The external stakeholders of a company are the primary users of management accounting. Management accounting information is used to help managers plan and control their operations. An external audit by an independent CPA is required for management accounting information. Management accounting information must comply with Generally Accepted Accounting Principles.
Question 10 2.5 / 2.5 pts Nurix Inc. is a business consulting firm. During the month of February, Nurix earned $55,400 of revenues by providing services to 45 clients. Operating expenses for February were $8,500 and non-operating expenses were $4,500. What is the cost per service? $100.00 $188.89 $942.22 $288.00 $188.89 (Cost per service) = $8,500 (Operating expenses) ÷ 45 Clients Question 11 2.5 / 2.5 pts Which of the following companies is most likely to use job order costing? a gold refinery a law firm
a surfboard manufacturer a soft drink company Question 12 2.5 / 2.5 pts Which of the following businesses is most likely to use a process costing system? a baker producing cakes to order a legal service provider an audit service provider a candy manufacturer Question 13 2.5 / 2.5 pts The entry to record the purchase of direct materials on account would include a ________. debit to the Raw Materials Inventory account debit to the Work-in-Process Inventory account
credit to the Work-in-Process Inventory account credit to the Raw Materials Inventory account Question 14 2.5 / 2.5 pts The journal entry to record direct labor costs actually incurred involves a debit to the ________. Work-in-Process Inventory account Wages Payable account Manufacturing Overhead account Raw Materials Inventory account Question 15 2.5 / 2.5 pts The journal entry to record indirect labor costs incurred involves a debit to the ________. Manufacturing Overhead account
Wages Payable account Finished Goods Inventory account Work-in-Process Inventory account Question 16 2.5 / 2.5 pts The journal entry to issue indirect materials to production should include a debit to the ________. Finished Goods Inventory account Raw Materials Inventory account Manufacturing Overhead account Work-in-Process Inventory account Question 17 2.5 / 2.5 pts The journal entry to record $1,500 of direct labor and $200 of indirect labor incurred will include debit(s) to the ________. Manufacturing Overhead account for $1,700
Work-in-Process Inventory account for $1,500 and Finished Goods Inventory account for $200 Finished Goods Inventory account for $1,700 Work-in-Process Inventory account for $1,500 and Manufacturing Overhead account for $200 Question 18 2.5 / 2.5 pts
- Spring '16