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Chapter One

UFC1 Managerial Accounting

QuestionAnswer
A merchadising company usually has one inventory account while a manufacturing company usually has ___ inventory accounts. Three
Which of the following are period costs for a manufacture? Wages for administrative staff Rent on the office building Sales commissions
List items below in the correct order in which they would appear in the calculation of cost of goods sold for a manufacturing company. 1. Beginning finished goods inventory 2. Plus 3. Cost of goods manufactured 4. Minus 5. Ending finished goods inventory
Which of the following are the variable costs relative to number of units produced and sold? Materials used in production Insurance premiums commissions based on sales
Customer orientation survey customers to better align operating practices with expectations
E- commerce updating the company's website to promote online sales transactions
JIT manufacturing Establishing better relationships with vendors to ensure on-time delivery of quality raw materials.
TQM Evaluating business activities with a focus on improving quality.
Just-in Time (JIT) manufacturing is methodology aimed primarily at reducing flow times within production as well as response times from suppliers and to customers.
Total Quality Management Consists of organization-wide efforts to install and make permanent a climate in which an organization continuously improves its ability to deliver high quality products and services to customers. Depends heavily on
Customer orientation survey customers to better align operating practices with expectations
E- commerce updating the company's website to promote online sales transactions
JIT manufacturing Establishing better relationships with vendors to ensure on-time delivery of quality raw materials.
TQM Evaluating business activities with a focus on improving quality.
Just-in Time (JIT) manufacturing is methodology aimed primarily at reducing flow times within production as well as response times from suppliers and to customers.
Total Quality Management Consists of organization-wide efforts to install and make permanent a climate in which an organization continuously improves its ability to deliver high quality products and services to customers. Depends heavily on previously developed quality control.
Conversion costs consist of: factory overhead and direct labor
Merchandising companies buy goods ready for sale
manufacturing companies produce goods to make further products
Product cost for manufacturer? direct materials depreciation on the factory equipment
Fixed costs relative of the numbers of units produced and sold straight line depreciation Store rent Manager's salary
Cost that has already been incurred and cannot be avoided or changed are ? Sunk cost
The primary difference between the income statement for a merchandising company and a manufacturing company is the _____________ section. cost of goods sold
Materials activities include: purchasing materials storing materials
sales activities selling and storing finished products
Prime cost refers to the direct cost of manufacturing an item. cost of raw materials + cost of labor directly associated with production process.
Prime cost consists of : direct labor and direct materials
An accountant advises friend of pending recall, friend sells stocks in company, this is violation of Confidentiality and integrity part of the Ethical Professional Practice standards
activities such as using materials and labor to produce finished products are considered production activities
Characteristics of fraud include: Employer has a loss of assets Benefits the employee Hidden from the employer
Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines. fixed indirect
Managers use an internal control system to: protect assets ensure reliable accounting promote efficient operations
Sales activities include: Storing finished products selling finished products
The institute of Management Accountants' Statement of Ethical Professional Practice requires members to Act with integrity Be competent
Production activities include using materials production workers assembling products
Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers Direct Variable
Theory of Constraints methodology for identifying the most important limiting factor (i.e. constraint) that stands in the way of achieving a goal and then systematically improving that constraint until it is no longer the limiting factor.
Managerial accounting information involves gathering information about costs for planning and control decisions.
Managerial accounting is different from financial accounting in that managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.
Which of the following terms does not represent a difference between financial and managerial accounting? purpose of accounting
Which of the following items is a management concept that was not created to improve companies' performance theory of constraints
Which of the following is not a characteristic of all fraud can be intentional or unintentional
A direct cost is a cost that is traceable to a cost object.
An Opportunity cost is a cost of potential benefit lost.
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: direct labor
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 factory overhead
Materials that are used in support of the production process but that do not become a part of the product and are not clearly identified with units or batches of product are called indirect materials
The salary paid to the supervisor of an assembly line would normally be classified as: indirect labor
Classifying cost by behavior involves identifying fixed cost and variable costs
Products that have been completed and are ready to be sold by the manufacturer are called finished goods inventory
Goods a company acquires to use in making products are called raw materials inventory
Products that are in the process of being manufactured but are not yet complete are called goods in process inventory
Another title for goods in process inventory is: works in process inventory
The cost of labor that is not clearly associated with specific units or batches of product is called indirect labor
Factory overhead costs normally include all of the following except selling costs
Factory overhead costs include indirect labor costs indirect material costs machinery oil factory rent
Which of the following items appears only in a manufacturing company's financial statements? Cost of goods manufactured
A manufacturing statement is also known as a schedule or listing of the cost of goods manufactured
total factory overhead costs would be indirect materials cost indirect labor costs maintenance of factory equipment
Financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a manufacturing statement.
Cycle Efficiency Cycle Efficiency, often-abbreviated CE, is a ratio that measures the effectiveness and productivity of the production process. In other words, it’s a calculation that cost accountants use to measure how efficiently products are being produced.
Whether a cost is controllable or not controllable by and employee depends on the employee's level responsiblity true
Manufacturing statement must be prepared every month as required by the general purpose financial statement false
Product costs are expenditures necessary and integral to finished products. true
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: Factory overhead.
Created by: smcdo11