29 Jun Question 1.(TCO 1) Managerial
Question
1.(TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for(Points : 4)
taxing authorities.
internal users of accounting information.
external users of accounting information.
the Securities and Exchange Commission (SEC).
2.TCO 1) Which of the following statements regarding fixed costs is true? (Points : 4)
When production increases, fixed cost per unit increases.
When production decreases, total fixed costs decrease.
When production increases, fixed cost per unit decreases.
When production decreases, total fixed costs increase.
3.(TCO 1) Which of the following is a direct cost in relation to the cost of teaching the managerial accounting course you are currently taking? (Points : 4)
the cost of the paper that you receive as handouts for the class
the cost of the room you are using for the class
the cost of the registration system that allowed you to enroll in the class
the cost of the financial aid department that helps you fund the cost of taking the class
4.(TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted total variable cost? (Points : 4)
$5,200
$9,280
$10,080
$2,300
5.(TCO 1) Which of the following costs is part of manufacturing overhead? (Points : 4)
indirect labor
direct labor
salaries for the accounting personnel
wages for the janitorial staff for the sales offices
6.(TCO 1) Which of the following is not a period cost? (Points : 4)
advertising costs
accounting staff salaries
direct materials
depreciation of accounting office equipment
7.(TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured? (Points : 4)
$145,000
$115,000
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