ACCT 2000 LSU EXAM 3 - LETITIA LOWE-ARDOIN
QUESTIONS WITH CORRECT ANSWERS 2025
3 broad functions of Managerial Accounting - CORRECT ANSWER -planning, directing, controlling
3 types of manufacturing cost - CORRECT ANSWER -
direct materials, direct labor, manufacturing overhead
What is the managerial function planning's main role - CORRECT ANSWER -
looking ahead and setting goals
What is the main role for directing in managerial accounting - CORRECT ANSWER -
coordinating the day to day activities
What is the main role for controlling in managerial accounting - CORRECT ANSWER -
looking back and determining whether the goals have been met
What are the 3 categories of manufacturing overhead - CORRECT ANSWER -
indirect materials, indirect labor, other manufacturing cost
What is a product cost -UCORRECT ANSWER -direct materials, direct labor, manufacturing overhead
An expense that is incurred at the factory. These are items that are considered to be inventory while o
n the balance sheet but when moved to the income statement are seen as goods sold.
What is a period cost - CORRECT ANSWER -
A cost that is charged directly to expenses and are matched with revenues of a specific time. Cost that
are not associated to the production of the product. Ex: rent, ceo salary, insurance, advertising
What is the equation for cost of goods sold - CORRECT ANSWER -
Beginning Finished goods + Cost of Goods Manufactured -
Ending Finished goods inventory = Cost of goods sold
QUESTIONS WITH CORRECT ANSWERS 2025
3 broad functions of Managerial Accounting - CORRECT ANSWER -planning, directing, controlling
3 types of manufacturing cost - CORRECT ANSWER -
direct materials, direct labor, manufacturing overhead
What is the managerial function planning's main role - CORRECT ANSWER -
looking ahead and setting goals
What is the main role for directing in managerial accounting - CORRECT ANSWER -
coordinating the day to day activities
What is the main role for controlling in managerial accounting - CORRECT ANSWER -
looking back and determining whether the goals have been met
What are the 3 categories of manufacturing overhead - CORRECT ANSWER -
indirect materials, indirect labor, other manufacturing cost
What is a product cost -UCORRECT ANSWER -direct materials, direct labor, manufacturing overhead
An expense that is incurred at the factory. These are items that are considered to be inventory while o
n the balance sheet but when moved to the income statement are seen as goods sold.
What is a period cost - CORRECT ANSWER -
A cost that is charged directly to expenses and are matched with revenues of a specific time. Cost that
are not associated to the production of the product. Ex: rent, ceo salary, insurance, advertising
What is the equation for cost of goods sold - CORRECT ANSWER -
Beginning Finished goods + Cost of Goods Manufactured -
Ending Finished goods inventory = Cost of goods sold
