exam1

All of the following are examples of a service firms except: Select one: A. Online retailers B. Public accounting firms C. Professional taxi services D. Lawn care companies

A

Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts Select one: A. Income Summary B. Retained Earnings C. Other Income D. Dividends E. None of the Above

A

Total Manufacturing Costs for the period include: Select one: A. Total Direct Labor B. Total Materials Purchased C. Total Cost of Goods Sold D. Administrative and Selling Expenses E. All of the above

A

Which of the following is not an example of Manufacturing Overhead? Select one: A. Manufacturing equipment depreciation B. Factory supervisor salary C. Electricity bill for administration building D. Production facility rent expense E. Cleaning supplies for factory floor

C

Which of the following is not part of Fezzari's assembly and shipping process? Select one: A. Checking the packaging B. A test ride by one of the technicians C. A test ride by the customer D. Checking all of the screws and tuning

C

Which of the following statements is true? Select one: A. All recent college graduates are required to work for one of the "Big 4" accounting firms for at least a few years. B. Most accountants that start their careers in public accounting stay there for many years. C. Audit or tax experience is often required in order to be licensed as a CPA. D. There are not many accounting jobs in fields such as academia or government.

C

Which of the following would not be considered product costs? Select one: A. Wages paid to assembly line workers B. Electricity bill for a manufacturing facility C. Cleaning supplies for an administration building D. Salary of a factory supervisor E. Parts used in the production of an automobile

C

All of the following are benefits of outsourcing except: Select one: A. Companies can focus more efforts on core business activities B. Ability to provide services from anywhere in the world C. Not having to worry about under-utilized, undertrained staff D. Significantly faster service and higher quality of products and services

D

How does Fezzari generally market its products to its customers? Select one: A. As a wholesaler supplying local bike shops B. Manufacturing and selling bike components to other bike manufacturers C. As a wholesaler supplying large mass merchandisers D. Selling directly to customers through web-based orders

D

Managerial Accounting provides information which is primarily useful for: Select one: A. Determining how much a company owes to the IRS in taxes B. Helping banks know whether to loan money to a company C. Setting a company's stock price on the stock exchanges D. Helping managers plan, manage, and make strategic decisions regarding the growth and profitability of the company

D

Of those who begin their careers in public accounting, on average, what percentage will leave to take positions in corporations or other organizations? Select one: A. 50% B. 75% C. 25% D. 90%

D

Service firms generally include which of the following as product or job costs: Select one: A. Supervisor salaries B. Service firms do not track job costs C. Utilities D. Direct labor wages

D

Which of the following are not included in the Work in Process Inventory? Select one: A. Direct Materials that have been put into production B. Direct Labor incurred in production C. Manufacturing Overhead allocated to units of production D. All of the above are included in Work in Process Inventory

D

Which of the following is not a column shown on a period-end worksheet? Select one: A. Balance Sheet B. Adjusted Trial Balance C. Income Statement D. Statement of Cash Flows

D

Which of the following is not a proficiency indicated by the CMA designation? Select one: A. Professional ethics B. Financial planning C. Decision support D. Tax preparatio

D

Which of the following would be considered a direct cost for a unit of production? Select one: A. Depreciation on production facilities B. Salary paid to factory general supervisor C. Indirect materials used in the production process D. Wages paid to assembly line workers E. None of the above

D

`Which of the following is not a source of information used by Management Accountants? Select one: A. Upper management B. Line employees C. Financial results of the company's operations D. All of these are sources of managerial accounting information

D

Management Accountants provide information that is: Select one: A. Timely B. Relevant C. Useful for making decisions D. Easily accessible to management E. All of the above

E

The Schedule of Cost of Goods Manufactured includes all of the following except: Select one: A. Total Manufacturing Costs for the period B. Beginning Work in Process Inventory C. Cost of Goods Manufactured D. Manufacturing Overhead for the period E. All of these are included in the Schedule of Cost of Goods Manufactured

E

Which of the following are professional certifications that can be earned based on specific skill sets or experience? Select one: A. Certified Fraud Examiner B. Certified Internal Auditor C. Enrolled Agent D. Certified Management Accountant E. All of the above

E

Which of the following entries correctly reflects the accumulation of Manufacturing Overhead? Select one: A.Manufacturing Overhead Cash B.Indirect Labor Manufacturing Overhead C.Manufacturing Overhead Accumulated Depreciation—Factory Equipment D.Manufacturing Overhead Materials Inventory E. A, C, and D

E

Which of the following is not a role that can be filled by someone with an accounting degree? Select one: A. Treasurer B. Internal auditor C. Budget analyst D. Chief Financial Officer E. All of the above are roles that are filled by accountants.

