Ch2 Practice exam

Ch2 Practice exam - NOREEN MANAGERIAL ACCOUNTING FOR...

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NOREEN MANAGERIAL ACCOUNTING FOR MANAGERS 2E Practice Exam – Chapter 2 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. For each of the following, indicate whether the description more closely relates to managerial accounting or financial accounting: Managerial Accounting Financial Accounting Reports to those outside the organization Must follow GAAP Has a strong future orientation Typically focuses on segments of the organization Less emphasis on precision Primarily summarizes past transactions Data should be objective and verifiable Emphasizes relevance Places much more weight on non-monetary data Often mandatory information Prepared primarily for internal users 2. The following data (in thousands of dollars) have been taken from the accounting records of Kline Corporation for the year just ended.
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Raw materials inventory, beginning $ 70 Raw materials inventory, ending 120 Work in process inventory, beginning 150 Work in process inventory, ending 110 Finished goods inventory, beginning 320 Finished goods inventory, ending 240 Administrative expenses 200 Direct labor 300 Manufacturing overhead 480 Purchases of raw materials 270 Sales 2,150 Selling expenses 320 Part (a) Compute the cost of the raw materials used in production during the year (in thousands of dollars). Part (b) Compute the cost of goods manufactured (finished) for the year (in thousands of dollars).
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Ch2 Practice exam - NOREEN MANAGERIAL ACCOUNTING FOR...

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