accounting2 exam 1 with answers graded A+ 100% verified

Managerial accounting reports must be prepared according to generally accepted accounting principles. True False - false Managerial accounting information includes both historical and estimated data. True False - true A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities. True False - true Which of the following statements is false? a.Financial accounting must conform to GAAP. b.Managerial accounting does not need to conform to GAAP. c.Managerial accounting sometimes relies on past information. d.There is no overlap between financial and managerial accounting. - D Which of the following are basic phases of the management process? izing and directing ion making and supervising ing and controlling vising and directing - C Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. a.$543,800 b.$384,200 c.$187,900 d.$731,700 - B Which of the following is not true with regard to direct materials for a bakery? a.Flour and sugar would probably be direct materials. b.Eggs would probably be a direct material. c.Paper cupcake liners, that become part of the product, must be accounted for as direct materials. d.Oil to lubricate factory machines would not be a direct material. - C Which of the following items would not be classified as part of factory overhead? t labor used ction supervisors' salaries ry supplies used ization of manufacturing patents - A Prime costs are d costs and factory overhead t materials and factory overhead t materials and direct labor t labor and factory overhead - C Darwin Company reports the following information: Sales$76,500 Direct materials used 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales salaries expense 15,600 Office salaries expense 8,900 Indirect materials 1,200 Product costs are a.$30,300 b.$29,200 c.$24,500 d.$35,000 - D Cost accounting systems measure, record, and report product costs. True False - true A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. True False - false A job order cost system would be appropriate for a crude oil refining business. True