ch 14 video problems

Structured and controlled by GAAP

Financial Accounting System

The purpose of the information is to assist managers in making planning and control decisions

Managerial Accounting System

Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of $25,000; cost of goods manufactured of $320,000; and ending finished goods inventory of $32,000. What is the cost of goods available for sale?

$345,000

Assume that Speedboat Company has beginning finished goods inventory of $10,000; ending finished goods inventory of $150,000; goods available for sale of $210,000; and cost of goods manufactured of $200,000. What is its cost of goods sold?

$60,000

Which of the following are sections of the Schedule of Cost of Goods Manufactured?

- Direct Labor - Direct Materials - Factory Overhead - Cost of Good Manufactured

__________ costs are traceable to a single cost object

Direct

The purposes of managerial accounting are to provide useful information to aid in:

- determining costs of products and services - comparing actual results to planned results

From the list below, select the items that are classified as a materials activity

- raw materials beginning inventory - raw materials purchases

Which of these phases describes the fact that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly?

Customer orientation

What are prime costs?

Direct material + Direct Labor

Which is the lean principle where managers and employees seek to uncover waste in business activities including accounting activities such as payroll and disbursements?

Total quality management

A focus on financial, social, and environmental measures is known as

Triple bottom line

What is the most common type of fraud?

employee theft

Completed products ready for sale are referred to as:

finished goods inventory

The main difference on the income statement between a manufacturer and a merchandiser includes:

items making up costs of goods sold

A service company has the following costs

overhead costs expensed in the period incurred

Common examples of _____________ costs include selling expenses and general office personnel, advertising expenses, and depreciation of office equipment

period

Sales commissions computed as a percent of sales revenue are ________________ costs

variable

The cost of handlebars on a bicycle are considered

variable and direct