Managerial Accounting Exam
1 WileyPlus 100 questions|
with complete solution Latest
Update Graded A+
QUESTIONS AND ANSWERS
Which one of the following does not appear on the balance sheet of a manufacturing
company?
Finished goods inventory
Work in process inventory
Raw materials inventory
Cost of goods manufactured. ANSWER -Cost of goods manufactured
The wages of a timekeeper in the factory would be classified as
a period cost.
direct labor.
,indirect labor.
compliance costs.. ANSWER -indirect labor.
Managerial accounting applies to each of the following types of businesses except
managerial accounting applies to all types of firms.
service firms.
merchandising firms.
manufacturing firms.. ANSWER -managerial accounting applies to all types of firms.
Managerial accounting applies to all forms of business organizations.
True
False. ANSWER -True
,Direct materials and direct labor are the only product costs.
True
False. ANSWER -False
Which one of the following is not a direct material?
Plastic used in the covered case for a home PC
Steel used in the manufacturing of steel-radial tires
A tire used for a lawn mower
Lubricant for a ball-bearing joint for a large crane. ANSWER -Lubricant for a ball-
bearing joint for a large crane
Because of automation, which component of product cost is declining?
Advertising
Direct materials
, Direct labor
Manufacturing overhead. ANSWER -Direct labor
Management accountants would not
assist in budget planning.
prepare reports primarily for external users.
determine cost behavior.
be concerned with the impact of cost and volume on profits.. ANSWER -prepare
reports primarily for external users.
Determining the unit cost of manufacturing a product is an output of financial
accounting.
True
False. ANSWER -False
1 WileyPlus 100 questions|
with complete solution Latest
Update Graded A+
QUESTIONS AND ANSWERS
Which one of the following does not appear on the balance sheet of a manufacturing
company?
Finished goods inventory
Work in process inventory
Raw materials inventory
Cost of goods manufactured. ANSWER -Cost of goods manufactured
The wages of a timekeeper in the factory would be classified as
a period cost.
direct labor.
,indirect labor.
compliance costs.. ANSWER -indirect labor.
Managerial accounting applies to each of the following types of businesses except
managerial accounting applies to all types of firms.
service firms.
merchandising firms.
manufacturing firms.. ANSWER -managerial accounting applies to all types of firms.
Managerial accounting applies to all forms of business organizations.
True
False. ANSWER -True
,Direct materials and direct labor are the only product costs.
True
False. ANSWER -False
Which one of the following is not a direct material?
Plastic used in the covered case for a home PC
Steel used in the manufacturing of steel-radial tires
A tire used for a lawn mower
Lubricant for a ball-bearing joint for a large crane. ANSWER -Lubricant for a ball-
bearing joint for a large crane
Because of automation, which component of product cost is declining?
Advertising
Direct materials
, Direct labor
Manufacturing overhead. ANSWER -Direct labor
Management accountants would not
assist in budget planning.
prepare reports primarily for external users.
determine cost behavior.
be concerned with the impact of cost and volume on profits.. ANSWER -prepare
reports primarily for external users.
Determining the unit cost of manufacturing a product is an output of financial
accounting.
True
False. ANSWER -False
