Question 1

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:

Accepted Answer

A)  Just-in-time manufacturing model.
B)  Managerial accounting model.
C)  Corporate social responsibility model.
D)  Continuous improvement model.
E)  Lean business model.F) C) and D)
G) A) and B)

Question 2

Crane,Inc.reported the following data regarding costs and inventories for the current year: beginning work in process inventory,$4,000; beginning finished goods inventory,$2,000; cost of goods manufactured,$11,500; operating expenses,$3,000; ending finished goods inventory,$1,000; ending work in process inventory,$1,500.Cost of goods sold for Crane,Inc.equals ________.

Accepted Answer

$12,500
Beginning Finished Goo...

Question 3

Costs may be classified by many different cost classifications.

Accepted Answer

A) True 
 B)False

Question 4

Castillo Co.manufactures staples.Costs for October were direct labor,$84,000; indirect labor,$36,700; direct materials,$55,900; factory maintenance,$4,800; factory utilities,$3,200; and insurance on plant and equipment,$700.What is the company's total factory overhead cost for October?

Accepted Answer

The answer of Castillo Co.manufactures staples.Costs for October were direct...

Question 5

A management concept that seeks to uncover and eliminate waste in business activities is called:

Accepted Answer

A)  Continuous operations.
B)  Customer orientation.
C)  Just-in-time.
D)  Theory of constraints.
E)  Lean business model.F) C) and D)
G) A) and C)

Question 6

-Calculate the cost of goods sold using the above information:

Accepted Answer

A)  $680,500.
B)  $701,900.
C)  $687,100.
D)  $674,600.
E)  $772,600.F) A) and B)
G) C) and E)

Question 7

Current information for the Healey Company follows: All raw materials used were traceable to specific units of product.
-Healey Company's cost of goods manufactured for the year is:

Accepted Answer

A)  $125,800.
B)  $128,600.
C)  $131,400.
D)  $137,000.
E)  $139,000.F) B) and C)
G) A) and E)

Question 8

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

Accepted Answer

A) True 
 B)False

Question 9

Both financial and managerial accounting affect user's decisions and actions.

Accepted Answer

A) True 
 B)False

Question 10

Managerial accounting information:

Accepted Answer

A)  Is used mainly by external users.
B)  Involves gathering information about costs for planning and control decisions.
C)  Is generally the only accounting information available to managers.
D)  Can be used for control purposes but not for planning purposes.
E)  Has little to do with controlling costs.F) C) and E)
G) B) and E)

Question 11

Product costs can be classified as one of three types: direct materials,direct labor,or factory overhead.

Accepted Answer

A) True 
 B)False

Question 12

Using the information below,calculate the cost of goods manufactured for the period:

Accepted Answer

A)  $553,000.
B)  $536,000.
C)  $549,000.
D)  $527,000.
E)  $525,000.F) A) and E)
G) C) and E)

Question 13

Period costs can refer to expenditures necessary to manufacture products during the time period.

Accepted Answer

A) True 
 B)False

Question 14

Period costs are incurred by manufacturing finished goods.

Accepted Answer

A) True 
 B)False

Question 15

Raw materials that become part of a product and are identified with specific units or batches of a product are called direct materials.

Accepted Answer

A) True 
 B)False

Question 16

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser,but the manufacturer replaces that with ________.

Accepted Answer

cost of go...

Question 17

Information for Maxim Manufacturing is presented below.Compute both the cost of goods manufactured and the cost of goods sold for Maxim Manufacturing.

Accepted Answer

The answer of Information for Maxim Manufacturing is presented below.Compute...

Question 18

Factory overhead costs may include all of the following except:

Accepted Answer

A)  Indirect labor costs.
B)  Indirect material costs.
C)  Selling costs.
D)  Assembly supplies.
E)  Factory rent.F) B) and D)
G) A) and D)

Question 19

Using the information below,compute the days' sales in raw materials inventory:

Accepted Answer

A)  11.02.
B)  36.3.
C)  10.06.
D)  9.94.
E)  38.4.F) D) and E)
G) A) and E)

Question 20

Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

Accepted Answer

A) True 
 B)False

Exam 14: Managerial Accounting Concepts and Principles

Correct Answer
verified
$12,500
Beginning Finished Goo...
View Answer

Both financial and managerial accounting affect user's decisions and actions.

