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Exam 10: Cost-Volume-Profit

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Question 61

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Managerial accounting does not encompass

A) calculating product cost.
B) calculating earnings per share.
C) determining cost behavior.
D) profit planning.

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Question 62

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Managerial accounting applies to all forms of business organizations.

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Question 63

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Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Managerial accounting is also called

If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period then

Because of automation which component of product cost is declining?

What is work in process inventory generally described as?

Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion?

The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are respectively

In calculating gross profit for a manufacturing company the cost of goods manufactured is deducted from net sales.

The wages of a timekeeper in the factory would be classified as

In an analogous sense external user is to internal user as generally accepted accounting principles are to

Property taxes on a manufacturing plant are an element of a $\begin{array} { l c c } & \text { Product Cost } & \text { Period Cost } \\\text { a. } & \text { Yes } & \text { No } \\\text { b. } & \text { Yes } & \text { Yes } \\\text { c. } & \text { No } & \text { Yes } \\\text { d. } & \text { No } & \text { No }\end{array}$

Financial and managerial accounting are similar in that both

Walker Company reported the following year-end information: $\begin{array}{lr}\text { Beginning work in process inventory } & 46,000 \\\text { Beginning raw materials inventory } & 24,000 \\\text { Ending work in process inventory } & 50,000 \\\text { Ending raw materials inventory } & 20,000 \\\text { Raw materials purchased } & 830,000 \\\text { Direct labor } & 440,000 \\\text { Manufacturing overhead } & 100,000\end{array}$ How much is Walker's cost of goods manufactured for the year?

The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.

Planning involves coordinating the diverse activities and human resources of a company to produce a smooth running operation.

Determining the unit cost of manufacturing a product is an output of financial accounting.

Given the following data for Glennon Company compute (A) total manufacturing costs and (B) costs of goods manufactured: $\begin{array}{lrlr}\text { Direct materials used } & \$ 270,000 & \text { Beginning work in process } & \$ 40,000 \\\text { Direct labor } & 200,000 & \text { Ending work in process } & 20,000\\\text { Manufacturing overhead } & 250,000 & \text { Beginning finished goods } & 50,000 \\\text { Operating expenses } & 350,000 & \text { Ending finished goods } & 30,000\\\end{array}$ $\begin{array}{lll} &(A) &(B) \\\text { a. } & \$ 700,000 & \$ 740,000 \\\text { b. } & \$ 720,000 & \$ 700,000 \\\text { c. } & \$ 720,000 & \$ 740,000 \\\text { d. } & \$ 740,000 & \$ 760,000\end{array}$

Which one of the following costs would not be inventoriable?