UFC1 Managerial Accounting
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| A merchadising company usually has one inventory account while a manufacturing company usually has ___ inventory accounts. | show 🗑
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| show | Wages for administrative staff
Rent on the office building
Sales commissions
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| show | 1. Beginning finished goods inventory
2. Plus
3. Cost of goods manufactured
4. Minus
5. Ending finished goods inventory
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| Which of the following are the variable costs relative to number of units produced and sold? | show 🗑
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| Customer orientation | show 🗑
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| show | updating the company's website to promote online sales transactions
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| show | Establishing better relationships with vendors to ensure on-time delivery of quality raw materials.
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| TQM | show 🗑
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| show | is methodology aimed primarily at reducing flow times within production as well as response times from suppliers and to customers.
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| show | 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
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| show | survey customers to better align operating practices with expectations
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| show | updating the company's website to promote online sales transactions
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| JIT manufacturing | show 🗑
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| show | Evaluating business activities with a focus on improving quality.
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| Just-in Time (JIT) manufacturing | show 🗑
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| show | 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.
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| show | factory overhead and direct labor
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| Merchandising companies | show 🗑
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| manufacturing companies | show 🗑
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| show | direct materials
depreciation on the factory equipment
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| show | straight line depreciation
Store rent
Manager's salary
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| Cost that has already been incurred and cannot be avoided or changed are ? | show 🗑
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| The primary difference between the income statement for a merchandising company and a manufacturing company is the _____________ section. | show 🗑
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| show | purchasing materials
storing materials
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| show | selling and storing finished products
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| Prime cost | show 🗑
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| Prime cost consists of : | show 🗑
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| show | Confidentiality and integrity part of the Ethical Professional Practice standards
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| activities such as using materials and labor to produce finished products are considered | show 🗑
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| Characteristics of fraud include: | show 🗑
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| Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines. | show 🗑
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| show | protect assets
ensure reliable accounting
promote efficient operations
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| Sales activities include: | show 🗑
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| show | Act with integrity
Be competent
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| show | using materials
production workers assembling products
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| Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers | show 🗑
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| show | 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.
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| show | involves gathering information about costs for planning and control decisions.
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| Managerial accounting is different from financial accounting in that | show 🗑
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| Which of the following terms does not represent a difference between financial and managerial accounting? | show 🗑
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| Which of the following items is a management concept that was not created to improve companies' performance | show 🗑
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| Which of the following is not a characteristic of all fraud | show 🗑
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| A direct cost is a cost that is | show 🗑
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| show | a cost of potential benefit lost.
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| 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: | show 🗑
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| 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 | show 🗑
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| show | indirect materials
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| The salary paid to the supervisor of an assembly line would normally be classified as: | show 🗑
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| show | identifying fixed cost and variable costs
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| Products that have been completed and are ready to be sold by the manufacturer are called | show 🗑
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| Goods a company acquires to use in making products are called | show 🗑
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| show | goods in process inventory
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| show | works in process inventory
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| The cost of labor that is not clearly associated with specific units or batches of product is called | show 🗑
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| Factory overhead costs normally include all of the following except | show 🗑
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| show | indirect labor costs
indirect material costs
machinery oil
factory rent
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| Which of the following items appears only in a manufacturing company's financial statements? | show 🗑
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| A manufacturing statement is also known as a schedule or listing of the | show 🗑
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| show | indirect materials cost
indirect labor costs
maintenance of factory equipment
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| Financial report that summarizes the amounts and types of costs that were incurred in the manufacturing process during the period is a | show 🗑
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| Cycle Efficiency | show 🗑
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| show | true
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| show | false
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| Product costs are expenditures necessary and integral to finished products. | show 🗑
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| show | Factory overhead.
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