Managerial Accounting

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Managerial Accounting Midterm Exam

Question 1

1. Managerial accounting applies to each of the following types of businesses except

[removed]		service firms.
[removed]		merchandising firms.
[removed]		manufacturing firms.
[removed]		managerial accounting applies to all types of firms.

Question 2

1. Managerial accounting does not encompass

[removed]		calculating product cost.
[removed]		calculating earnings per share.
[removed]		determining cost behavior.
[removed]		profit planning.

Question 3

1. What activities and responsibilities are not associated with management's functions?

[removed]		Planning
[removed]		Accountability
[removed]		Controlling
[removed]		Directing

Question 4

1. 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

[removed]		Work In Process Inventory66,000 Raw Materials Inventory66,000
[removed]		Direct Materials66,000 Indirect Materials9,000 Work in Process Inventory75,000
[removed]		Manufacturing Overhead75,000 Raw Materials Inventory75,000
[removed]		Work In Process Inventory66,000 Manufacturing Overhead 9,000 Raw Materials Inventory 75,000

Question 5

1. Which one of the following is a source document that impacts the job cost sheet?

[removed]		Raw materials receiving slips.
[removed]		Materials purchase orders.
[removed]		Labor time tickets.
[removed]		Finished goods shipping documents.

Question 6

1. Equivalent units are calculated by

[removed]		multiplying the percentage of work done by the equivalent units of output.
[removed]		dividing physical units by the percentage of work done.
[removed]		multiplying the percentage of work done by the physical units.
[removed]		dividing equivalent units by the percentage of work done.