Preparing budgets is an example of the management function of:
Which of the following groups are external users of financial information?
Customers of the company
Vendors of the company
Potential investors of the company
All of the above
Which of the following is TRUE?
Managerial accounting reports are audited by CPAs.
Managerial accounting reports provide detailed internal information.
Managerial accounting reports aid potential investors.
Managerial accounting reports must follow GAAP.
7) The main goal of financial accounting is to provide information for
governmental regulators. D.
all of the above.
Which of the following is an example of overhead in a factory?
Wages of machine operators
Wages of factory maintenance personnel
Wages of administrators in the corporate office
Salaries of salespersons
Use the following information for the next three questions:
Comfy Furniture Company manufactures furniture at its Akron, Ohio, factory.
Some of its costs from the past year include:
Depreciation on sales office
Depreciation on factory equipment
Factory supervisor salary
Lubricants used in factory equipment
Insurance costs for factory
Wages paid to maintenance workers
Fabric used to upholster furniture
Costs of delivery to customers
Wages paid to assembly-line workers
Lumber used to build product
Utilities in factory
Utilities in sales office
5) MOH costs for Comfy Furniture Company totaled:
8) When manufacturing products, which of the following is an example of an inventoriable product cost?
Depreciation on office equipment
Depreciation on building
Depreciation on factory equipment D.
Sales salaries expenses
Active Apparel Company reports the following data for its first year of operation (000s omitted).
Cost of goods manufactured
Work in process inventory, beginning
Work in process inventory, ending
Direct materials used
Finished goods inventory, ending
What is the cost of goods sold?
Company mistakenly treated a $20,000 product cost as a period cost. They produced 2,000 units of product & sold 1,000 of them during the
In the year in which the mistake was made
A. net income will be too high. B. net income will be too low.
C. net income will be correct.