Accounting II - Chapter 14 Smartbook
Managerial accounting has the following characteristics? (Check all that apply.) -Information is usually available only after an audit - Includes mostly monetary and some nonmonetary information - Emphasis is on projects, processes, and divisions -Focus is on internal users -Primarily focuses on past performance using historical information
- Includes mostly monetary and some nonmonetary information - Emphasis is on projects, processes, and divisions - Focus is on internal users
The characteristics of the fraud triangle include: (Check all that apply.) - mistakes - rationalization - opportunity - theft - pressure
- rationalization -opportunity - pressure
Which of the following are product costs for a manufacturer? (Check all that apply.) -Sales commissions -Office rent -Depreciation on the office equipment -Depreciation on the factory equipment -Direct materials
-Depreciation on the factory equipment -Direct materials
Prime costs consists of: -Factory overhead and direct labor -Direct labor and direct materials -Factory overhead and direct materials
-Direct Labor and Direct Materials
What types of information does managerial accounting provide? (Check all that apply) -Financial -Information for external decision-makers -Information for managers -Non-financial
-Financial -Information for managers -Non-financial
Which of the following are indirect costs for the finishing department of a furniture manufacturer? (Check all that apply.) -Rent on the manufacturing facility -Finishing department manager's salary - Electricity cost for the plant - Plant manager's salary
-Rent on the manufacturing facility - Electricity cost for the plant - Plant manager's salary
Which of the following are period costs for a manufacturer? (Check all that apply.) -Utilities for the factory plant -Wages for factory labor -Rent on the office building -Salary for administrative staff -Sales commissions
-Rent on the office building -Salary for administrative staff -Sales commissions
Direct materials costs for an automobile manufacturer would include all of the following: - employees who work on the product - tires - steering wheels - bumpers - purchasing agent
-tires -steering wheels -bumpers
A manufacturing company reports the following items: Finished goods inventory, beginning balance: $1,000 Finish goods inventory, ending balance: $1,200 Cost of goods manufactured, $5,000 The cost of goods sold is $
4800
Calculations of C.O.G.S (Equation) -Beginning finished Goods Inventory
Beginning + Plus + Costs of Goods Manuafactured (Purchases) - (Minus/Subtract) Ending finished goods inventory
Which of the following are included in Raw materials inventory? (Check all that apply). -finished goods -goods in process -direct materials -indirect materials
Direct Materials
Costs which are crucial parts of the finished product are called ______ _______
Direct costs
A schedule of cost of goods manufactured has the following main sections: (Check all that apply.) Indirect labor Direct labor Underhead Overhead Direct materials Cost of goods manufactured Cost of goods sold Indirect materials
Direct labor Overhead Direct materials Cost of goods manufactured
True or false: The main purpose of managerial accounting is to provide general-purpose financial statements.
F
Conversion costs consists of: -Factory overhead and direct materials -Direct labor and direct materials -Factory overhead and direct labor
Factory overhead and direct labor -Reason: Direct materials plus direct labor = prime costs. Direct labor + factory overhead= conversion costs.
Match the following characteristics to the type of accounting. Financial ---> ___________ Managerial ----> __________
Financial ---> Past and Historical Managerial ---> Future and Current
Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines. -Period -Selling -Indirect -Direct
Indirect
An emphasis on the changing needs of customers is called customer________
Orientation
The Main purpose of managerial accounting is: - Providing only monetary information to internal decision makers. - Providing financial and nonfinancial information to an organization's managers - preparing financial statements -providing useful information to external decision makers
Providing financial and non-financial information to an organization's managers
Expansion of competition which provides customers with many choices is called a _________ economy
global
Expansion of competitive boundaries, which allows customers many choices, is called a: -customer orientation -e-commerce -U.S. economy -global economy
global economy
Data Visualization
graphical depiction of data to help people interpret their meaning
Digital manufacturing combines ___________ to manufacture products. (Check all that apply.) human control computers customers machines
human control computers machines
Data Analytics
process of analyzing data to identify meaningful relations and trends
The cost of materials a company purchases to use in making products are -cost of goods sold. -raw materials. -finished goods
raw materials