06 May WHO ARE THE INDIVIDUALS CHARGED WITH THE RESPONSIBILITY FOR DIRECTING THE DAY-TO-DAY OPERATIONS OF A BUSINESS?
Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?
a. Shareholders
b. Managers
c. Investors
d. Customers
In the income statement of a manufacturing company, what replaces purchases in the cost of goods section of a retail company?
a. Finished goods
b. Work in process completed
c. Cost of goods manufactured
d. Cost of merchandise available
In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:
a. be provided at any time management needs information.
b. provide objective measures of past operations and subjective estimates about future decisions.
c. be prepared to report information for any unit of the business to support decision making.
d. be prepared in accordance with generally accepted accounting principles.
Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $186,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.
a. $721,700
b. $187,900
c. $533,800
d. $374,200
Reedy Company reports the following information for 2012:
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:
a. $18,750
b. $16,250
c. $8,500
d. $13,500
What term is used to refer to the cost of changing direct materials into a finished manufactured product?
a. Direct labor cost
b. Conversion cost
c. Factory overhead cost
d. Period cost
Which of the following accounts will be found on the income statement?
a. Finished goods
b. Inventory
c. Cost of goods sold
d. Work in process
Cost of goods manufactured during 2011 is $240, work in process inventory on December 31, 2011, is $50. Work in process inventory during 2011 decreased by 60%. Total manufacturing costs incurred during 2011 amount to:
a. $165
b. $190
c. $315
d. $290
A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000 respectively, the cost of goods manufactured was:
a. $218,000
b. $226,000
c. $222,000
d. $190,000
The Sharpe Company reports the following information for 2015:
Determine product costs for 2015.
a. $24,500
b. $29,200
c. $30,300
d. $35,000
Which of the following items would not be classified as part of factory overhead?
a. Production supervisors’ salaries
b. Factory supplies used
c. Direct labor used
d. Amortization of manufacturing patents
Which of the following are basic phases of the management process?
a. Planning and controlling
b. Organizing and directing
c. Supervising and directing
d. Decision making and supervising
Which of the following manufacturing costs is an indirect cost of producing a product?
a. Commissions for sales personnel
b. Hourly wages of an assembly worker
c. Oil lubricants used for factory machinery
d. Memory chips for a microcomputer manufacturer
The Sharpe Company reports the following information for 2015:
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