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Accounting for Managers-V

Accounting for Managers-V - 1 Managerial accounting applies...

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1. Managerial accounting applies to all forms of business organizations. True False Score: of 1 2. Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead. True False Score: of 1 3. Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company. True False Score: of 1 4. Managerial accounting is primarily concerned with managers and external users. True False Score: of 1 5. Internal reports are generally aggregated. detailed. regulated. unreliable. Score: of 1 6. Which one of the following is not considered as material costs? Partially completed motor engines for a motorcycle plant Bolts used in manufacturing the compressor of an engine Rivets for the wings of a new commercial jet aircraft Lumber used to build tables Score: of 1 7. Direct materials and direct labor of a company total $6,000,000. If manufacturing overhead is $3,000,000, what is direct labor cost?
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$3,000,000 $6,000,000 $0 Cannot be determined from the information provided Score: of 1 8. Cost of goods sold only appears on merchandising companies' income statements. only appears on manufacturing companies' income statements. appears on both manufacturing and merchandising companies' income statements. is calculated exactly the same for merchandising and manufacturing companies. Score: of 1 9. Cost of goods manufactured is calculated as follows: Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. Direct materials used + direct labor + manufacturing overhead – beginning WIP + ending WIP. Beginning WIP + direct materials used + direct labor + manufacturing overhead – ending WIP. Direct materials used + direct labor + manufacturing overhead – ending WIP – beginning WIP. Score: of 1 10. What is work in process inventory generally described as? Costs applicable to units that have been started in production but are only partially completed Costs associated with the end stage of manufacturing that are almost always complete and ready for customers Costs strictly associated with direct labor Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks Score: of 1 11. Hopkins Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2009 Dec. 31, 2010 Raw materials inventory $ 80,000 $ 64,000
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Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2010, Hopkins purchased $760,000 of raw materials, incurred direct labor costs of $100,000, and incurred manufacturing overhead totaling $128,000. How much is total manufacturing costs incurred during 2010 for Hopkins? $992,000 $1,004,000 $988,000 $1,000,000 Score: of 1 12. Given the following information: Raw materials inventory, January 1 $30,000 Raw materials inventory, December 31 60,000 Work in process, January 1 27,000 Work in process, December 31 18,000 Finished goods, January 1 60,000 Finished goods, December 31 48,000 Raw materials purchases 1,500,000 Direct labor 690,000 Factory utilities 225,000 Indirect labor 75,000 Factory depreciation
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