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Exam 1: Managerial Accounting Concepts and Principles

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Question 51

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Define and contrast period costs and product costs.How are they reported in the financial statements of a manufacturing company?

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Period costs are the costs that are char...

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Question 52

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A manufacturing statement is also known as a schedule or listing of the:

A) Raw materials processed.
B) Factory supplies used.
C) Cost of goods manufactured.
D) Total finished goods.
E) Cost of goods sold.

F) B) and E)
G) A) and E)

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Question 53

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The Lean Business Model should have no effect on cost in a modern manufacturing environment.

What is managerial accounting and how is it used to aid decision makers?

How does fraud affect managerial accounting?

Use the following information from Hardy Co. for the current year: -Hardy Co.'s cost of goods manufactured for the current year is:

Use the following information to compute the cost of goods sold for the period:

The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense - factory building, $133,000; direct labor, $250,000; direct material used, $300,000; factory utilities, $105,000; and sales salaries expense, $150,000.Determine the dollar amount of conversion costs.

_____________________ are beliefs that distinguish right from wrong.

Days' sales in raw materials inventory is a measure of:

Total manufacturing costs incurred during the year do not include:

Match the following terms to the appropriate definitions.

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

The main principle of the lean business model is the elimination of waste of every kind while satisfying the customer and providing a positive return to the company.

A ______________________ system means that a company acquires or produces inventory only when needed.

A ___________________ cost has already been incurred and cannot be avoided or changed, so it irrelevant to decision making.

_____________________ rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continuously experiment with new and improved business practices.

What are prime costs? What are conversion costs?

Use the following data to determine the cost of goods manufactured:

The following costs are included in a recent summary of data for a company: advertising expense, $85,000; depreciation expense - factory building, $133,000; direct labor, $250,000; direct material used, $300,000; factory utilities, $105,000; and sales salaries expense, $150,000.Determine the dollar amount of overhead costs.