E

Which of the following organizations administers the CPA exam? Select one: A. The Securities and Exchange Commission (SEC) B. The Institute of Management Accountants (IMA) C. The Internal Revenue Service (IRS) D. The Federal Accounting Standards Board (FASB) E. The American Institute of Certified Public Accountants (AICPA)

E

Which of the following types of firms normally carry inventory? Select one: A. Manufacturing firms B. Service firms C. Merchandising firms D. All of the above E. A and C only

E

A variable cost is one that varies both in total (with respect to the amount of items produced) and per unit.

F

Because information is now so readily accessible to everyone, companies are starting to focus more on the profit margin of each product, and less on the purchasing behavior of individual customers, regardless of how much a person might spend on other products.

F

Cost of goods manufactured = Ending Work in Process + Beginning Work in Process - Total Manufacturing Costs.

F

Indirect Materials costs flow directly from Materials Inventory to Work in Process Inventory.

F

Managerial accounting is primarily concerned with providing information to external users, while financial accounting is used for internal decision making.

F

The CMA does not indicate a level of true professional achievement.

F

Cost of Goods Manufactured is the cost of items transferred from Work in Process Inventory to Finished Goods Inventory.

T

Finished Goods inventory includes all items that have been completed but have not yet been sold to customers.

T

Managerial Accounting provides information relevant to making decisions about the future performance of a company.

T

Managerial Accounting utilizes both financial and non-financial data of a company.

T

Many firms have typically used a "just-in-case" inventory system by carrying "safety stock" as a buffer against unforeseen delays.

T

The CPA is the most widely recognized professional certification for accountants in the United States.

T

The journal entry to record indirect labor includes a debt to Manufacturing Overhead.

T

Cost of Goods Sold can be calculated in the following manner: Select one: A. Ending Materials Inventory + Ending Work in Process + Ending Finished Goods B. Beginning Finished Goods + Cost of Goods Manufactured - Ending Finished Goods C. Ending Finished Goods - Beginning Finished Goods - Manufacturing Overhead D. Beginning Work in Process + Cost of Goods Manufactured - Ending Work in Process

B

EBC specializes in consulting all of the following organizations except: Select one: A. City governments B. State governments C. County governments D. Special districts

B

Just-in-time (JIT) inventory systems are designed to reduce which of the following: Select one: A. Possibility of delayed shipments B. Costs of carrying inventory C. Threat of lost sales due to unexpected demand D. All of the above

B

Which of the following entries correctly reflects the entry for recording the wages of all factory workers? Select one: A.Work in Process Inventory Manufacturing Overhead Wages Payable B.Work in Process Inventory Wages Expense Cash C.Direct Labor Expense Indirect Labor Expense Wages Payable D.Wage Expense Work in Process Inventory

B

Which of the following entries would a manufacturing firm record at the completion of a product for sale? Select one: A.Finished Goods Inventory Work in Process Inventory B.Cost of Goods Sold Work in Process Inventory C.Work in Process Inventory Finished Goods Inventory D.Cost of Goods Sold Work in Process Inventory

B

Which of the following utilizes multiple automated machines and manufacturing cells to produce a product from start to finish? Select one: A. Stand-alone automation B. Flexible-manufacturing system automation C. Full-production automation D. Robotics-controlled automated manufacturing

B

If production increases within a given range, fixed costs per unit will: Select one: A. Increase B. Stay constant C. Decrease D. Vary depending on the source of the fixed costs E. None of the above

C

What is the correct order of the flow of product costs through the inventory system? Select one: A. Work in Process, Finished Goods, Materials Inventory, Cost of Goods Sold B. Materials Inventory, Work in Process, Cost of Goods Sold, Finished Goods C. Materials Inventory, Work in Process, Finished Goods, Cost of Goods Sold D. Cost of Goods Sold, Work in Process, Materials Inventory, Finished Goods

C

What type of firm is EBC? Select one: A. Manufacturing firm B. Merchandising firm C. Service firm D. Two of the above E. None of the above

C

Which of the following entries correctly reflects the entry for the requisition of materials (direct and indirect) for use in production? Select one: A.Materials Inventory Direct Materials Indirect Materials B.Work in Process Inventory Manufacturing Overhead Materials Inventory C.Materials Inventory Accounts Payable D.Materials Inventory Work in Process Inventory Manufacturing Overhead`

C

Which of the following is an example of a manufacturing firm? Select one: A. Starbucks B. Caleb's Carpet Cleaning Company C. General Motors D. Walmart

C