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managerial accounting

Questions and Answers of Managerial Accounting

Use the following information for Multiple-Choice Exercise 6-7.The drilling department incurred $24,000 of manufacturing costs during the month of October. The department transferred out 2,000 units
During the month of May, the grinding department produced and transferred out 2,000 units. EWIP had 500 units, 60 percent complete. There was no BWIP. The equivalent units of output for May are
The costs transferred from a prior process to a subsequent process a. are treated as another type of material cost. b. are referred to as transferred-in costs (for the
To record the transfer of costs from a prior process to a subsequent process, the following entry would be made: a. debit Finished Goods and credit Work in Process. b. debit
Sequential processing is characterized by a. a pattern where partially completed units are worked on simultaneously. b. a pattern where different partially completed units
Operation costing works well whenever a. heterogeneous products pass through a series of processes and receive similar doses of materials, labor, and overhead. b. homogeneous
Process costing works well whenever a. heterogeneous products pass through a series of processes and receive similar doses of materials, labor, and overhead. b. homogeneous
Refer to Exercise 5-44 for data. Now assume that Dexter Company uses the sequential method to allocate support department costs to the producing departments. Human Resources is allocated first in the
(Appendix 5B) The method that assigns support department costs by giving full recognition to support department interactions is known as a. the sequential method. b. the
(Appendix 5B) The method that assigns support department costs by giving partial recognition to support department interactions is known as a. the sequential method. b. the
(Appendix 5B) The method that assigns support department costs only to producing departments in proportion to each department’s usage of the service is known as a. the sequential
(Appendix 5B) The method that assigns support department costs only to producing departments in proportion to each department’s usage of the service is known as a. the sequential
(Appendix 5B) An example of a support department is a. data processing. b. personnel. c. a materials storeroom. d. payroll. e. all of the
(Appendix 5B) An example of a producing department is a. a materials storeroom. b. the maintenance department. c. engineering design. d.
(Appendix 5B) Those departments that provide essential services to producing departments are referred to as a. revenue generating departments. b. support departments. c.
(Appendix 5B) Those departments responsible for creating products or services that are sold to customers are referred to as a. profit making departments. b. support
(Appendix 5A) When a job costing $2,000 is finished but not sold, the following journal entry is made: a. Cost of Goods Sold 2,000
Wilson Company has a predetermined overhead rate of $5 per direct labor hour. The job order cost sheet for Job 145 shows 1,000 direct labor hours costing $10,000 and materials requisitions totaling
The costs of a job are accounted for on the a. materials requisition sheet. b. time ticket. c. requisition for overhead application. d. job-order cost
When a job is completed, the total cost of the job is a. subtracted from the raw materials account. b. subtracted from the work-in-process account. c. subtracted
When materials are requisitioned for use in production in a job-order costing firm, the cost of materials is added to the a. raw materials account. b. work-in-process
Which of the following is typically a process-costing firm? a. Paint manufacturer b. Custom cabinetmaker c. Large regional medical center d. Law
Which of the following is typically a job-order costing firm? a. Paint manufacturer b. Pharmaceutical manufacturer c. Large regional medical center d.
The overhead variance is overapplied if a. actual overhead is less than applied overhead. b. actual overhead is more than applied overhead. c. applied overhead is
Applied overhead is a. an important part of normal costing. b. never used in normal costing. c. an important part of actual costing. d. the
The predetermined overhead rate equals a. actual overhead divided by actual activity level for a period. b. estimated overhead divided by estimated activity level for a
The predetermined overhead rate is a. calculated at the end of each month. b. calculated at the end of the year. c. equal to actual overhead divided by actual
In a normal costing system, the cost of a job includes a. actual direct materials, actual direct labor, and actual overhead. b. estimated direct materials, estimated direct
The ending balance of which of the following accounts is calculated by summing the totals of the open (unfinished) job-order cost sheets? a. Raw Materials b. Work in
Which of the following statements is true? a. Job-order costing is used only in manufacturing firms. b. The job cost sheet is subsidiary to the work-in-process account.
Solemon Company has fixed costs of $15,000, variable cost per unit of $5, and a price of $8. If Solemon wants to earn a targeted profit of $3,600, how many units must be sold? a.
