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23 Aug

Managerial accounting information | Good Grade Guarantee!

Question 1 1/ 1 point
Managerial accounting information is generally prepared for
Question options:
regulatory agencies.
Question 2 1/ 1 point
A manufacturing process requires small amounts of glue. Theglue used in the production process is classified as a(n)
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indirect material.
period cost.
direct material.
miscellaneous expense.
Question 3 1/ 1 point
Which of the following is not classified as direct labor?
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Bottlers of beer in a brewery
Bakers in a bakery
Copy machine operators at a copy shop
Wages of supervisors
Question 4 1/ 1 point
Which one of the following is an example of a period cost?
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A manager’s salary for work that is done in the corporatehead office
A change in benefits for the union workers who work in theNew York plant of a Fortune 1000 manufacturer
Workers’ compensation insurance on factory workers’ wagesallocated to the factory
A box cost associated with computers
Question 5 1/ 1 point
A manufacturing company calculates cost of goods sold asfollows:
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Beginning FG inventory – cost of goods manufactured – endingFG inventory.
Ending FG inventory – cost of goods manufactured + beginningFG inventory.
Beginning FG inventory + cost of goods manufactured – endingFG inventory.
Beginning FG inventory + cost of goods purchased – ending FGinventory.
Question 6 1/ 1 point
A manufacturing company reports cost of goods manufacturedas a(n)
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component in the calculation of cost of goods sold on theincome statement.
current asset on the balance sheet.
component of the raw materials inventory on the balancesheet.
administrative expense on the income statement.
Question 7 0/ 1 point
Agale Combines, Inc. has $40,000 of ending finished goodsinventory as of December 31, 2014. If beginning finished goods inventory was$25,000 and cost of goods sold was $75,000, how much would Agale report forcost of goods manufactured?
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Question 8 1/ 1 point
On the costs of goods manufactured schedule, depreciation onfactory equipment
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is not an inventoriable cost.
is not listed because it is included with DepreciationExpense on the income statement.
appears in the manufacturing overhead section.
is not listed because it is not a product cost.
Question 9 1/ 1 point
Duggan Company reported total manufacturing costs of$305,000, manufacturing overhead totaling $58,000, and direct materialstotaling $62,000. How much is directlabor cost?
Question options:
Cannot be determined from the information provided.
Question 10 1/ 1 point
Gruffin Manufacturing Company reported the followingyear-end information:
Beginning work in process inventory $1,420,000
Beginning raw materials inventory 400,000
Ending work in process inventory 1,200,000
Ending raw materials inventory 640,000
Raw materials purchased 1,250,000
Direct labor 1,300,000
Manufacturing overhead 960,000
Gruffin Manufacturing Company’s cost of goods manufacturedfor the year is
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Question 11 1/ 1 point
An important feature of a job order cost system is that eachjob
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must be similar to previous jobs completed.
has its own distinguishing characteristics.
consists of one unit of output.
must be completed before a new job is accepted.
Question 12 1/ 1 point
Which one of the following is a source document that impactsthe job cost sheet?
Question options:
Finished goods shipping documents.
Materials purchase orders.
Raw materials receiving slips.
Labor time tickets.
Question 13 0/ 1 point
Torm’e Company applies overhead on the basis of 130% ofdirect labor cost. Job No. 190 is charged with $140,000 of direct materialscosts and $208,000 of manufacturing overhead. The total manufacturing costs forJob No. 190 is
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Question 14 1/ 1 point
When determining costs of jobs, how does a company accountfor indirect materials?
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It is transferred out of raw materials into manufacturingoverhead when used.
It is added to work in process as used.
It remains part of raw materials inventory.
It is transferred out of raw materials into work in processas used.
Question 15 1/ 1 point
Which of the following is not viewed as part of accumulatingmanufacturing costs in a job order cost system?
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Raw materials are purchased
Factory labor is incurred
Manufacturing overhead is incurred
Cost of goods sold is recognized
Question 16 1/ 1 point
In determining total manufacturing costs on the cost ofgoods manufactured schedule,
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ending work in process inventory is deducted from beginningwork in process inventory.
manufacturing overhead applied is added to direct materialsand direct labor.
