Bored-JS - Name BSAD 530 Managerial Accounting...

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Name:__________________________ BSAD 530 Managerial Accounting Examination #1 TRUE or FALSE (20 points) ____F_1. Financial accounting and managerial accounting reports must be prepared in accordance with generally accepted accounting principles (GAAP). ___F__2. The Chief Financial Officer of an organization should present facts and refrain from offering advice and personal opinion. ___F__3. A strategy requires effective use of Six Sigma improvement techniques. __F___4. The sum of all costs of manufacturing costs except direct materials is called manufacturing overhead. ___T__5. Thread used in the production of mattresses, an indirect material, is classified as manufacturing overhead. ___T__6. The cost of goods sold of a manufacturing company equals beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory. _T____7. A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than process costing. __T___8. If direct labor-hours is used as the allocation base in a job-order costing system, but overhead costs are not caused by direct-labor-hours, then jobs with high direct labor requirements will tend to be overcosted relative to jobs with low direct labor requirements. __F___9. Under the weighted-average method, the equivalent units used to compute the unit costs of ending inventories relate only to work done during the current period. __T___10. In calculating cost per equivalent unit under the weighted-average method, prior period costs are combined with current period costs.
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MULTIPLE CHOICE (40 points) 1. Managerial accounting places considerable weight on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. D) detailed segment reports about departments, products, and customers.
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