According to the course materials, what are the three broad functions of the management accounting information system? Choose all three.

Costing out products & services, planning & control, decision making

Which of the following is an example of a manufacturing overhead cost?

The rent on the production facility

Are reported as assets before the products are sold

What is the defining feature of a traditional cost accounting system?

Overhead is assigned using unit-level drivers(?)

Cost of goods sold equals cost of goods manufactured

when finished goods inventories remain constant

Which of the following is a cost accounting system that uses only unit-based activity drivers to assign costs to cost objects?

traditional cost management system

Which of the following account balances will increase with the journal entry to dispose of the overhead variance? Choose all correct answers.

COGS, WIP inventory, finished goods inventory

Which of the following are techniques for reducing the measurement costs associated with activity based costing. (select all that apply)

Approximately relevant ABC, time-driven ABC

What is the journal entry to record a materials requisition for a specific job in a job order costing system?

Debit WIP, credit Raw Materials Inventory

In this class we learned how to prepare departmental production reports using two different methods. What were they?

Weighted average method, FIFO method

Which two process-costing complications were highlighted in the course materials?

Ending WIP, non-uniform application of production costs

What is the correct definition for equivalent units?

The full units that could have been completed given the material & effort expended

How do you calculate COGM?

DM used + DL + Factory overhead + Beg. WIP inventory + Ending WIP inventory

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ACCTG 338 Midterm

the right answers, probably

Question	Answer
According to the course materials, what are the three broad functions of the management accounting information system? Choose all three.	Costing out products & services, planning & control, decision making
Which of the following is an example of a manufacturing overhead cost?	The rent on the production facility
The sum of DL and factory overhead is referred to as	Conversion costs
As production occurs, materials, DL, & applied manufacturing overhead are recorded in	Work in process
Inventoriable costs	Are reported as assets before the products are sold
What is the defining feature of a traditional cost accounting system?	Overhead is assigned using unit-level drivers(?)
Cost of goods sold equals cost of goods manufactured	when finished goods inventories remain constant
Which of the following costs is a period cost for a manufacturing company?	controller's salary
Which of the following is a cost accounting system that uses only unit-based activity drivers to assign costs to cost objects?	traditional cost management system
Which of the following account balances will increase with the journal entry to dispose of the overhead variance? Choose all correct answers.	COGS, WIP inventory, finished goods inventory
When used in the calculation to determine a pre-determined overhead rate, which of the following will result in the lowest rate?	Theoretical capacity
Refining cost systems will typically reduce error cost & increase measurement cost: T or F	True
Which of the following are techniques for reducing the measurement costs associated with activity based costing. (select all that apply)	Approximately relevant ABC, time-driven ABC
Manufactured products tend to have the following characteristics. Select all that apply.	Tangible, durable, separable
Services tend to be:	Inseparable, perishable
What is the journal entry to record a materials requisition for a specific job in a job order costing system?	Debit WIP, credit Raw Materials Inventory
In this class we learned how to prepare departmental production reports using two different methods. What were they?	Weighted average method, FIFO method
Which two process-costing complications were highlighted in the course materials?	Ending WIP, non-uniform application of production costs
What is the correct definition for equivalent units?	The full units that could have been completed given the material & effort expended
How do you calculate COGM?	DM used + DL + Factory overhead + Beg. WIP inventory + Ending WIP inventory

Created by: mangobango

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