Managerial Accounting Exam 1

46 Questions | Total Attempts: 210

SettingsSettingsSettings
Please wait...
Managerial Accounting Quizzes & Trivia

Chapter 1 and 2


Questions and Answers
  • 1. 
    Managerial accounting:
    • A. 

      Has its primary emphasis on the future

    • B. 

      Is required by regulatory bodies such as the SEC

    • C. 

      Focuses on the organization as a whole, rather than on the organization's segments

    • D. 

      Responses a, b, and c are correct

  • 2. 
    A manufacturing company calculates cost of goods sold as follows:
    • A. 

      Beginning FG inventory + COG purchased - ending FG inventory

    • B. 

      Ending FG inventory - COG manufactured + beginning FG inventory

    • C. 

      Beginning FG inventory - COG manufactured - ending FG inventory

    • D. 

      Beginning FG inventory + COG manufactured - ending FG inventory

  • 3. 
    On the costs of goods manufactured schedule, depreciation on factory equipment:
    • A. 

      Is not listed because it is included with Depreciation Expense on the income statement

    • B. 

      Appears in the manufacturing overhead section

    • C. 

      Is not listed because it is not a product cost

    • D. 

      Is no an inventoriable cost

  • 4. 
    What is work in process inventory generally described as?
    • A. 

      Costs of applicable to units that have been stared in production but are only partially completed

    • B. 

      Costs associated with the end stage of manufacturing that are almost always complete and ready for customers

    • C. 

      Costs strictly associated with direct labor

    • D. 

      Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks

  • 5. 
    In the current assets section of the balance sheet in which order are manufacturing inventories listed?
    • A. 

      Raw materials, work in process, finished goods

    • B. 

      Finished goods, work in process raw materials

    • C. 

      Work in process, finished goods, raw materials

    • D. 

      Finished goods, raw materials, work in process

  • 6. 
    Which of the following represent the two basic types of cost accounting systems?
    • A. 

      Job order and batch systems

    • B. 

      Process cost and batch systems

    • C. 

      Job order and process cost systems

    • D. 

      Job order and job accumulation systems

  • 7. 
    What is the primary role of a job cost sheet?
    • A. 

      It is used instead of a cost of goods manufactured schedule

    • B. 

      It is the principal accounting record used in assigning costs to jobs

    • C. 

      It shows the detail of the Manufacturing Overhead Control account

    • D. 

      It lists the materials on hand available to be used for jobs

  • 8. 
    Property taxes on the factory building. 
  • 9. 
    Production superintendents' salires
  • 10. 
    Memory boards and chips used in assembling computers
  • 11. 
    Depreciation on factory equipment
  • 12. 
    Salaries for assembly line quality control inspectors
  • 13. 
    Sales commissions paid to sell personal computers
  • 14. 
    Electrical components used in assembling computers
  • 15. 
    Wages of workers assembling personal computers
  • 16. 
    Soldering materials used on factory assembly lines
  • 17. 
    Salaries for the night security guards for the factory building
  • 18. 
    Financial accounting focuses on providing information to internal users
    • A. 

      True

    • B. 

      False

  • 19. 
    Analyzing cost-volume-profit relationships is part of managerial accounting
    • A. 

      True

    • B. 

      False

  • 20. 
    Preparation of budgets is part of financial accounting
    • A. 

      True

    • B. 

      False

  • 21. 
    Managerial accounting applies only to merchandising and manufacturing companies
    • A. 

      True

    • B. 

      False

  • 22. 
    Both managerial and financial accounting deal with many of the same economic events
    • A. 

      True

    • B. 

      False

  • 23. 
    Managerial accounting reports are prepared only quarterly and annually
    • A. 

      True

    • B. 

      False

  • 24. 
    Financial accounting reports are general-purpose reports
    • A. 

      True

    • B. 

      False

  • 25. 
    Managerial accounting reports pertain to subunits of the business
    • A. 

      True

    • B. 

      False

Related Topics
Back to Top Back to top