31 is $50,000.Work in process inventory during the year decreased by 60%.Total manufacturing costs incurred are

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. -Lubricants used on the bar stool manufacturing equipment

Which of the following is not a prime cost?

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

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

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Factory rent

Jensen Company's product costs are

All of the following are examples of indirect labor except

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

A company sells goods for $150,000 that cost $54,000 to manufacture.Which statement is true?

A performance report that identifies the amount of employee downtime is a financial accounting report.