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Managerial Accounting chap. 1

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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.

 
 

2)

Financial and managerial accounting are similar in that both

 
 
 
 

3)

Managerial accounting applies to each of the following types of businesses except

 
 
 
 

4)

Managerial accounting information is generally prepared for

 
 
 
 

5)

Managerial accounting does NOT encompass

 
 
 
 

6)

Managerial accounting is applicable to

 
 
 
 

7)

Management accountants would NOT

 
 
 
 

8)

Internal reports must be communicated

 
 
 
 

9)

Which of the following statements about internal reports is NOT true?

 
 
 
 

10)

Which of the following statements is true about managerial accounting?

 
 
 
 

11)

Managerial accounting reports focus on manufacturing and non-manufacturing costs, but are also used in the budget process.

 
 

12)

Financial accounting reports pertain to sub-units of the business and are very detailed.

 
 

13)

Managerial accounting reports must follow GAAP and are audited by CPAs.

 
 

14)

Managers' activities and responsibilities can be classified into three broad functions: planning, directing, and controlling.

 
 

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?

 
 
 
 

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?

 
 
 
 

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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