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1. Managerial accounting information? A. Involves gathering information about costs for planning and control decisions. B. Is used mainly by external users C. Is generally the only accounting information available to managers. D. Can be used for control purposes but not for planning purposes. 2. Managerial accounting is different from financial accounting in? A. Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions. B. Managerial accounting never includes nonmonetary information. C. Managerial accounting is used extensively by investors, whereas financial accounting is used only by creditors. D. Managerial accounting is more focused on the organization as a whole and financial accounting is more focused on subdivisions of the organization. 3. Flexibility of practice when applied to managerial accounting means that A. The design of a company's managerial accounting system largely depends on the nature of the business and the arrangement of the internal operations of the company. B. The information must be presented in electronic format so that it is easily changed. C. Managers must be willing to accept the information as the accountants present it to them, rather than in the format they ask for. D. The managerial accountants need to be on call twenty-four hours a day.

4. Which of the following items represents a difference between financial and managerial accounting? A. Flexibility of practices B. Timeliness and time dimension of the information reported. C. All of the above. D. Users of the information.

5. A direct costs is a cost that is: A. Fixed with respect to the volume of activity. B. Traceable to a cost object. C. Identifiable as controllable. D. Variable with respect to the volume of activity. 6. An opportunity cost is: A. change in the cost of a component. B. A cost of potential benefit lost. C. An uncontrollable cost. D. A direct cost. 7. Labor costs that are clearly associated with specific units or batches of product because the labor is used to convert raw materials into finished products called are: A. Sunk labor. B. Indirect labor. C. Direct labor. D. Finished labor. 8. Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called: A. Factory overhead. B. Sunk costs. C. Nonmanufacturing costs. D. Administrative expenses.

9. Materials that are used in support of the production process but are not clearly identified with units or batches of product are called: A. Secondary materials. B. General materials.

C. Direct materials. D. Indirect materials.

10. The salary paid to the supervisor of an assembly line would normally be classified as: A. Direct labor. B. Indirect labor. C. A period cost. D. A general cost. 11. Classifying costs by behavior involves: A. Identifying costs in a physical manner. B. Identifying cost of goods sold and operating costs. C. Identifying all costs. D. Identifying fixed cost and variable cost. 12. Costs classified by controllability are useful for: A. The income statement. B. Management reports. C. Cash flow statement. D. balance sheet. 13. Which of the following is never included in direct materials costs? A. Materials storage costs. B. Outgoing delivery charges. C. Materials handling costs. D. Invoice costs of direct materials.

14. Raw materials that physically become part of the product and can be traced to specific units or batches of product are called: A. Indirect materials. B. Goods in process.

C. Direct materials. D. Raw materials sold.

15. A mixed cost: A. Is directly traceable to a cost object. B. Does not change with changes in the volume of activity within the relevant range. C. Requires the future outlay of cash and is relevant for future decision making. D. Contains a combination of fixed costs and variable costs. 16. A fixed cost: A. Changes with changes in the volume of activity within the relevant range. B. Is directly traceable to a cost object. C. Requires the future outlay of cash and is relevant for future decision making. D. Does not change with changes in the volume of activity within the relevant range. 17. Period costs for a manufacturing company would flow directly to: A. Job cost sheet. B. Factory overhead. C. The current balance sheet. D. The current income statement. 18. Costs that are first assigned to inventory are called: A. Product cost. B. General cost. C. Period cost. D. Administrative costs.

19. Costs that flow directly to the current income statement are called: A. General costs. B. Balance sheet costs. C. Product costs.

D. Period costs. 20. Product costs: A. Are expenditures necessary and integral to finished products. B. Are costs that vary with the volume of activity. C. Include selling and administrative expenses. D. Are expenditures identified more with a time period rather than with finished products. 21. Products that have been completed and are ready to be sold by the manufacturer are called: A. Cost of goods sold. B. Finished goods inventory. C. Raw materials inventory. D. Goods in process inventory.

22. Goods a company acquires to use in making products are called: A. Raw materials inventory. B. Finished goods inventory. C. Goods in process inventory. D. Cost of goods sold.

