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Exam 16: Introduction to Management Accounting

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Question 21

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The sales manager for Baker Products told the shipping department to ship an order to a customer on the last day of December instead of the previously scheduled shipping date of January 2. This would allow the company to book the sales revenue in the year just ended and boost year-end profit. Although done deliberately to boost income, the action did not misrepresent any facts of the situation, and so it would not be considered unethical.

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Question 22

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Managerial accounting includes the planning function. Which of the following items would be part of the planning function of a business's managerial accounting?

A) Comparing actual performance to previously budgeted amounts
B) Creating detailed budgets
C) Implementing operational plans
D) Evaluating results of operations

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Question 23

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The wages and benefits of the sales staff are product costs.

The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. What is the gross profit percentage?

Best Company sells office supplies. The following information summarizes Best's operating activities for 2012: Required: Prepare an income statement for Best Company, a merchandiser, for the year ended December 31, 2012.using the format below. Please include a vertical analysis rounded to the nearest tenth of a percent.

Financial accounting is focused on which of the following objectives?

Which of the following statements is INCORRECT?

Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materials.

Managerial accounting's focus is to provide information for internal planning and control.

The wages and benefits of the assembly line workers are included in manufacturing overhead.

Arturo Manufacturing Company provided the following information for the year 2012: What was the amount of the cost of goods manufactured for the year?

Harrison Company reports the following cost information for August: What is cost of goods sold for August?

The following information was obtained from Fizz Company: How much were Fizz's inventoriable product costs?

Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012: Required: Prepare an income statement for the year ended December 31, 2012. Please use the format provided below:

Which of the following applies to goods that are produced by a manufacturing company and ready to sell?

Which of the following would probably be considered an indirect material cost in a bakery?

Which of the following is an example of direct labor?

GAAP requires companies to treat product costs such as factory overhead as an asset until the product is sold.

Barrington Products is a merchandiser that sells a single type of specialized industrial chemical. Barrington reported the following information for the year 2012: How much was the unit cost per unit of product sold? (Please round to nearest cent.)

Best Company sells office supplies. The following information summarizes Best's operating activities for 2012: Required: Prepare an income statement for Best Company, a merchandiser, for the year ended December 31, 2012.using the format below: