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1) |
Managerial accounting applies to all types of businesses, including service, merchandising, and manufacturing, as well as to all forms of business organizations.
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2) |
Financial and managerial accounting are similar in that both
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3) |
Managerial accounting applies to each of the following types of businesses except
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4) |
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5) |
Managerial accounting does NOT encompass
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6) |
Managerial accounting is applicable to
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7) |
Management accountants would NOT
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8) |
Internal reports must be communicated
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9) |
Which of the following statements about internal reports is NOT true?
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10) |
Which of the following statements is true about managerial accounting?
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11) |
Managerial accounting reports focus on manufacturing and non-manufacturing costs, but are also used in the budget process.
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Financial accounting reports pertain to sub-units of the business and are very detailed.
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13) |
Managerial accounting reports must follow GAAP and are audited by CPAs.
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14) |
Managers' activities and responsibilities can be classified into three broad functions: planning, directing, and controlling.
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15) |
Bean expects to spend $500 on sales commissions,
$2,500 on the factory supervisor's salary, $2,000
on depreciation of factory equipment, $3,700 on assembly line wages, and $500 on indirect materials.
What is the factory's overhead cost for the month?
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16) |
A factory has the following inventory data:
Beginning raw materials: $25,300
Purchases: $102,000
Ending raw materials: $81,500
What is the factory's direct materials cost?
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17) |
The manufacturing operations of Yogi Bear L
imited had the following balances for the month of
July 20XX:
Inventories July 1 July 31
Raw Materials $32,000 $41,000
Work in Process $76,000 $64,000
Finished Goods $73,000 $91,000
Yogi Bear transferred $277,000 of completed goods out of work in process during July.
Compute cost of goods sold for Yogi Bear.
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