BU 330 ACCOUNTING FOR MANAGER EXAM 1
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Winner's Sporting Equipment manufactures sporting goods. Selected costs from the past year include the following.
Plastics used to make products | $151,000 |
Heating and lighting costs for factory | 65,000 |
Factory janitor wages | 67,000 |
Costs of shipping to customers | 11,000 |
Lubricants used in factory equipment | 2,000 |
Lighting costs for sales office | 20,000 |
Depreciation on factory equipment | 23,000 |
Office supplies for sales office | 6,000 |
Insurance costs for factory | 13,000 |
Maintenance worker wages | 99,000 |
Freight-in (on plastics) | 7,500 |
Aluminum used to make products | 175,000 |
Assembly-line worker wages | 142,000 |
Salaries of salespeople | 74,000 |
Period costs for Winner's Sporting Equipment totaled:
A. $91,000. |
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B. $37,000. |
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C. $188,000. |
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D. $111,000. |
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Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost?
A. Direct labor |
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B. Direct materials |
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C. Manufacturing overhead |
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D. Prime costs |
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Which of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?
A. Plant supervisor salary |
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B. Machinery depreciation in the factory |
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C. Plant utilities |
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D. Cost of the automobile engines |
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Communicating information fairly and objectively is an example of which ethical standard?
A. Credibility |
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B. Integrity |
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C. Competence |
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D. Confidentiality |
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Costs that remain the same among alternatives are:
A. sunk costs. |
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B. irrelevant costs. |
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C. controllable costs. |
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D. uncontrollable costs. |
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Which of the following people is most likely to use only financial accounting information?
A. Vice president of plant operations |
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B. Product manager |
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C. Plant manager |
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D. Bank loan officer |
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Lots of Stuff Company reports the following data for its first year of operation.
Work in process inventory, beginning | $0 |
Work in process inventory, ending | 140,000 |
Direct materials used | 110,000 |
Direct Labor | 115,000 |
Manufacturing overhead | 185,000 |
Finished goods inventory, beginning | 0 |
Finished goods inventory, ending | 90,000 |
What are the total manufacturing costs?
A. $455,000 |
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B. $410,000 |
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C. $750,000 |
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D. $520,000 |
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Evaluating results against the plan is an example of which of the following management functions?
A. Planning |
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B. Controlling |
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C. Analyzing |
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D. Directing |
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Internal parties receive information about past performance from:
A. audit reports. |
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B. budget reports. |
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C. planning reports. |
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D. managerial accounting reports. |
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Which of the following describes the way in which total fixed costs behave?
A. They will decrease as production increases. |
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B. They will decrease as production decreases. |
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C. They will remain the same throughout production levels within the relevant range. |
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D. They will increase as production decreases.
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The IMA issues which of the following certifications?
A. CMA |
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B. CIA |
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C. CFP |
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D. CPA |
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Which of the following costs could be found in work in process inventory for a candy bar manufacturer?
A. Assembly worker wages |
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B. Utilities for administrative offices |
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C. Depreciation on sales office |
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D. Customer order forms |
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__________ gathers, summarizes, and reports on the financial impact of changes to business operations.
A. Managerial accounting |
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B. Planning |
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C. Directing |
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D. Controlling |
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A wave of accounting scandals around the turn of the 21st century prompted which of the following?
A. XBRL |
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B. IFRS |
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C. SOX |
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D. ISO |
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________ is the business philosophy and a strategy of manufacturing without waste.
A. ISO 9001 |
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B. Lean thinking |
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C. TQM |
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D. Thin manufacturing |
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The costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain?
A. Customer service |
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B. Marketing |
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C. Research and development |
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D. Design |
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The person who is directly responsible for all financial functions is the:
A. Treasurer. |
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B. CEO. |
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C. CFO. |
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D. COO. |
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Which of the following types of companies has raw materials, work in process, and finished goods inventory?
A. Retailers |
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B. Manufacturers |
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C. Wholesalers |
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D. Service companies |
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10 years ago
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