08 Oct Which of the following are considered to be management’s three broad functions?

Managerial Accounting

Which of the following are considered to be management’s three broad functions?

 

Controlling, directing, manufacturing

 

Planning, calculating, controlling

 

Planning, directing, controlling

 

Conducting, directing, manufacturing

 

Question 2Which of the following answer choices lists the three manufacturing costs?

 

Work in process, finished goods, and cost of goods sold

 

Direct materials, direct labor and manufacturing overhead

 

Raw materials, work in process and finished goods

 

Indirect materials, indirect labor and factory related costs

 

Question 3Product costs include each of the following except:

 

Selling and administrative expenses

 

Direct materials

 

Manufacturing overhead

 

Direct labor

 

Question 4Pharmco incurred the following costs while manufacturing its product: Materials used in production, $120,000; factory depreciation, $60,000; property taxes on the administrative offices, $12,000; labor costs of assembly-line workers, $95,000; factory supplies used, $8,000; advertising expense, $13,000; property taxes on the factory, $20,000; delivery expense, $23,000; salaries of the sales staff, $53,000; and sales commissions, $17,000. The total product costs for Pharmco are

 

$303,000

 

$421,000

 

$315,000

 

$391,000

 

Question 5Which of the following would you find on the income statement of a manufacturing company, but NOT on the income statement of a merchandising company

 

Cost of goods purchased

 

Work in process

 

Raw materials

 

Cost of goods manufactured

 

Question 6For the year, Redder Company has cost of goods manufactured of $600,000, beginning finished goods inventory of $200,000, and ending finished goods inventory of $250,000. The cost of goods sold is

 

$500,000

 

$550,000

 

$600,000

 

$450,000

 

Question 7A cost of goods manufactured schedule shows beginning and ending inventories for

 

Raw materials only

 

Raw materials, work in process and finished goods

 

Raw materials and work in process only

 

work in process only

 

Question 8The cost applicable to units that have been started into production but NOT completed is shown as

 

Merchandise Inventory

 

Finished Goods Inventory

 

Raw Materials Inventory

 

Work in Process Inventory

 

Question 9Which of the following costs would a computer manufacturer include in manufacturing overhead?

 

The cost of the memory chips

 

Depreciation on testing equipment

 

The wages earned by computer assemblers

 

The cost of the disk drives

 

Question 10Managerial accounting is applicable to:

 

Service entities

 

Manufacturing entities

 

Not for profit entities

 

all of these