MBUS 300 Exam 3 questions n correct
answers already passed
Managerial Accounting - ANS ✔✔The branch of accounting focused on the information needs of
managers and others working within the business; its objective is to gather and report
information that adds value to the business. Managerial accounting information is not regulated
or reported to the public.
Financial Accounting - ANS ✔✔The branch of accounting focused on the business information
needs of external users; its objective is to classify and record business events and transactions
to produce external financial reports.
Cost of Manufacturing a product - ANS ✔✔The expenses necessary to create a product, this can
include general operating costs, selling and administrative costs, interest costs, and the cost of
income taxes. (Materials, Labor, and Tools)
How manufacturing product costs affect financial statements - ANS ✔✔Paying for materials ->
Cash: -/Inventory: +/OA: -
Paying for Salaries(S&A) -> Cash: -/RetEarn: -/Exp: -/OA: -
Paying for wages -> Cash: -/Inventory: +/OA: -
Paying for furniture -> Cash: -/Office Furn: +/IA: -
Depreciation on furn->Office Furn: -/RetEarn: -/Exp: +/NetInc: -
Salvage Value: (Cost - salvage value) / years of useful life
Upstream Costs - ANS ✔✔Costs incurred prior to manufacturing process including research and
development costs and product design costs.
, Midstream Costs - ANS ✔✔Costs incurred in the process of making products including direct
materials, direct labor, and manufacturing overhead.
Downstream costs - ANS ✔✔Costs incurred after the manufacturing process including
marketing, distribution, and customer services.
Schedule of Cost of goods manufactured and sold - ANS ✔✔Beginning raw materials inventory
Plus: Raw materials purchases
Less: Ending Raw Materials Inventory
Raw Materials Used: Purchases - Ending Inventory
Labor
Overhead
Total Manufacturing costs = RMU + L + O
Plus: Beginning work in process inventory
Total work in process inventory: Plus + TMC
Less: Ending work in process inventory
Cost of goods manufactured: TWPI - Less
Plus: Beginning finished goods inventory
Cost of goods available for sale = Plus + CoGM
Less: Ending finished goods inventory
Cost of goods sold: CoGAS - Less
The standards in the IMA Statement of Ethical Professional Practice includes - ANS
✔✔Competence: Professionalism/Performance/Decision Support/Constraints
Confidentiality: Privacy/Inform/Restraint
Integrity: Mitigate Conflict/Avoid Prejudice/Avoid Discrediting Org
Credibility: Communication/Disclose Relevant Info
answers already passed
Managerial Accounting - ANS ✔✔The branch of accounting focused on the information needs of
managers and others working within the business; its objective is to gather and report
information that adds value to the business. Managerial accounting information is not regulated
or reported to the public.
Financial Accounting - ANS ✔✔The branch of accounting focused on the business information
needs of external users; its objective is to classify and record business events and transactions
to produce external financial reports.
Cost of Manufacturing a product - ANS ✔✔The expenses necessary to create a product, this can
include general operating costs, selling and administrative costs, interest costs, and the cost of
income taxes. (Materials, Labor, and Tools)
How manufacturing product costs affect financial statements - ANS ✔✔Paying for materials ->
Cash: -/Inventory: +/OA: -
Paying for Salaries(S&A) -> Cash: -/RetEarn: -/Exp: -/OA: -
Paying for wages -> Cash: -/Inventory: +/OA: -
Paying for furniture -> Cash: -/Office Furn: +/IA: -
Depreciation on furn->Office Furn: -/RetEarn: -/Exp: +/NetInc: -
Salvage Value: (Cost - salvage value) / years of useful life
Upstream Costs - ANS ✔✔Costs incurred prior to manufacturing process including research and
development costs and product design costs.
, Midstream Costs - ANS ✔✔Costs incurred in the process of making products including direct
materials, direct labor, and manufacturing overhead.
Downstream costs - ANS ✔✔Costs incurred after the manufacturing process including
marketing, distribution, and customer services.
Schedule of Cost of goods manufactured and sold - ANS ✔✔Beginning raw materials inventory
Plus: Raw materials purchases
Less: Ending Raw Materials Inventory
Raw Materials Used: Purchases - Ending Inventory
Labor
Overhead
Total Manufacturing costs = RMU + L + O
Plus: Beginning work in process inventory
Total work in process inventory: Plus + TMC
Less: Ending work in process inventory
Cost of goods manufactured: TWPI - Less
Plus: Beginning finished goods inventory
Cost of goods available for sale = Plus + CoGM
Less: Ending finished goods inventory
Cost of goods sold: CoGAS - Less
The standards in the IMA Statement of Ethical Professional Practice includes - ANS
✔✔Competence: Professionalism/Performance/Decision Support/Constraints
Confidentiality: Privacy/Inform/Restraint
Integrity: Mitigate Conflict/Avoid Prejudice/Avoid Discrediting Org
Credibility: Communication/Disclose Relevant Info
