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Exam 1: Managerial Accounting Concepts and Principles

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Question 41

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In order to be useful to managers, managerial accounting reports should possess all of the following characteristics except

A) provide objective measures of past operations and subjective estimates about future decisions
B) be prepared in accordance with generally accepted accounting principles
C) be provided at any time management needs information
D) be prepared to report information for any unit of the business to support decision making

E) All of the above
F) None of the above

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Question 42

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If the cost of materials is not a significant portion of the total product cost, the materials may be classified as part of factory overhead cost.

A) True
B) False

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Question 43

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Planning is the process of monitoring operating results and comparing actual results with the expected results.

In most business organizations, the chief management accountant is called the

Period costs can be found on both the balance sheet and the income statement.

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost.

The primary goal of managerial accounting is to provide information to

Manufacturers use machinery and labor to convert direct materials into finished products.

In most business organizations, the chief management accountant is called the controller.

Taylor Industries had a fire and some of its accounting records were destroyed.Available information is presented below for the year ended December 31. Additional information: Factory overhead is 150% of direct labor cost Finished goods inventory decreased by $18,000 during the year Work in process inventory increased by $12,000 during the year Calculate: a Materials inventory, January 1 b Direct labor cost c Factory overhead incurred d Cost of goods sold

Watson Company has the following data: Calculate the amount of direct materials used.

Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?

Managerial accounting uses only past data in reports to aid management in the decision making process.

Magnus Industries has the following data: Calculate the cost of raw materials used.

A product cost is

Only the value of the inventory that is sold will appear on the income statement.

Insurance expense incurred on a factory building would be treated as a

What is the purpose of the statement of cost of goods manufactured?

Laramie Technologies had the following data: Calculate the cost of goods manufactured.

All of the following could be considered a direct material except