23. Products that are in the process of being manufactured but are not yet complete are called: A. Raw materials inventory. B. Cost of goods sold. C. Goods in process inventory. D. Conversion costs. 24. Another title for goods in process inventory is: A. Direct materials inventory. B. Work in process inventory. C. Indirect materials inventory. D. Conversion costs.

25. The total cost of goods completed during the accounting period for a manufacturer is called: A. Cost of goods manufactured. B. Ending goods in process inventory. C. Total manufacturing costs. D. Ending finished goods inventory.

26. A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's: A. Cost of goods purchased. B. Cost of goods available. C. Beginning merchandise inventory. D. Cost of goods sold.

27. Which one of the following items is normally not a manufacturing cost? A. Direct labor. B. Factory overhead. C. Direct materials. D. General and administrative expenses. 28. A manuafacturing statement is also known as a schedule or listing of the A Raw materials processed B. Factory supplies used C. Cost of goods manufactured D.Total finished goods 29. A financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a: A. Manufacturing statement. B. Materiality statement. C. Merchandise statement. D. Managerial statement.

30. Which of the following accounts would all appear on a manufacturing statement? A. Direct labor, indirect labor, sales salaries. B. Factory buildings, delivery equipment, and depreciation on factory equipment. C. Raw materials, goods in process, finished goods. D. Raw materials, factory insurance expired, indirect labor.

31. Juliet Corporation has accumulated the following accounting data for the year: Finished goods inventory, January 1: $3,200; Finished goods inventory, December 31: $4,000; Total cost of goods sold: $4,200. The cost of goods manufactured for the year is: A. $6,400. B. $1,000. C. $5,000. D. $ 200. 32. A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is: A. $29,300. B. $47,100. C. $32,500. D. $21.200.

33. A company’s prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is: A. $14,000,000. B. $1,000,000. C. $4,000,000. D. $2,000,000.

34. The following information relates to the manufacturing operations of the IMH Publishing Corporation for the year: Beginning Raw materials inventory: $ 57,000; Ending Raw materials inventory: $60,000; Beginning Finished goods: $68,000; Ending Finished goods $60,000. The raw materials used in manufacturing during the year totaled $118,000. Raw materials purchased during the year amount to: A. $107,000. B. $121,000 (Beg RM + Purch - End RM = RM used Purch = $118,000 - $57,000 + 60,000) C. $118,000. D. $115,000. 35. Ajax Company accumulated the following account information for the year: Beginning raw materials inventory: $6,000; Indirect materials cost: $2,000; Indirect labor cost: $5,000; Maintenance of factory equipment: $2,800; Direct labor cost: $7,000. Using the above information, total factory overhead costs would be: A. $13,000. B. $ 9,800. C. $16,800. D. $15,800.

36. The following information is available for the year ended December 31: Beginning raw materials inventory: $2,500; Raw materials purchases: $4,000; Ending raw materials inventory: $3,000; Office supplies expense: $1,000. The amount of raw materials used in production for the year is: A. $3,500. B. $5,100. C. $6,500. D. $4,100. 37. The following information from Hardy Co. for the current year: Direct materials used: $5,000; Direct Labor: $7,000; Total Factory overhead: $5,100; Beginning goods in process:

$3,000; Ending goods in process: $4,000. The total of Hardy Co.'s manufacturing costs added during the current year is: A. $16,100. B. $17,100. (Raw Materials Used + Direct Labor + Factory Overhead = Manufacturing Costs $5,000 + $7,000 + $5,100 = $17,100) C. $12,000. D. $18,100. 38. The following information from Hardy Co. for the current year: Direct materials used: $5,000; Direct Labor: $7,000; Total Factory overhead: $5,100; Beginning goods in process: $3,000; Ending goods in process: $4,000. Hardy Co.'s cost of goods manufactured for the current year is: A. $18,100. B. $16, 100. C. $12,000. D. $17,100.