If a company’s fixed costs rise by $10,000, which of the following will be true? a. The break-even point will decrease. b. The variable cost ratio will increase. c.
Use the following information for 4-10The variable cost ratio and the contribution margin ratio for Corleone are Variable cost ratio
Use the following information for 4-9Corleone Company produces a single product with a price of $15, variable costs per unit of $12, and fixed costs of $9,000.Corleone’s break-even point in
The contribution margin is the a. amount by which sales exceed fixed costs. b. difference between sales and total expenses. c. difference between sales and
If the margin of safety is 0, then a. the company is operating at a loss. b. the company is precisely breaking even. c. the company is earning a small
The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves a. margin of safety. b. operating leverage. c. degree of
An important assumption of cost-volume-profit analysis is that a. both costs and revenues are linear functions. b. all cost and revenue relationships are analyzed within the
In the cost-volume-profit graph, a. the break-even point is found where the total revenue curve crosses the x-axis. b. the area of profit is to the left of the break-even
Break-even revenue for the multiple-product firm can a. be calculated by dividing total fixed cost by the overall contribution margin ratio. b. be calculated by dividing
The amount of revenue required to earn a targeted profit is equal to a. fixed cost divided by contribution margin. b. fixed cost divided by contribution margin ratio.
If the variable cost per unit goes up, Contribution margin Break-even point a. increases
Refer to the Farnsworth Company information in Problem 3-41 for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered two more months of data:For the
Refer to the Farnsworth Company information in Problem 3-41 for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered two more months of data:For the
Refer to the Farnsworth Company information in Problem 3-41. However, now assume that Tracy has used the method of least squares on the receiving data and has gotten the following results:
Refer to the company information in Exercise 3-33.Required:1. What is the cost formula for a year?2. Using the cost formula from Requirement 1, predict the cost of parts inspection for a year in
Refer to the Fly High Airlines company information in Exercise 3-31.Required:1. Develop annual cost formulas for airplane depreciation, fuel, and airplane maintenance.2. Using the three annual cost
Refer to the Luisa Crimini company information in Exercise 3-28.Required:Prepare a scattergraph based on Luisa’s data. Use cost for the vertical axis and number of tanning appointments for the
Refer to the Ben Palman art gallery information in Exercise 3-26.Required:1. Assume that the cost driver is number of opening shows. Develop the cost formula for the gallery’s costs for a year.2.
Appendix) In the method of least squares, the coefficient that tells the percentage of variation in the dependent variable that is explained by the independent variable is a. the
The cost formula for monthly supervisory cost in a factory. Total cost =$4,500This cost a. is strictly variable.
An advantage of the scattergraph method is that it a. is objective. b. is easier to use than the high-low method. c. is the most accurate method. d.
The following six months of data were collected on maintenance cost and the number of machine hours in a factory:Select the correct set of high and low months.
The following six months of data were collected on maintenance cost and the number of machine hours in a factory:Select the independent and dependent variables
An advantage of the high-low method is that it a. is objective. b. is subjective. c. is the most accurate method. d. removes outliers. e.
The following cost formula for total purchasing cost in a factory was developed using monthly data. Purchasing cost =$123,800 + ($15 × Number of purchase orders)Next month,
The following cost formula was developed using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term ‘‘Total cost’’ a.
The following cost formula was developed using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term ‘‘Number of patient
The following cost formula was developed using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term $125 a. is the variable
The following cost formula was developed by using monthly data for a hospital. Total cost = $51,400 + ($125 × Number of patient days)The term $51,400 a. is the
Which of the following would probably be a fixed cost in an automobile insurance company? a. Application forms b. Time spent by adjusters to evaluate accidents c.
Which of the following would probably be a variable cost in a soda bottling plant? a. Direct labor b. Bottles c. Carbonated water d. Power to run the
A factor that causes or leads to a change in a cost or activity is a(n) a. driver. b. intercept. c. slope. d. variable term. e. cost object.
A factor that causes or leads to a change in a cost or activity is a(n) a. driver. b. intercept. c. slope. d. variable term. e. cost object.
