QUESTION 1<\/p>\n
1.Managerial accounting applies to each of the following types of businesses except<\/p>\n
service firms.<\/p>\n
merchandising firms.<\/p>\n
manufacturing firms.<\/p>\n
managerial accounting applies to all types of firms.<\/p>\n
10 points <\/p>\n
QUESTION 2<\/p>\n
1.Managerial accounting does not encompass<\/p>\n
calculating product cost.<\/p>\n
calculating earnings per share.<\/p>\n
determining cost behavior.<\/p>\n
profit planning.<\/p>\n
10 points <\/p>\n
QUESTION 3<\/p>\n
1.What activities and responsibilities are not associated with management’s functions?<\/p>\n
Planning<\/p>\n
Accountability<\/p>\n
Controlling<\/p>\n
Directing<\/p>\n
10 points <\/p>\n
QUESTION 4<\/p>\n
1.A materials requisition slip showed that direct materials requested were $66,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is<\/p>\n
Work In Process Inventory 66,000<\/p>\n
Raw Materials Inventory 66,000<\/p>\n
Direct Materials 66,000<\/p>\n
Indirect Materials 9,000<\/p>\n
Work in Process Inventory 75,000<\/p>\n
Manufacturing Overhead 75,000<\/p>\n
Raw Materials Inventory 75,000<\/p>\n
Work In Process Inventory 66,000<\/p>\n
Manufacturing Overhead 9,000<\/p>\n
Raw Materials Inventory 75,000<\/p>\n
10 points <\/p>\n
QUESTION 5<\/p>\n
1.Which one of the following is a source document that impacts the job cost sheet?<\/p>\n
Raw materials receiving slips.<\/p>\n
Materials purchase orders.<\/p>\n
Labor time tickets.<\/p>\n
Finished goods shipping documents.<\/p>\n
10 points <\/p>\n
QUESTION 6<\/p>\n
1.Equivalent units are calculated by<\/p>\n
multiplying the percentage of work done by the equivalent units of output.<\/p>\n
dividing physical units by the percentage of work done.<\/p>\n
multiplying the percentage of work done by the physical units.<\/p>\n
dividing equivalent units by the percentage of work done.<\/p>\n
10 points <\/p>\n
QUESTION 7<\/p>\n
1.In a process cost system, product costs are summarized:<\/p>\n
on job cost sheets.<\/p>\n
on production cost reports.<\/p>\n
after each unit is produced.<\/p>\n
when the products are sold.<\/p>\n
10 points <\/p>\n
QUESTION 8<\/p>\n
1.In traditional costing systems, overhead is generally applied based on<\/p>\n
direct labor.<\/p>\n
machine hours.<\/p>\n
direct material dollars.<\/p>\n
units of production.<\/p>\n
10 points <\/p>\n
QUESTION 9<\/p>\n
1.Fixed costs normally will not include<\/p>\n
property taxes.<\/p>\n
direct labor.<\/p>\n
supervisory salaries.<\/p>\n
depreciation on buildings and equipment.<\/p>\n
10 points <\/p>\n
QUESTION 10<\/p>\n
1.Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when using<\/p>\n
full costing.<\/p>\n
absorption costing.<\/p>\n
product costing.<\/p>\n
variable costing.<\/p>\n","protected":false},"excerpt":{"rendered":"
QUESTION 1 1.Managerial accounting applies to each of the following types of businesses except service firms. merchandising firms. manufacturing firms. managerial accounting applies to all types of firms. 10 points QUESTION 2 1.Managerial accounting does not encompass calculating product Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-49478","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=49478"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49478\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=49478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=49478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=49478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}