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Exam 18: Managerial Accounting Concepts and Principles

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Question 21

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Match the following terms to the appropriate definitions. -Goods a company acquires to use in making products.

A) Managerial accounting
B) Continuous improvement
C) Raw materials inventory
D) Customer orientation
E) Just-in-time manufacturing
F) Goods in process inventory
G) Lean business model
H) Balanced scorecard
I) Prime costs
J) Raw materials inventory turnover

K) F) and I)
L) A) and B)

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Question 22

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Using the information below,calculate gross profit for the period.

A) $714,000.
B) $482,000.
C) $1,022,000.
D) $187,000.
E) Cannot be determined from the information provided.

F) B) and C)
G) None of the above

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Question 23

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Indirect labor refers to the cost of the workers whose efforts are directly traceable to specific units or batches of product.

Match the following terms to the appropriate definitions. -An idea that rejects the notions of "good enough" and "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.

Another title for goods in process inventory is:

Classifying costs by behavior involves:

Juliet Corporation has accumulated the following accounting data for the year: Finished goods inventory,January 1 ……….$3,200 Finished goods inventory,December 31 …... 4,000 Total cost of goods sold ……………………. 4,200 The cost of goods manufactured for the year is:

Selling and administrative expenses are normally product costs.

___________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

For product costs associated with a particular product to be expensed on the income statement:

Define and contrast period costs and product costs.How are they reported in the financial statements of a manufacturing company?

Bourne Crafts manufactures specialty key chains for tourist attractions.On January 1,the firm had 200 souvenir attraction disks used in the production of the chains that cost $3 each; and 600 completed key chains that cost $6 each.During the year Bourne Crafts purchased 1,500 souvenir disks costing $3 each and produced 1,100 key chains.Compute the total cost of raw materials inventory at December 31.

The ______________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1)financial,(2)customer,(3)internal business processes,and (4)learning and growth.

Which of the following costs would not be classified as factory overhead?

A management concept that encourages all managers and employees to be in tune with the wants and needs of customers,and which leads to flexible product designs and production processes,is called:

The concept of total quality management focuses on continuous improvement.

Materials that are used in support of the production process but are not clearly identified with units or batches of product are called:

Using the information below,compute the raw materials inventory turnover:

Indirect materials are accounted for as factory overhead because they are not easily traced to specific units or batches of production.

What is managerial accounting and how is it used to aid decision makers?