Refer to the data provided in Exercise 2-39.Required:Prepare an income statement for Jasper Company for last year. Calculate the percentage of sales for each line item on the income statement. Round
Refer to the data provided in Exercise 2-39.Required:1. Calculate the sales revenue for last year.2. Prepare an income statement for Jasper Company for last year.Data From Exercise 2-39:Jasper
Refer to the data provided in Exercise 2-37.Required:What was the cost of goods sold for March?Data From Exercise 2-37:In March, Chilton Company purchased materials costing $14,000 and incurred
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. Operating income is a. $34,000. b. $110,000. c. $234,000. d. $270,000.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. The total period expense is a. $276,000. b. $200,000. c. $76,000. d.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. The gross margin per unit is a. $24.00. b. $11.00. c. $16.00. d.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. The cost of goods sold per unit is: a. $7.00. b. $20.00. c. $15.00. d.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. Conversion cost per unit is: a. $7.00. b. $20.00. c. $15.00. d. $5.00.
Refer to the Barnard Company information in Multiple-Choice Exercise 2-13. Conversion cost per unit is: a. $7.00. b. $20.00. c. $15.00. d. $5.00.
Last year, Barnard Company incurred the following costs: Direct materials $ 50,000
Which of the following is a period expense? a. Factory insurance b. CEO salary c. Direct labor d. Factory maintenance e. All of the above
JackMan Company produces diecast metal bulldozers for toy shops. JackMan estimated the following average costs per bulldozer: Direct materials
Stone Inc. is a company that purchases goods (e.g., chess sets, pottery) from overseas and resells them to gift shops in the United States. Stone Inc. is which of the following? a.
Target is which of the following? a. Retailer b. Wholesaler c. Manufacturing firm d. Service firm e. None of the above
Kellogg’s makes a variety of breakfast cereals. Kellogg’s is which of the following? a. Retailer b. Wholesaler c. Manufacturing firm d. Service
Bobby Dee’s is an owner-operated company that details (thoroughly cleans—inside and out) automobiles. Bobby Dee’s is which of the following? a. Retailer b.
Which of the following is an indirect cost? a. The cost of denim in a jeans factory b. The cost of mixing labor in a factory that makes over-the-counter pain relievers
The accountant in a factory that produces biscuits for fast-food restaurants wants to assign costs to boxes of biscuits. Which of the following costs can be traced directly to boxes of
Refer to the Wachman Company information in Multiple-Choice Exercise 2-3. Total gross margin for last year was a. $75,000. b. $44,000. c. $61,000. d.
Wachman Company produces a product with the following per-unit costs: Direct materials
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, overhead, and operating expense. c.
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, overhead, and operating expense.
Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be
Using the Internet, locate the code of conduct for three different companies. Briefly describe each code of conduct. How are they similar? How are they different?
Which of the following is typically found in a corporation’s code of ethics? a. Respect for others b. Integrity c. Honesty d. Competence
The chief accounting officer for a firm is the a. chief executive officer. b. chief operating officer. c. vice president of sales. d. production
Managerial accountants in an organization are typically a. line positions. b. marketing positions. c. staff positions. d. production positions.
terms of strategic positioning, which two general strategies may be chosen by a company? a. Activity-based costing and value chain emphasis b. Revenue production and cost
Which of the following is a characteristic of financial accounting? a. There is an internal focus. b. Subjective information may be used. c. There is a historical
Which of the following is a characteristic of managerial accounting? a. There is an internal focus. b. Subjective information may be used. c. There is an emphasis
The process of choosing among competing alternatives is called a. controlling. b. decision making. c. planning. d. performance evaluation.
Setting objectives and identifying methods to achieve those objectives is called a. controlling. b. decision making. c. planning. d. performance evaluation. e. none of
The users of managerial accounting information include a. for-profit companies. b. not-for-profit organizations. c. city governments. d. educational
The provision of accounting information for internal users is known as a. managerial accounting. b. accounting. c. financial accounting. d. information
Homestead would provide a building to store supplies and would handle all recordkeeping. Homestead has a storage barn not currently in use. Shelving would be required for stacking the product, and a
Sage Ltd. had the following results for the month of March. What was the cost of goods manufacturedin March?Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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