mid-term

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QUESTION 1

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.

QUESTION 2

1. Managerial accounting does not encompass

		calculating product cost.
		calculating earnings per share.
		determining cost behavior.
		profit planning.

QUESTION 3

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

		Planning
		Accountability
		Controlling
		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

		Work In Process Inventory 66,000 Raw Materials Inventory 66,000
		Direct Materials 66,000 Indirect Materials 9,000 Work in Process Inventory 75,000
		Manufacturing Overhead 75,000 Raw Materials Inventory 75,000
		Work In Process Inventory 66,000 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?

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

QUESTION 6

1. 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.

QUESTION 7

1. 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.

QUESTION 8

1. In traditional costing systems, overhead is generally applied based on

		direct labor.
		machine hours.
		direct material dollars.
		units of production.

QUESTION 9

1. Fixed costs normally will not include

		property taxes.
		direct labor.
		supervisory salaries.
		depreciation on buildings and equipment.

QUESTION 10

1. Companies recognize fixed manufacturing overhead costs as period costs (expenses) when incurred when using

		full costing.
		absorption costing.
		product costing.
		variable costing.