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Exam1_S2009_V23 - Managerial Accounting Exam 1 2009 1...

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Managerial Accounting , Exam 1 2009 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. 2. The plans of management are often expressed formally in: A) financial statements. B) performance reports. C) budgets. D) ledgers. 3. The phase of accounting concerned with providing information to managers for use in planning and controlling operations and in decision making is called: 4. The cost of the cushions that are used to manufacture sofas is best described as a: 2
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Managerial Accounting , Exam 1 2009 5. A security guard's wages at a factory would be an example of: Indirect labor Fixed manufacturing overhead 6. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as: A) direct materials. B) a period cost. C) administrative expense. D) manufacturing overhead. 7. Direct costs: 8. Inventoriable (i.e., product) costs that have become expenses can be found in: 2
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Managerial Accounting , Exam 1 2009 9. Which of the following production costs, if expressed on a per unit basis, would be most likely to change significantly as the production level varies? 10. When the level of activity decreases within the relevant range, the fixed cost per unit will: A) decrease. B) increase. C) remain the same. D) The effect cannot be predicted. 11. All of the cost categories listed below are usually found in a company's accounting records, except for: 12. Abel Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $47,000, the manufacturing overhead is: 2
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Managerial Accounting , Exam 1 2009
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