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Ch 15 quiz study

Period costs include selling and administrative expenses
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If
manufacturing overhead is $4,000,000, what is direct labor cost? Cannot
be determined from the information provided
Managerial accounting is applicable to: manufacturing entities, service
entities, not-for-profit entities
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False
Managerial accounting applies to each of the following types of businesses
except managieral accounting applies to all types of firms
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The sum of the direct materials costs, direct labor costs, and
manufacturing overhead incurred is the total manufacturing cost
Cost of goods sold appears on both manufacturing and
merchandising companies income statements
Decision-making is an integral part of the planning, directing, and
controlling functions
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If total manufacturing costs are
$650,000, what is the total cost of goods manufactured? $635,000
Gammil Company has beginning and ending raw materials inventories of
$96,000 and $120,000, respectively
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As current technology changes manufacturing processes, it is likely that
direct labor will decrease
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True
Raw materials that can be conveniently and directly associated with a
finished product are called materials overhead
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How much is direct labor cost? $410k-174k=$236,000
The function that pertains to keeping the activities of the enterprise on
track is controlling
If the ending work in process inventory is greater than the beginning
work in process inventory, then the cost of goods manufactured will be
less than total manufacturing costs for the period
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F
If the cost of goods manufactured is less than the cost of goods sold,
which of the following is correct? Finished Goods Inventory has
decreased
Manufacturing costs include direct materials, direct labor, and
manufacturing overhead
Management accountants would not prepare reports primarily for
external users
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has $20,000 of ending finished goods inventory
as of December 31, 2013
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Which of the following statements about internal reports is not true?
Most internal reports are summarized rather than detailed
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T
Sales commissions are classified as period cost
Controlling is the process of determining whether planned goals are being
met
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F
What activities and responsibilities are not associated with management's
functions? Accountability



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