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Exam 16: Managerial Accounting Concepts and Principles

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Question 51

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Match each description to the appropriate term.

Premises

Responses

factory supplies used

direct materials

depreciation on office equipment

direct labor

rent on office facilities

selling and administrative expense

advertising expense

factory overhead

sales supplies used

utilities incurred in the office

insurance expired on factory equipment

indirect materials used

cost of primary material used to make product

wages of assembly line personnel

rent expense on factory building

Premises

factory supplies used

depreciation on office equipment

rent on office facilities

advertising expense

sales supplies used

utilities incurred in the office

insurance expired on factory equipment

indirect materials used

cost of primary material used to make product

wages of assembly line personnel

rent expense on factory building

Responses

direct materials

direct labor

selling and administrative expense

factory overhead

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Correct Answer

Premises

Responses

factory supplies used

depreciation on office equipment

rent on office facilities

advertising expense

sales supplies used

utilities incurred in the office

insurance expired on factory equipment

indirect materials used

cost of primary material used to make product

wages of assembly line personnel

rent expense on factory building

Premises

factory supplies used

depreciation on office equipment

rent on office facilities

advertising expense

sales supplies used

utilities incurred in the office

insurance expired on factory equipment

indirect materials used

cost of primary material used to make product

wages of assembly line personnel

rent expense on factory building

Responses

Question 52

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The plant manager's salary in a manufacturing business would be considered an indirect cost.

A) True
B) False

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verified

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Question 53

True/False

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Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Which of the following is most associated with managerial accounting?

Keeton Company had the following data: $\begin{array}{lr}\text { Cost of materials used } & \$ 60,000 \\\text { Direct labor costs } & 58,000 \\\text { Factory overhead } & 33,000 \\\text { Work in process, beg. } & 29,000 \\\text { Work in process, end. } & 18,000 \\\text { Finished goods, beg. } & 32,000 \\\text { Finished goods, end. } & 18,000\end{array}$ Calculate the cost of goods sold.

Which of the following is an example of direct materials cost for an automobile manufacturer?

Factory overhead cost is sometimes referred to as factory burden.

The primary goal of managerial accounting is to provide information to

What term is used to describe the process of developing the organization's objectives and translating those into courses of action?

Smith Company reports the following information: $\begin{array} { | l | l | } \hline \text { Cost of goods manufactured } & \$ 68,250 \\\hline \text { Direct materials used } & 27,000 \\\hline \text { Direct labor incurred } & 25,000 \\\hline \text { Work in process inventory, January 1 } & 11,000 \\\hline\end{array}$ Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, is

Costs on the income statement for both a merchandiser and a manufacturer would be

A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities.

Match the items below for a bakery to the type of cost a-d) . -Cupcake mix

Cost of goods manufactured is equal to

Which of the following statements is false?

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

The cost of a manufactured product generally consists of direct materials cost, direct labor cost, and factory overhead cost.

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

Planning is the process of monitoring operating results and comparing actual results with the expected results.