managerial accounting 264868

provides objective financial information
		must adhere to GAAP
		has no mandatory rules
		none of the other statements are true

4 points

Question 2

1. Activity based costingAnswer
   

   		is a traditional costing method
   		encourages process value analysis
   		always results in a lower cost assigned to goods or services
   		all of these

4 points

Question 3

1. The controller of an organization participates inAnswer
   

   		planning
   		controlling
   		decision making
   		all of these

4 points

Question 4

1. The objective of profit maximizationAnswer
   

   		should be the only goal of an organization
   		is an objective of Financial accounting but not Management accounting
   		should be achieved through legal and ethical means
   		should outweigh the goal of product quality

4 points

Question 5

1. Which of the following areas is notemphasized on the CMA examination?Answer
   

   		external auditing and business law
   		economics, finance, and management
   		decision analysis and information systems
   		financial accounting and reporting

4 points

Question 6

1. An indirect costAnswer
   

   		can be easily and accurately traced to a cost object.
   		is hard to trace.
   		should never be assigned to a cost object.
   		do none of these.

4 points

Question 7

1. Which of the following is an example of an intangible product?Answer
   

   		hamburgers
   		computers
   		automobiles
   		dental care

4 points

Question 8

1. Which of the following is an example of direct labor?Answer
   

   		chef in a restaurant
   		janitor in a production plant
   		security guard for the factory
   		management accountant

4 points

Question 9

1. Overhead includesAnswer
   

   		indirect labor.
   		indirect materials.
   		supplies.
   		all of these.

4 points

Question 10

1. The unit costAnswer
   

   		is the total product costs divided by the number of units produced
   		includes period costs
   		is the total prime costs divided by the number of units produced
   		is the total conversion costs divided by the number of units produced

4 points

Question 11

1. Prime cost isAnswer
   

   		indirect materials cost and indirect labor cost
   		direct materials cost and direct labor cost
   		direct labor cost and overhead cost
   		selling cost and administrative cost

4 points

Question 12

1. Conversion cost is the sum ofAnswer
   

   		direct materials cost and direct labor cost
   		indirect labor cost and overhead cost
   		product costs and period costs
   		direct labor cost and overhead cost

4 points

Question 13

1. Which of the following is an example of a period cost?Answer
   

   		research and development
   		selling and marketing
   		general accounting
   		all of these

4 points

Question 14

1. The cost of the partially completed goods at the end of the period would beAnswer
   

   		beginning work in process inventory
   		cost of goods manufactured
   		ending work in process inventory
   		ending finished goods inventory

4 points

Question 15

1. Which of the following would be found on the Balance Sheet of a manufacturer?Answer
   

   		cost of goods sold
   		cost of goods manufactured
   		factory building
   		all of the these

4 points

Question 16

1. Figure 2 1.
   Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

   Refer to Figure 2 1: The per unit conversion cost was:Answer

   		$218.75
   		$156.25
   		$162.50
   		$100.00

4 points

Question 17

1. Figure 2 1.
   Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

   Refer to Figure 2 1: The total product costs for last month were:Answer

   		$1,750,000
   		$2,110,000
   		$1,300,000
   		$1,250,000

4 points

Question 18

1. Figure 2 1.
   Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

   Refer to Figure 2 1: The total per unit prime cost was:Answer

   		$263.75
   		$62.50
   		$162.50
   		$156.25

4 points

Question 19

1. Figure 2 1.
   Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.

   Refer to Figure 2 1: What was the amount of cost of goods manufactured last month?Answer

   		$1,750,000
   		$1,250,000
   		$1,300,000
   		$2,110,000

4 points

Question 20

1. During the month of June, Telecom Inc. had cost of goods manufactured of $112,000, direct materials cost of $52,000, direct labor cost of $37,000 and overhead cost of $26,000. The Work in Process balance at June 30 equaled $10,000. What was the Work in Process balance on June 1?Answer
   

   		$7,000
   		$13,000
   		$10,000
   		$115,000

4 points

Question 21

1. Lakeland, Inc. manufactured 5,000 units during the month of March. They incurred direct materials cost of $100,000 and overhead cost of $40,000. If their per unit prime cost was $26.00 per unit how much direct labor cost did they incur during March?Answer
   

   		$20,000
   		$35,000
   		$90,000
   		$30,000

4 points

Question 22

1. Figure 2 3.
   Bartlow, Inc. had the following Income Statement for the month of May.
   

   Sales Revenue	$428,000
   Cost of Goods Sold	205,440
   Gross Margin	222,560
   Less:
   Selling Expenses	81,320
   Administrative Expenses	72,760
   Operating Income	$ 68,480

   Refer to Figure 2 3: What was the sales revenue percent?Answer

   		100%
   		48%
   		52%
   		16%

4 points

Question 23

1. Figure 2 3.
   Bartlow, Inc. had the following Income Statement for the month of May.
   

   Sales Revenue	$428,000
   Cost of Goods Sold	205,440
   Gross Margin	222,560
   Less:
   Selling Expenses	81,320
   Administrative Expenses	72,760
   Operating Income	$ 68,480

   Refer to Figure 2 3: What was the cost of goods sold percent?Answer

   		100%
   		19%
   		52%
   		48%

4 points

Question 24

1. Figure 2 4.
   Junko Company makes typewriters. During the year Junko manufactured 97,000 typewriters. Finished Goods Inventory had the following units on hand:
   

   January 1	1,260
   December 31	1,040

   Refer to Figure 2 4: How many typewriters did Junko sell during the year?Answer

   		96,780
   		97,220
   		97,000
   		98,260

4 points

Question 25

1. Figure 2 5.
   In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:
   

   	July 1	July 31
   Materials	$6,200	$7,100
   Work in Process	$ 700	$1,200
   Finished Goods	$3,300	$2,700

   Refer to Figure 2 5: What was the cost of direct materials used in July?Answer

   		$21,000
   		$20,100
   		$21,900
   		$20,500

4 points

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