82 Free Test Bank for Managerial Accounting 11th Edition Warren 

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Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

•  factory overhead cost
•  miscellaneous expense
•  product costs
•  other manufacturing costs

Managerial accounting

•  is prepared according to GAAP.
•  is prepared according to management needs.
•  is prepared periodically only.
•  is related to the entire business entity only.

In most business organizations, the chief management accountant is called the:

•  chief accounting officer
•  controller
•  chairman of the board
•  chief executive officer

What is the primary criterion for the preparation of managerial accounting reports?

•  Relevance of the reports
•  Meet the manager needs
•  Timing of the reports
•  Cost of the reports

Compute conversion costs given the following data: Direct Materials, $452,700; Direct Labor, $186,300; Factory Overhead, $175,600; and Selling Expenses, $45,290.

•  $639,000
•  $175,600
•  $816,600
•  $361,900

Which of the following accounts will be found on the income statement?

•  inventory
•  work in process
•  finished goods
•  cost of goods sold

Which of the following statements is false?

•  There is no overlap between financial and managerial accounting.
•  Managerial accounting sometimes relies on past information.
•  Managerial accounting does not need to conform to GAAP
•  Financial accounting must conform to GAAP.

Which of the following is not a characteristic of useful managerial accounting reports?

•  Accuracy
•  GAAP
•  historical and estimated data
•  reports prepared as needed

Which of the following is considered a part of factory overhead cost?

•  Sales commissions
•  Depreciation of factory buildings
•  Depreciation of office equipment
•  Direct materials used

In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:

•  provide objective measures of past operations and subjective estimates about future decisions
•  be prepared in accordance with generally accepted accounting principles
•  be provided at any time management needs information
•  be prepared to report information for any unit of the business to support decision making

Cost of Materials Used $40,000; Direct Labor costs $55,000; Factory Overhead $32,000; Work in Process, beg. $28,000; Work in Process, end. $18,000. What is Cost of Goods Manufactured?

•  $173,000
•  $97,000
•  $117,000
•  $137,000

Cost of Materials Used $40,000; Direct Labor costs $55,000; Factory Overhead $32,000; Work in Process, beg.$28,000; Work in Process, end.$18,000; Finished Goods,beg. $28,000; Finished Goods, end.$18,000. What is Cost of Goods Sold?

•  $147,000
•  $137,000
•  $10,000
•  $128,000

Which of the following is most associated with financial accounting?

•  Can have both objective and subjective information
•  Can be prepared periodically, or as needed
•  Prepared in accordance with GAAP
•  Can be prepared for the entity or segment

What term is used to refer to the cost of changing direct materials into a finished manufactured product?

•  Factory overhead cost
•  Period cost
•  Conversion cost
•  Direct labor cost

All of the following are ways that managers use managerial information except

•  to evaluate the company’s stock performance
•  to evaluate the performance of a company’s operations
•  to support long-term planning decisions
•  to determine the cost of manufacturing a product

Which of the following items would not be classified as part of factory overhead?

•  Direct labor used
•  Amortization of manufacturing patents
•  Production supervisors' salaries
•  Factory supplies used

What is the purpose of the Statement of Cost of Goods Manufactured?

•  to determine the ending materials inventory
•  to determine the ending work in process inventory
•  to determine the amounts transferred to finished goods
•  all of the answers are true

Prime costs are

•  direct materials and factory overhead
•  direct materials and direct labor
•  direct labor and factory overhead
•  period costs and factory overhead

The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff EXCEPT:

•  general accountants
•  budgets and budget analysts
•  investments and shareholder relations managers
•  cost accountants

The following are all product costs except:

•  Direct materials
•  Sales and administrative expenses
•  Direct labor
•  Factory overhead