actual manufacturing overhead costs appear as a deduction.
beginning work in process inventory should have a zerobalance.
Question 17 1/ 1 point
Roscoe Company incurred direct materials costs of $500,000during the year. Manufacturing overhead applied was $540,000 and is appliedbased on direct labor costs. The predetermined overhead rate is 75%. How muchare Roscoe Company’s total manufacturing costs for the year?
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Question 18 1/ 1 point
If the Manufacturing Overhead account has a debit balance atthe end of a period, it means that
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actual overhead costs were less than overhead costs appliedto jobs.
actual overhead costs were equal to overhead costs appliedto jobs.
no jobs have been completed.
actual overhead costs were greater than overhead costsapplied to jobs.
Question 19 1/ 1 point
If manufacturing overhead has been overapplied during theyear, the adjusting entry at the end of the year will show a
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debit to Cost of Goods Sold.
credit to Finished Goods Inventory
credit to Work in Process Inventory.
debit to Manufacturing Overhead.
Question 20 1/ 1 point
Companies assign manufacturing overhead to work in processon an applied basis through the use of a(n)
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assigned overhead rate.
estimated overhead rate.
actual overhead rate.
predetermined overhead rate.
Question 21 1/ 1 point
FreeWater Company provided the following information fromits accounting records for 2014:
Expected production 50,000labor hours
Actual production 45,000labor hours
Budgeted overhead $1,257,500
Actual overhead $1,449,900
How much is the overhead application rate if FreewaterCompany bases it on direct labor hours?
Question options:
$27.94 per hour
$29.00 per hour
$25.15 per hour
$32.22 per hour
Question 22 1/ 1 point
A materials requisition slip showed that direct materialsrequested were $65,000 and indirect materials requested were $8,000. The entryto record the transfer of materials from the storeroom is
Question options:
Manufacturing Overhead 73,000
Raw Materials Inventory 73,000
Work In Process Inventory 65,000
Raw Materials Inventory 65,000
Direct Materials 65,000
Indirect Materials 8,000
Work in Process Inventory 73,000
Work In Process Inventory 65,000
Manufacturing Overhead 8,000
Raw Materials Inventory 73,000
Question 23 0/ 1 point
When a job is completed and all costs have been accumulatedon a job cost sheet, the journal entry that should be made is
Question options:
Raw Materials Inventory
Work In Process Inventory
Work In Process Inventory
Direct Materials
Direct Labor
Manufacturing Overhead
Finished Goods Inventory
Work In Process Inventory
Finished Goods Inventory
Direct Materials
Direct Labor
Manufacturing Overhead
Question 24 1/ 1 point
A product requires processing in two departments, the BakingDepartment and then the Packaging Department, before it is completed. Coststransferred out of the Baking Department will be transferred to:
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Manufacturing Overhead.
Cost of Goods Sold.
Finished Goods Inventory.
Work in Process—Packaging Department.
Question 25 1/ 1 point
It is necessary to calculate equivalent units of productionin a department because
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the physical units in the department are always 100%complete.
a physical count of units is impossible.
at times a department may use a job order cost system andthen switch to a process cost system.
some units worked on in the department are not fullycomplete.
Question 26 1/ 1 point
A process with no beginning work in process, completed andtransferred out 28,000 units during a period and had 12,000 units in the endingwork in process that were 50% complete.How much is equivalent units of production for the period for conversioncosts?
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22,000 equivalent units.
46,000 equivalent units.
40,000 equivalent units.
34,000 equivalent units.
Question 27 1 / 1 point
Conversion cost per unit equals $7.00. Total materials costsare $40,000. Equivalent units are 20,000. How much is the total manufacturingcost per unit?
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Question 28 1/ 1 point
In a process cost system, a production cost report isprepared
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only for the first processing department.
only for the last processing department.
for each processing department.
for all departments in the aggregate.
Question 29 1/ 1 point
In the production cost report, the total
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costs accounted for equals the costs of the units startedinto production.
physical units accounted for equals the costs accounted for.
costs charged equals the units to be accounted for.
physical units accounted for equals the units to beaccounted for.
Question 30 1/ 1 point
The Assembly Department shows the following information:
Beginning Work in Process 20,000
Ending Work in Process 50,000
Units Transferred Out 21,000
How many total units are to be accounted for by the AssemblyDepartment?
Question options:


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