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