Exam 1 Review.docx - Chapter 1 Review questions 1....

Chapter 1 Review questions
1. Managerial accounting information is generally prepared for
a. stockholders.
b. creditors.
c. managers.
d. regulatory agencies.
2. Internal reports must be communicated
3. The reporting standard for external financial reports is
4. Internal reports are generally 5. Planning is a function that involves
a. hiring the right people for a particular job.
b. coordinating the accounting information system.
c. setting goals and objectives for an entity.
d. analyzing financial statements.
6. Directing includes
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7. The work of factory employees that can be physically and directly associated with converting
raw materials into finished goods is
8. Manufacturing costs include 9. The wages of a timekeeper in the factory would be classified as
a. a period cost.
b. direct labor.
c. indirect labor.
d. compliance costs.
10. Which of the following is not another name for the term manufacturing overhead? 11. Which one of the following represents a period cost? 12. A manufacturing company calculates cost of goods sold as follows:
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