Managerial Accoun ng Exam 1 Mul ple Choice
B B B B B
TheBrepor ngBstandardBforBexternalBfinancialBreportsBis:
a)Bcompany-specific.
B
b)BgenerallyBacceptedBaccoun ngBprinciples.
B
c)Bdepartment-specific.
B
d)Bindustry-specific.B-Bb)BgenerallyBacceptedBaccoun ngBprinciples.
ABmanufacturingBprocessBrequiresBsmallBamountsBofBglue.BTheBglueBusedBinBtheBproduc onBprocessBisBclas
sifiedBasBa(n)
a)BindirectBmaterial.
B
b)BdirectBmaterial.
B
c)BperiodBcost.
B
d)BmiscellaneousBexpenseB-Ba)BindirectBmaterial.
ForBinventoriableBcostsBtoBbecomeBexpensesBunderBtheBmatchingBprinciple,
a)BallBaccountsBpayableBmustBbeBse led.
B
b)BtheBproductBmustBbeBfinishedBandBinBstock.
B
c)BtheBproductBmustBbeBexpensedBbasedBonBitsBpercentage-of-comple on.
B
d)BtheBproductBtoBwhichBtheyBa achBmustBbeBsold.B-Bd)BtheBproductBtoBwhichBtheyBa achBmustBbeBsold.
, SheridanBCompany'sBaccoun ngBrecordsBreflectBtheBfollowingBinventories:
DecemberB31stB2016
RawBmaterialsBinventoryB$80000
WorkBinBprogressBinventoryB$104000
FinishedBgoodsBinventoryB$100000
DecemberB31stB2017
RawBmaterialsBinventoryB$64000
WorkBinBprogressBinventoryB$116000
FinishedBgoodsBinventoryB$92000
DuringB2017,BSheridanBpurchasedB$1370000BofBrawBmaterials,BincurredBdirectBlaborBcostsBofB$250000,Ban
dBincurredBmanufacturingBoverheadBtotalingB$160000.BAssumeBSheridan'sBcostBofBgoodsBmanufacturedBfo
rB2017BamountedBtoB$1784000.BHowBmuchBwouldBitBreportBasBcostBofBgoodsBsoldBforBtheByear?
a)B$1884000
B
b)B$1792000
B
c)B$1692000
B
d)B$1776000B-Bb)B$1792000
BonitaBIndustriesBhasBbeginningBandBendingBworkBinBprocessBinventoriesBofB$50000BandB$65000Brespec v
ely.BIfBtotalBmanufacturingBcostsBareB$680000,BwhatBisBtheBtotalBcostBofBgoodsBmanufactured?B
a)B$665000.
B
b)B$745000.
B
B B B B B
TheBrepor ngBstandardBforBexternalBfinancialBreportsBis:
a)Bcompany-specific.
B
b)BgenerallyBacceptedBaccoun ngBprinciples.
B
c)Bdepartment-specific.
B
d)Bindustry-specific.B-Bb)BgenerallyBacceptedBaccoun ngBprinciples.
ABmanufacturingBprocessBrequiresBsmallBamountsBofBglue.BTheBglueBusedBinBtheBproduc onBprocessBisBclas
sifiedBasBa(n)
a)BindirectBmaterial.
B
b)BdirectBmaterial.
B
c)BperiodBcost.
B
d)BmiscellaneousBexpenseB-Ba)BindirectBmaterial.
ForBinventoriableBcostsBtoBbecomeBexpensesBunderBtheBmatchingBprinciple,
a)BallBaccountsBpayableBmustBbeBse led.
B
b)BtheBproductBmustBbeBfinishedBandBinBstock.
B
c)BtheBproductBmustBbeBexpensedBbasedBonBitsBpercentage-of-comple on.
B
d)BtheBproductBtoBwhichBtheyBa achBmustBbeBsold.B-Bd)BtheBproductBtoBwhichBtheyBa achBmustBbeBsold.
, SheridanBCompany'sBaccoun ngBrecordsBreflectBtheBfollowingBinventories:
DecemberB31stB2016
RawBmaterialsBinventoryB$80000
WorkBinBprogressBinventoryB$104000
FinishedBgoodsBinventoryB$100000
DecemberB31stB2017
RawBmaterialsBinventoryB$64000
WorkBinBprogressBinventoryB$116000
FinishedBgoodsBinventoryB$92000
DuringB2017,BSheridanBpurchasedB$1370000BofBrawBmaterials,BincurredBdirectBlaborBcostsBofB$250000,Ban
dBincurredBmanufacturingBoverheadBtotalingB$160000.BAssumeBSheridan'sBcostBofBgoodsBmanufacturedBfo
rB2017BamountedBtoB$1784000.BHowBmuchBwouldBitBreportBasBcostBofBgoodsBsoldBforBtheByear?
a)B$1884000
B
b)B$1792000
B
c)B$1692000
B
d)B$1776000B-Bb)B$1792000
BonitaBIndustriesBhasBbeginningBandBendingBworkBinBprocessBinventoriesBofB$50000BandB$65000Brespec v
ely.BIfBtotalBmanufacturingBcostsBareB$680000,BwhatBisBtheBtotalBcostBofBgoodsBmanufactured?B
a)B$665000.
B
b)B$745000.
B
