Managerial Accounting Exam 1 (Multiple choice)
For which of the following would a job order cost system be appropriate? 1. antique furniture 2. rubber manufacturer 3. coal manufacturer 4. computer chip manufacturer
1
Which of the following best describes the difference between financial and managerial accounting? 1. Managerial accounting provides information to support decisions, while financial accounting does not 2. Managerial accounting is not restricted to generally accepted accounting principles, while financial accounting is restricted to GAAP 3. Managerial Accounting doesn't result in financial reports, while financial accounting does result in financial reports 4. Managerial accounting is concerned solely with the future and does not record events from the past, while financial accounting records only events from past transactions
2
Which of the following costs would be included as part of the factory overhead costs of a microcomputer chip? 1. cost of memory chips 2. depreciation of testing equipment 3. wages of microcomputer assemblers 4. the cost of disk drives
2
For the month of may, latter company has FG (b) inventory of 30,000, FG (E) inventory of 35,000, and CGM of 125,000. What is the CGS? 1. 90,000 2. 110,000 3. 140,000 4. 170,000
3
Job cost sheets accumulate all of the following costs except for? 1. direct materials 2. direct labor 3. indirect labor 4. FOH applied
3
The journal entry to record the requisition of materials to the factory in a job order cost system is a debit to? 1. materials 2. accounts payable 3. wip 4. COGS
3
Which of the following is NOT considered a cost of manufacturing a product? 1. direct materials cost 2. factory overhead cost 3. sales salaries 4. direct labor cost
3
Which of the following is NOT one of the five basic stages of the management process? 1. planning 2. controlling 3. decision making 4. operating
4
420,000 FOH (E), 16,000 hours DL, job completed with 4,500 DM with 3,000 DL. The DL rate was $15 an hour. What is the FOH applied to this job?
420,000/