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