QUESTION 1
Managerial accounting applies to each of the following types of businesses except
service firms.
merchandising firms.
manufacturing firms.
managerial accounting applies to all types of firms.
10 points
QUESTION 2
Managerial accounting does not encompass
calculating product cost.
calculating earnings per share.
determining cost behavior.
profit planning.
10 points
QUESTION 3
What activities and responsibilities are not associated with management’s functions?
Planning
Accountability
Controlling
Directing
10 points
QUESTION 4
A materials requisition slip showed that direct materials requested were $66,000 and indirect materials requested were $9,000. The entry to record the transfer of materials from the storeroom is
Work In Process Inventory66,000
Raw Materials Inventory66,000
Direct Materials66,000
Indirect Materials9,000
Work in Process Inventory75,000
Manufacturing Overhead75,000
Raw Materials Inventory75,000
Work In Process Inventory66,000
Manufacturing Overhead 9,000
Raw Materials Inventory 75,000
10 points
QUESTION 5
Which one of the following is a source document that impacts the job cost sheet?
Raw materials receiving slips.
Materials purchase orders.
Labor time tickets.
Finished goods shipping documents.
10 points
QUESTION 6
Equivalent units are calculated by
multiplying the percentage of work done by the equivalent units of output.
dividing physical units by the percentage of work done.
multiplying the percentage of work done by the physical units.
dividing equivalent units by the percentage of work done.
10 points
QUESTION 7
In a process cost system, product costs are summarized:
on job cost sheets.
on production cost reports.
after each unit is produced.
when the products are sold.
10 points
QUESTION 8
In traditional costing systems, overhead is generally applied based on
direct labor.
machine hours.
direct material dollars.
units of production.
10 points
QUESTION 9
Fixed costs normally will not include
property taxes.
direct labor.
supervisory salaries.
depreciation on buildings and equipment.
10 points
QUESTION 10
Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when using
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Why did the fur traders create and use portages?
