Homework Answers
1. True
Managerial accounting focuses on the accounting tools managers use to run a business.
2. True
decision making based on the analyzation of actual performance versus planned performance is a part of management process.
3.False
Assembling components is a part of manufacturing process.
4.True
Direct costs can be traced directly to the manufactured of product.
5. True
Insurance on property is part of factory overhead
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True or False
TF 1. Managerial accounting focuses on the accounting tools managers use to run...
true or false Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
a. Which of the following statements about managerial accounting is true? 1) Managerial accounting information is...
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)...
Chapter 18 Introduction to Managerial Accounting Directed Reading Guide Why is managerial accounting important? Identify as...
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...
Part 1: Circle the correct term for completing each of the following sentences. 1. Accounting information...
Part 1: Circle the correct term for completing each of the following sentences. 1. Accounting information that is prepared in accordance with generally accepted accounting principles (GAAP) is called (financial managerial) aceounting. 2. Short-term actions for managing the day-to-day operations of the company are called operational strategic) planning. 3. The wages of assembly-line workers are considered a (product, period) cost. 4. Direct materials costs combined with direct labor costs are called (prime conversion) costs. 5. An example of a factory...
b. Managerial accounting is an activity that helps managers determ and services plan fut activity that...
b. Managerial accounting is an activity that helps managers determ and services plan fut activity that helps managers determine costs of products and services, plan future activities, and compare actual to planned results True False wa 7. Costs are importa Costs are important to managers because they impact both the financial position and profitability of a business True False 8. Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines...
Managerial Accounting Prepare the manufacturing statement and partial income statement for Manufacture Co H LU E...
Managerial Accounting
Prepare the manufacturing statement and partial income statement
for Manufacture Co
H LU E F G Exercise 6: Prepare the manufacturing statement and partial income statement for Manufacturer Co. on 5/310X, Advertising expense End. Work in process Rent - office building Beg. Finished goods inventory 48 Factory cleaning supplies 16 Repairs-factory Beg work in process inventory 40 Indirect labor-factory Salary-assembly Beg raw materials inventory 32 Insurance-factory Salary - factory manager Depreciation - factory equipment 96 Janitorial costs -...
Chapter 18 Managerial Accounting Problem 1. The Target Company has the following information for the month...
Chapter 18 Managerial Accounting
Problem 1. The Target Company has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet. $187,500 26,300 32,500 Purchases Materials inventory, March 1 Materials inventory, March 31 Direct labor Factory overhead Work in process, March 1S Work in process, March 31 Finished goods inventory, March 1 Finished...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Managerial Accounting: Spring Northern Illinois Manufacturing provides p inois Manufacturing provides products and services needed to...
Managerial Accounting:
Spring Northern Illinois Manufacturing provides p inois Manufacturing provides products and services needed to irrigate farms, ommercial properties, and private homes. It has a centrally located factory that the products it markets to retail outlets across the nation. The month of er has just ended and Northern Illinois needs to generate a cost of goods red and cost of goods sold for its income statement. The application of overhead d on direct labor hours. At the beginning of...
Managerial Accounting Given the following, prepare a cost of goods manufactured schedule and partial income statement....
Managerial Accounting Given the following, prepare a cost of goods manufactured schedule and partial income statement. Refer to the text for your format. Raw materials inventory 1/1/16 5,900 Raw materials inventory 12/31/16 5,620 Finished goods inventory 1/1/16 8,600 Finished goods inventory 12/31/16 7,880 Factory insurance 740 Depreciation factory machinery 730 Utilities, factory 1,330 Utilities, office 860 Work in process inventory 1/1/16 950 Work in process inventory 12/31/16 800 Direct labor 14,510 Indirect labor 1,810 Plant manager’s salary 3,000 Property taxes,...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
Part 1: Circle the correct term for completing each of the following sentences. 1. Accounting information that is prepared in accordance with generally accepted accounting principles (GAAP) is called (financial managerial) aceounting. 2. Short-term actions for managing the day-to-day operations of the company are called operational strategic) planning. 3. The wages of assembly-line workers are considered a (product, period) cost. 4. Direct materials costs combined with direct labor costs are called (prime conversion) costs. 5. An example of a factory...
b. Managerial accounting is an activity that helps managers determ and services plan fut activity that helps managers determine costs of products and services, plan future activities, and compare actual to planned results True False wa 7. Costs are importa Costs are important to managers because they impact both the financial position and profitability of a business True False 8. Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines...
Managerial Accounting
Prepare the manufacturing statement and partial income statement
for Manufacture Co
H LU E F G Exercise 6: Prepare the manufacturing statement and partial income statement for Manufacturer Co. on 5/310X, Advertising expense End. Work in process Rent - office building Beg. Finished goods inventory 48 Factory cleaning supplies 16 Repairs-factory Beg work in process inventory 40 Indirect labor-factory Salary-assembly Beg raw materials inventory 32 Insurance-factory Salary - factory manager Depreciation - factory equipment 96 Janitorial costs -...
Chapter 18 Managerial Accounting
Problem 1. The Target Company has the following information for the month of March. Prepare a (a) schedule of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) prepare only the inventory section of the balance sheet. $187,500 26,300 32,500 Purchases Materials inventory, March 1 Materials inventory, March 31 Direct labor Factory overhead Work in process, March 1S Work in process, March 31 Finished goods inventory, March 1 Finished...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Managerial Accounting:
Spring Northern Illinois Manufacturing provides p inois Manufacturing provides products and services needed to irrigate farms, ommercial properties, and private homes. It has a centrally located factory that the products it markets to retail outlets across the nation. The month of er has just ended and Northern Illinois needs to generate a cost of goods red and cost of goods sold for its income statement. The application of overhead d on direct labor hours. At the beginning of...
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