Correct Answer
verified

Period costs are incurred by manufacturing finished goods.

Correct Answer
verified

Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

Correct Answer
verified

A management concept that seeks to uncover and eliminate waste in business activities is called:

Correct Answer
verified

Raw materials that become part of a product and are identified with specific units or batches of a product are called direct materials.

Correct Answer
verified

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

Correct Answer
verified

Castillo Co.manufactures staples.Costs for October were direct labor,$84,000; indirect labor,$36,700; direct materials,$55,900; factory maintenance,$4,800; factory utilities,$3,200; and insurance on plant and equipment,$700.What is the company's total factory overhead cost for October?

Correct Answer
verified

-Calculate the cost of goods sold using the above information:

Correct Answer
verified

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser,but the manufacturer replaces that with ________.

Correct Answer
verified
cost of go...
View Answer

Period costs can refer to expenditures necessary to manufacture products during the time period.

Correct Answer
verified

Managerial accounting information:

Correct Answer
verified

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:

Correct Answer
verified

Product costs can be classified as one of three types: direct materials,direct labor,or factory overhead.

Correct Answer
verified

Using the information below,calculate the cost of goods manufactured for the period:

Correct Answer
verified

Information for Maxim Manufacturing is presented below.Compute both the cost of goods manufactured and the cost of goods sold for Maxim Manufacturing.

Correct Answer
verified

Costs may be classified by many different cost classifications.

Correct Answer
verified

Current information for the Healey Company follows: All raw materials used were traceable to specific units of product. -Healey Company's cost of goods manufactured for the year is:

Correct Answer
verified

Using the information below,compute the days' sales in raw materials inventory:

Correct Answer
verified

Factory overhead costs may include all of the following except:

Correct Answer
verified

Exam 14: Managerial Accounting Concepts and Principles

Correct Answerverified$12,500Beginning Finished Goo...View AnswerShow Answer

Both financial and managerial accounting affect user's decisions and actions.

Correct AnswerverifiedShow Answer

Period costs are incurred by manufacturing finished goods.

Correct AnswerverifiedShow Answer

Indirect costs cannot be easily and cost-beneficially traced to a single cost object.

Correct AnswerverifiedShow Answer

A management concept that seeks to uncover and eliminate waste in business activities is called:

Correct AnswerverifiedShow Answer

Raw materials that become part of a product and are identified with specific units or batches of a product are called direct materials.

Correct AnswerverifiedShow Answer

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

Correct AnswerverifiedShow Answer

Castillo Co.manufactures staples.Costs for October were direct labor,$84,000; indirect labor,$36,700; direct materials,$55,900; factory maintenance,$4,800; factory utilities,$3,200; and insurance on plant and equipment,$700.What is the company's total factory overhead cost for October?

Correct AnswerverifiedShow Answer

-Calculate the cost of goods sold using the above information:

Correct AnswerverifiedShow Answer

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser,but the manufacturer replaces that with ________.

Correct Answerverifiedcost of go...View AnswerShow Answer

Period costs can refer to expenditures necessary to manufacture products during the time period.

Correct AnswerverifiedShow Answer

Managerial accounting information:

Correct AnswerverifiedShow Answer

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:

Correct AnswerverifiedShow Answer

Product costs can be classified as one of three types: direct materials,direct labor,or factory overhead.

Correct AnswerverifiedShow Answer

Using the information below,calculate the cost of goods manufactured for the period:

Correct AnswerverifiedShow Answer

Information for Maxim Manufacturing is presented below.Compute both the cost of goods manufactured and the cost of goods sold for Maxim Manufacturing.

Correct AnswerverifiedShow Answer

Costs may be classified by many different cost classifications.

Correct AnswerverifiedShow Answer

Current information for the Healey Company follows: All raw materials used were traceable to specific units of product. -Healey Company's cost of goods manufactured for the year is:

Correct AnswerverifiedShow Answer

Using the information below,compute the days' sales in raw materials inventory:

Correct AnswerverifiedShow Answer

Factory overhead costs may include all of the following except:

Correct AnswerverifiedShow Answer

Correct Answer
verified
$12,500
Beginning Finished Goo...
View Answer

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cost of go...
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