Chap1 Solman

 Chap1 Solman Essay

Part 01

Managerial Accounting and Cost Ideas

True as well as False Questions

1 . В Managerial accounting is primarily worried about the organization in general rather than with segments of the organization. В TrueВ В В В False

installment payments on your В Managerial accounting places less emphasis on nonmonetary data than financial accounting. В TrueВ В В В False

3. В Direct labor is known as a part of both prime price and conversion cost. В TrueВ В В В False

four. В Wages paid to creation supervisors can be considered direct labor. В TrueВ В В В False

your five. В Direct materials cost put together with manufacturing expense cost is referred to as conversion expense. В TrueВ В В В False

6. В Advertising is a item cost provided that it helps bring about specific products. В TrueВ В В В False

7. В Although depreciation is usually a period cost in a merchandising firm, it's rather a product price in a production firm. В TrueВ В В В False

almost 8. В In a manufacturing organization, all costs are product costs. В

TrueВ В В В False

being unfaithful. В The expense of shipping parts from a supplier is recognized as a product expense. В TrueВ В В В False

10. В If the finished goods inventory increases between the beginning and the end of any period, then this cost of items manufactured pertaining to the period is definitely larger than the price tag on goods offered. В TrueВ В В В False

11. В The inventory of finished items on hand at the end of a period is considered a property, but inventories of raw materials and work-in-process are not regarded assets until production is done. В TrueВ В В В False

12. В The cost of items manufactured to get a period may be the amount moved from operate process products on hand to done goods products on hand during the period. В TrueВ В В В False

13. В Differential costs can be either set or changing. В

TrueВ В В В False

14. В A fixed expense is constant per unit of product. В

TrueВ В В В False

15. В The varying cost per unit is definitely constant and does not depend on just how many units are developed. В TrueВ В В В False

16. В The cost of napkins put on every person's dish at a fast food cafe is a set cost. В TrueВ В В В False

seventeen. В A stock supervisor's salary would be classified as a direct cost of one of merchandise. В TrueВ В В В False

Multiple Choice Questions

18. В Managerial accounting: В

A. В has the primary focus on the future.

B. В is required by regulatory bodies such as the SEC.

C. В focuses for the organization as a whole, rather than around the organization's sectors. D. В Responses a, n, and c are all right.

19. В The plans of management happen to be expressed technically in: В

A. В the annual are accountable to shareholders.

N. В Form 10-Q submitted for the Securities and Exchange Percentage. C. В performance reports.

M. В budgets.

twenty. В Which of the following Is known as a characteristic of economic accounting? В A. В not mandatory

N. В must stick to GAAP

C. В emphasis upon relevance of data, rather than finely-detailed

D. В both A and C over

21. В The corporate controller's salary can be considered a(n): В A. В manufacturing cost.

B. В product cost.

C. В administrative price.

D. В selling expense.

twenty-two. В The costs of direct materials happen to be classified while:

[pic]В В

A. В A

B. В B

C. В C

M. В D

twenty three. В Manufacturing overhead: В

A. В can always be either a adjustable cost or a fixed cost.

B. В includes the costs of shipping finished goods to customers. C. В includes almost all factory labor costs.

G. В includes almost all fixed costs.

24. В The three basic elements of manufacturing cost happen to be direct elements, direct labor, and: В A. В cost of goods made.

B. В cost of goods offered.

C. В work in procedure.

D. В manufacturing overhead.

twenty-five. В Prime cost consists of immediate materials along with: В A. В direct labor.

B. В manufacturing overhead.

C. В indirect elements.

D. В cost of goods produced.

26. В Which terms beneath correctly identify the cost of the black color used to fresh paint the dots on a set of dice?

[pic]В В

A. В A

B. В B

C. В C

D. В D

27. В The cost of fireplace insurance to get a manufacturing plant is usually considered to be a: В...


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