Accounting 251 Exam 1 Review – Questions With
Trusted Solutions
Save
Terms in this set (32)
Managerial accounting information b. pertains to subunits of the entity and may be very
a. is constrained by the requirements detailed
of generally accepted accounting
principles
b. pertains to subunits of the entity
and may be very detailed
c. pertains to the entity as a whole and
is highly aggregated
d. is prepared only once a year
Management accountants would not d. prepare reports primarily for external users
a. determine cost behavior
b. assist in budget planning
c. be concerned with the impact of
cost and volume profits
d. prepare reports primarily for
external users
Which of the following is not a d. cost of goods sold
manufacturing cost category?
a. manufacturing overhead
b. direct materials
c. direct labor
d. cost of goods sold
, For the work of factory employees to c. physically associated with raw materials
be considered as direct labor, the conversion
work must be conveniently and
a. periodically associated with raw
materials conversion
b. materially associated with raw
materials conversion
c. physically associated with raw
materials conversion
d. promptly associated with raw
materials conversion
The product cost that is most difficult c. manufacturing overhead
to associate with a product is
a. advertising
b. direct materials
c. manufacturing overhead
d. direct labor
For inventorial costs to become a. the product to which they attach must be sold
expenses under the matching
principle,
a. the product to which they attach
must be sold
b. the product must be expensed
based on its percentage-of-
completion
c. all accounts payable must be
settled
d. the product must be finished and in
stock
Trusted Solutions
Save
Terms in this set (32)
Managerial accounting information b. pertains to subunits of the entity and may be very
a. is constrained by the requirements detailed
of generally accepted accounting
principles
b. pertains to subunits of the entity
and may be very detailed
c. pertains to the entity as a whole and
is highly aggregated
d. is prepared only once a year
Management accountants would not d. prepare reports primarily for external users
a. determine cost behavior
b. assist in budget planning
c. be concerned with the impact of
cost and volume profits
d. prepare reports primarily for
external users
Which of the following is not a d. cost of goods sold
manufacturing cost category?
a. manufacturing overhead
b. direct materials
c. direct labor
d. cost of goods sold
, For the work of factory employees to c. physically associated with raw materials
be considered as direct labor, the conversion
work must be conveniently and
a. periodically associated with raw
materials conversion
b. materially associated with raw
materials conversion
c. physically associated with raw
materials conversion
d. promptly associated with raw
materials conversion
The product cost that is most difficult c. manufacturing overhead
to associate with a product is
a. advertising
b. direct materials
c. manufacturing overhead
d. direct labor
For inventorial costs to become a. the product to which they attach must be sold
expenses under the matching
principle,
a. the product to which they attach
must be sold
b. the product must be expensed
based on its percentage-of-
completion
c. all accounts payable must be
settled
d. the product must be finished and in
stock
