29 Jun Question 1) Preparing budgets is an example of the manag
Question
1) Preparing budgets is an example of the management function of:
A. controlling. B. decision-making.
C. directing. D. planning.
2) Which of the following groups are external users of financial information?
A. Customers of the company B. Vendors of the company
C. Potential investors of the company D. All of the above
3) Which of the following is TRUE?
A. Managerial accounting reports are audited by CPAs.
B. Managerial accounting reports provide detailed internal information.
C. Managerial accounting reports aid potential investors.
D. Managerial accounting reports must follow GAAP.
7) The main goal of financial accounting is to provide information for
A. potential investors. B. creditors.
C. governmental regulators. D. all of the above.
3) Which of the following is an example of overhead in a factory?
A. Wages of machine operators
B. Wages of factory maintenance personnel
C. Wages of administrators in the corporate office
D. Salaries of salespersons
Use the following information for the next three questions:
Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include:
Depreciation on sales office $ 11,000
Depreciation on factory equipment $ 16,000
Factory supervisor salary $ 52,500
Sales commissions $ 23,000
Lubricants used in factory equipment $ 3,000
Insurance costs for factory $ 21,000
Wages paid to maintenance workers $ 115,000
Fabric used to upholster furniture $ 7,000
Costs of delivery to customers $ 9,000
Wages paid to assembly-line workers $ 132,500
Lumber used to build product $ 72,000
Utilities in factory $ 44,500
Utilities in sales office $ 26,500
5) MOH costs for Comfy Furniture Company totaled:
A. $ 324,000. B. $ 122,000.
C. $ 228,000. D. $ 252,000.
8) When manufacturing products, which of the following is an example of an inventoriable product cost?
A. Depreciation on office equipment B. Depreciation on building
C. Depreciation on factory equipment D. Sales salaries expenses
10) Active Apparel Company reports the following data for its first year of operation (000s omitted).
Cost of goods manufactured $500,000
Work in process inventory, beginning 0
Work in process inventory, ending 120,000
Direct materials used 85,000
Manufacturing overhead 100,000
Finished goods inventory, ending 72,000
What is the cost of goods sold?
A. $500,000 B. $428,000
C. $685,000 D. $548,000
15) A Company mistakenly treated a $20,000 product cost as a period cost. They produced 2,000 units of product & sold 1,000 of them during the year. In the year in which the mistake was made
A. net income will be too high. B. net income will be too low.
C. net income will be correct.
17) When manufacturing products, DL & DM are classified as:
A. period costs & expensed when incurred.
B. period costs & expensed when the goods are sold.
C. product costs & expensed when incurred.
D. product costs & expensed when the goods are sold.
18) Which of the following statements is true regarding the salary of the manager of a fast food hamburger restaurant?
A. The salary is a fixed cost that is directly traceable to the cost of making hamburgers.
B. The salary is a fixed cost that is directly traceable to the cost of operating a specific restaurant.
C. The salary is a variable cost that cannot be traced to the cost of operating a specific restaurant.
D. None of the above.
1) Manufacturing overhead would include:
A. indirect labor costs only.
B. all manufacturing costs except direct materials & direct labor.
C. all manufacturing costs. D. indirect materials only.
2) Which of the following is most likely NOT to use process costing?
A. DuPont Chemical B. Ashley Custom Furnishings
C. Exxon-Mobile (gasoline) D. General Mills (cereal)
3) Which costing system would a manufacturer of plywood use?
A. Job costing B. Process costing
C. Either job or process D. Both job & process
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