ACCT 202 Final Review

ACCT 202 Final Review - 1 Preparing budgets is an example...

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1) Preparing budgets is an example of the management function of: A. controlling. B. decision-making. C. directing. D. planning. 2) Which of the following groups are external users of financial information? A. Customers of the company B. Vendors of the company C. Potential investors of the company D. All of the above 3) Which of the following is TRUE? A. Managerial accounting reports are audited by CPAs. B. Managerial accounting reports provide detailed internal information. C. Managerial accounting reports aid potential investors. D. Managerial accounting reports must follow GAAP. 7) The main goal of financial accounting is to provide information for A. potential investors. B. creditors. C. governmental regulators. D. all of the above. 3) Which of the following is an example of overhead in a factory? A. Wages of machine operators B. Wages of factory maintenance personnel C. Wages of administrators in the corporate office D. 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 $ 11,000 Depreciation on factory equipment $ 16,000 Factory supervisor salary $ 52,500 Sales commissions $ 23,000 Lubricants used in factory equipment $ 3,000 Insurance costs for factory $ 21,000 Wages paid to maintenance workers $ 115,000 Fabric used to upholster furniture $ 7,000 Costs of delivery to customers $ 9,000 Wages paid to assembly-line workers $ 132,500 Lumber used to build product $ 72,000 Utilities in factory $ 44,500 Utilities in sales office $ 26,500 5) MOH costs for Comfy Furniture Company totaled: A. $ 324,000. B. $ 122,000. C. $ 228,000. D. $ 252,000. 8) When manufacturing products, which of the following is an example of an inventoriable product cost? A. Depreciation on office equipment B. Depreciation on building C. Depreciation on factory equipment D. Sales salaries expenses 10) Active Apparel Company reports the following data for its first year of operation (000s omitted). Cost of goods manufactured $500,000 Work in process inventory, beginning 0 Work in process inventory, ending 120,000 Direct materials used 85,000 Manufacturing overhead 100,000 Finished goods inventory, ending 72,000 What is the cost of goods sold? A. $500,000 B. $428,000 C. $685,000 D. $548,000 15) A 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 year. 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. 17)
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ACCT 202 Final Review - 1 Preparing budgets is an example...

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