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Exam 18: Managerial Accounting Concepts and Principles

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Question 91

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Selling and administrative expenses are normally product costs.

A) True
B) False

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Question 92

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Control is the process of setting goals and determining ways to achieve them.

A) True
B) False

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Question 93

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Both financial and managerial accounting influence user's decisions and actions.

The management concept of customer orientation encourages a company to set up its production system to produce large quantities of the same product for all customers.

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

For each of the characteristics below, identify whether it is a focus of financial accounting or managerial accounting. Use the letter F to identify financial accounting and M to identify managerial accounting.

Another title for goods in process inventory is:

Use the following information to prepare the manufacturing statement for Forsythe Company for the month ended June 30.

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on drivers or indicators of future financial performance.

An employee overstates his reimbursable expenses in one period in order to receive needed additional cash. Since he intends to reduce his expenses the next period by the current overstatement, this act is not considered fraudulent.

A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold for this company is:

A ______________________ system means that a company acquires or produces inventory only when needed.

An internal control system consists of the policies and procedures managers use to do all of the following except:

A company manufactures coats in a large facility. One area in the production facility is an underused storage space. The company has twice turned down offers to lease out this facility. This situation is an example of what costing concept? How should the company handle the costing for this situation?

A mixed cost:

Cycle time is calculated by process time plus inspection time plus move time plus __________________.

An attitude of constantly seeking ways to improve company operations, including customer service, product quality, product features, the production process, and employee interactions, is called:

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:

Herren, Inc. reported the following data regarding costs and inventories for the current year: beginning goods-in-process inventory, $4,000; beginning finished goods inventory, $2,000; cost of goods manufactured, $11,500; operating expenses, $3,000; ending finished goods inventory, $1,000; ending goods-in-process inventory, $1,500. Cost of goods sold for Herren, Inc. equals _________________.

Current information for the Austin Company follows: All raw materials used were traceable to specific batches of product. Austin Company's cost of goods manufactured for the year is: