ACCT 2302: EXAM 1 questions n
answers graded A+
Management accountants would not - correct answer ✔✔prepare reports primarily for external
users.
Managerial accounting reports can be described as - correct answer ✔✔special-purpose.
Which of the following is not a manufacturing cost category? - correct answer ✔✔Cost of goods
sold
Which of the following is not classified as direct labor?
a. Bottlers of beer in a brewery
b. Copy machine operators at a copy shop
c. Wages of plant managers - correct answer ✔✔Wage plant managers
The work of factory employees that can be physically and directly associated with converting
raw materials into finished goods - correct answer ✔✔Direct Labor
Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31,
2013. If beginning finished goods inventory was $10,000 and cost of goods sold was $50,000,
how much would Kushman report for cost of goods manufactured? - correct answer
✔✔$60,000 ($20k+50k-10k)
The flow of costs in a job order cost system - correct answer ✔✔Involves accumulating
manufacturing costs incurred and assigning the accumulated costs to work done.
answers graded A+
Management accountants would not - correct answer ✔✔prepare reports primarily for external
users.
Managerial accounting reports can be described as - correct answer ✔✔special-purpose.
Which of the following is not a manufacturing cost category? - correct answer ✔✔Cost of goods
sold
Which of the following is not classified as direct labor?
a. Bottlers of beer in a brewery
b. Copy machine operators at a copy shop
c. Wages of plant managers - correct answer ✔✔Wage plant managers
The work of factory employees that can be physically and directly associated with converting
raw materials into finished goods - correct answer ✔✔Direct Labor
Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31,
2013. If beginning finished goods inventory was $10,000 and cost of goods sold was $50,000,
how much would Kushman report for cost of goods manufactured? - correct answer
✔✔$60,000 ($20k+50k-10k)
The flow of costs in a job order cost system - correct answer ✔✔Involves accumulating
manufacturing costs incurred and assigning the accumulated costs to work done.
