5.Emphasis of Managerial Accounting is on
Segments or Sub-units of an Organization
It is for internal users and not the external ones
11.Indirect product cost is Depreciation of machinery
Commission to sales employees, Utility cost is not a product cost
Hourly wages are a direct cost
13.COGM = Direct material used+Direct labor + MOH applied + Beginning WIP – ending WIP
= 55000+99000+150,000+2000-28000
= $278000
Indirect Period cost
Incorrect Question 5 0/0.4 pts Managerial Accounting will have an Emphasis on which one of the...
Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as a focus of Managerial (M) or Financial (F) accounting: Primarily for internal users ______ Primarily for external users ______ Follows GAAP rules ______ Summary reports of the entire company ______ Concerned about how reports will affect employee behavior ______ Managers need information for? How are costs classified? Manufacturing (product) costs categories are: materials labor overhead __________________ combines direct materials and direct labor. __________________ combines...
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is prepared for external users. 2) Managerial accounting information is a legal requirement. 3) The structure of managerial accounting practice is relatively flexible. 4) There are structured standards of acceptability for managerial accounting. b. Which of the following statements is incorrect with regard to a manufacturing firm? 1) Inventoriable costs include only prime costs. 2) Inventoriable costs include prime costs and manufacturing overhead costs. 3)...
Assignment Question(s):(Marks5) Q1.In managerial accounting, costs can be classified by behavior, traceability decision-making, external reporting , prime costs vs conversion costs and Function Wise Classification. Discuss all the above cost classifications and explain the importance of each classification. (2.0 marks) Answer: Q2. Compare Job Order Costing versus Process costing (one marks) Answer: Q3. ABC Company had the following inventories on May 1, 2019(amounts in SR) (two marks) Raw Material30,000 Finished Goods40,000 WIP – Material20,000 WIP – Labor20,000 WIP – Manufacturing...
Question 1 0.4 pts The overall role of an operations manager is to: Control quality Schedule deliveries Collect and organize shipments Convert inputs (raw materials) into outputs (goods or services) Question 2 0.4 pts Swisher cigar factory makes little cigars and big cigars on the same machine. This is an example of using: CAD CAM CIM FMS Question 3 0.4 pts The software system that determines the steps needed to produce a component and instructs the machines that do the...
Question 19 1 pts The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production with respect to conversion for August using the weighted average inventory method. Units of Percent of Product Conversion Added Beginning Work in Process 230,000 60% Units started 570,000 100% Units completed 620,000 100% Ending Work in Process 180,000 80% 764,000 800,000 O 620,000 746,000 884,000 Question 18 1 pt The Work in Process Inventory account for...
D Question 7 0.4 pts A 3D printer is a type of: O hologram machine O copy machine labor-intensive machine industrial robot Question 8 0.4 pts You are the operations manager of a "have it your way" hamburger restaurant. Which statement best describes your job? Hire, fire and train employees in cooking hamburgers. O Direct traffic flow for the drive-up window. Conduct market research by tracking customer preferences. O Deliver a finished product, customized to the specific requests of each...
Incorrect Question 5 0/1 pts The main categories of purchased goods are Perishable and non perishable Inventory and non-inventory items Cash and credit terms goods Direct and indirect materials Review the slides and try again
Answers 3.5 and 4 were also incorrect for number 1.
Incorrect Question 1 0/1 pts The graph below represents the Production Possibility Frontier (PPF) for an economy that produces two goods: bicycles and lawnmowers. Bicycles 0 1 2 3 4 5 6 7 Lawnmowers What is the opportunity cost of producing another lawnmower in terms of bicycles if the economy is currently producing efficiently at two and a half bicycles? (The new point would be on the X-axis at the...
12 pts o term will be used more Question 4 [ Choose ] Product Cost Indirect Cost Match the following phrases and term Income Statement Accounting Variable Cost than once. Direct Cost Period Cost Tax Accounting a method for keeping track of large v Process Costing amounts of homogenous units during the Job Order Costing manufacturing process. Purchase Order Labor Ticket a cost that does not increase proportionall Financial Accounting with increases in volume over the relevant Materials Requisition range....
z Chapter (5 pts) Saved Help Save & Exit Submit You received no credit for this question in the previous attempt. View previous attempt If the overhead rate is 50% of direct labor cost, use the t-accounts below to find the cost of direct materials used during the period. ? Work in Process Inventory Beginning WIP 113,800 Direct materials ? Direct labor ? Applied overhead ? To finished goods Ending WIP 148,000 Factory Overhead 113,800 Finished Goods Inventory Beginning FG...