39. Total manufacturing cost incurred during the year do not include: A. Factory supplies used B. Direct labor C. Goods in process inventor, beginning balance D. Direct materials used

40. If beginning and ending goods in process inventories are $5,000 and $15,000, and cost of goods manufactured is $170,000, what is total manufacturing cost for the period? A.$160,000 B.$180,000 C.$155,000 D.$175,000

41. The following information is available for Talking Toys, Inc., for the current year: Direct materials used: 12,500; Goods in process, January 1: 50,000; Goods in process, December 31: 37,000; Total Factory overhead: 5,500; Direct labor used: 26,500. The total manufacturing cost incurred during the year were: A. 44,500 B. 57,500 C. 13,000 D. 94,500 42. The following information is available for Talking Toys, Inc., for the current year: Direct materials used: $12,500; Goods in process, January 1: $50,000; Goods in process, December 31: 37,000; Total Factory overhead: $5,500; Direct labor used: $26,500. The total cost of goods manufactured for the year was: A. $57,500. B. $44,500. C. $94,500. D. $13,000. 43. Current information for the Austin Company follows: Beginning raw materials inventory: $15,200; Beginning goods in process inventory: 22,400; Ending raw materials inventory: $16,600; Ending goods in process inventory: $28,000; Direct labor: $42,800; Total factory overhead: 30,000; Raw material purchases: $60,000. All raw materials used were traceable to specific batches of product. Austin Company's cost of goods manufactured for the year is: A. $128,600. B. $125,800. C. $137,000. D. $131,400. (Total Manufacturing Costs = Raw Materials Used + Direct Labor + Factory Overhead Raw materials used = Beginning Raw Materials Inventory + Raw Materials Purchases - Ending Raw Materials Inventory = 15,200 + 60,000 - 16,600 = 58,600 58,600 + 42,800 + 30,000 = 131,400

Cost of goods manufactured = Beginning Work in Process + Total Manufacturing Costs Ending Work in Process = 22,400 + 131,400 - 28,000 = $125,800)

44. Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory: $ 10,800; Direct labor: $30,600; Beginning goods in process inventory: $7,200; General and administrative expenses: $13,500; Direct materials used: $40,500; Ending goods in process inventory: $9,000; Indirect labor: $6,300; Ending finished goods inventory: $9,500; Indirect materials: $13,500; Depreciation – factory equipment: $7,500. A. $110,100. B. $102,000. C. $113,700. D. $ 96,600.

45. Use the following information to compute the cost of goods manufactured: Beginning raw materials: $5,500; Ending raw materials. $4.000: Direct labor $12.250 Raw material purchases: $7,400; Depreciation on factory equipment $6.500 Factory repairs and maintenance: $3.300, Beginning finished goods inventory: $10,200; Ending finished goods inventory: $8,900; Beginning goods in process inventory: $5,700; Ending goods in process inventory $6.300 A. $36,650. B. $30.350. C. $30,650. D. $30.950.

46. Which of the following represents the correct formula for calculating cost of goods manufactured? A. Direct materials used + direct labor + factory overhead + beginning goods in process + ending goods in process. B. Direct materials used + direct labor + factory overhead + beginning goods in process – ending goods in process. C. Direct materials used + direct labor + factory overhead – beginning goods in process – ending goods in process.

D. Direct materials used + direct labor + factory overhead – beginning goods in process + ending goods in process.

47. The following information pertains to the Hewett Corporation: Beginning Direct Materials: $30,000; Ending Direct Materials: $70,000; Beginning Goods in Process Inventory: $40,000; Ending Goods in Process Inventory: $46,000; Beginning Finished Goods Inventory: $72,000; Ending Finished Goods Inventory: $68,000; Cost of Goods Manufactured for the period: $246,000. What is the cost of goods sold for the period? A. $250,000. B. $290,000. C. $258,000. D. $242,000.

48. The following information applies to question: Beginning Direct Materials: $25,000; Ending Direct Materials: $30,000; Beginnig Goods in Process: $55,000; Ending Goods in Process $64,000; Beginning Finished Goods $80,000; Ending Finished Goods: $67,000. Costs of Goods Sold for the period $540,000; Sales revenue for the period $1,254,000; Operating expensess for the period $232,000. Calculate the costs of goods manufatured for the period on question. A. $549,000 B. $527,000 C. $ 553,000 D. $536,000

49. The following information applies to questions: Beginning Direct Materials: $25,000; Ending Direct Materials: $30,000; Beginning Goods in Process: $55,000; Ending Goods in Process: $64,000; Beginning Finished Goods: $80,000; Ending Finished Goods : $67,000; Cost of Goods Sold for the period: $540,000; Sales revenues for the period: $1,254,000; Operating expenses for the period: $232,000. Calculate gross profit for the period in question. A. $714,000. B. $482,000. C. $1,022,000.

D. $187,000. 50. In comparison to a general accounting system for a manufacturing company, a cost accounting system places an emphasis on: A. Periodic inventory counts B. Unit costs and cost control C. Total costs D. Products and average costs 51. The two basic types of cost accounting systems are: A. Job order costing and customized product costing. B. Job order costing and perpetual costing. C. None of the above. D. Job order costing and customized service costing. 52. The production activities for a customized product represents a(n): A. Job. B. Operation. C. Unit. D. Pool. 53. A job order cost accounting system would best fit the needs of a company that makes: Select one: A. Paint. B. Custom machinery. C. Cement. D. Shoes and apparel. 54. Dell Builders manufactures each house to customer specifications. It most likely would use: A. A periodic inventory system. B. Unique costing.

C. Job order costing. D. Capital process costing.

55. A job order production system would be appropriate for a company that produces which one of the following items? A. Sacks of yard fertilizer. B. Seedlings for sale in a nursery. C. Packets of flower seeds. D. A landscaping design for a new hospital.

56. Large aircraft products such as McDonnell Douglas normally use: A. Mixed costing B. Job order costing C. Process costing D. Full costing 57. A document in a job order cost accounting system that is used to record the costs of producing a job is a(n): A. Job lot. B. Finished goods summary. C. Process cost system. D. Job cost sheet.

58. A job cost sheet shows information about each of the following items except: A. The overhead costs assigned to the job. B. The costs incurred by the marketing department in selling the job. C. The direct labor costs assigned to the job. D. The name of the customer. 59. The job order cost sheets used by Garza Company revealed the following: Job No.124: Bal, May 1 $1,700; May Production costs: 0; Job No.125: Bal, May 1 $1,200, May Production costs

$300; Job No.126: Bal, May 1: 0, May production cost: $900. Job No.125 was completed during May and Jobs No.124 and 125 were shipped to customers in May. What were the company's cost of goods sold for May and the goods in process inventory on May 31? A. $3,200; $ 900. B. $1,700; $1,200. C. $2,900; $1,200. D. $1,200; $2,900. 60. A job cost sheet includes: A. Direct material, direct labor, overhead. B. Direct materials, overhead, administrative costs. C. Direct labor, overhead, selling costs. D. Direct materials, direct labor, operating costs.

62. A source document that an employee uses to report how much time was spent working on a job or on overhead activities and that is used to determine the amount of direct labor to charge to the job or to determine the amount of indirect labor to charge to factory overhead is called a: A. Time ticket. B. Factory payroll record. C. General Ledger. D. Payroll Register. 63. Labor costs in production can be: A. Direct or payroll. B. Indirect or sunk. C. Indirect or payroll. D. Direct or indirect. 64. A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $20,000? A. $ 16,000.

B. $ 25,000. C. $ 5,000. D. $125,000.

65. Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied, $6,000. The overhead application rate was: A. 20.0%. B. 500.0%. C. 5.0%. D. 12.0%.

66. The rate established prior to the beginning of a period that relates estimated overhead to an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the: A. Predetermined overhead allocation rate. B. Overhead variance rate. C. Estimated labor cost rate. D. Chargeable overhead rate. 67. BVD Company uses a job order cost accounting system and last period incurred $80,000 of overhead and $100,000 of direct labor. BVD estimates that its overhead next period will be $75,000. It also expects to incur $100,000 of direct labor. If BVD bases applied overhead on direct labor cost, their overhead application rate for the next period should be: A. 125%. B. 80%. C. 107%. D. 75%.

68. O.K. Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. O.K. expects to incur $800,000 of overhead during the next period, and expects to use 50,000 labor hours at a cost of $10.00 per hour. What is O.K. Company's overhead application rate? A. 6.25% B. 62.5%. C. 160%. D. 1600%. 69. Austin Company uses a job order cost accounting system. The company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1,500,000...