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Managerial Accounting (Exam 1) > Chapter 14 Questions > Flashcards

Chapter 14 Questions Flashcards

1
Q

The purposes of managerial accounting are to provide useful information to aid in:

A

To provide useful information to aid in planning future activities
Determining the cost of products and services
Comparing actual to planned results

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2
Q

Purpose is to assist managers in planning and control decisions. Managerial or Financial?

A

Managerial Accounting System

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3
Q

Structured and follows GAAP. Managerial or Financial?

A

Financial Accounting System

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4
Q

_____ is when a person commits fraud and feels a low risk of getting caught.

A

Opportunity

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5
Q

_____ costs are cost-effectively traced to a cost object.

A

Direct

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6
Q

Common examples of _____ costs include selling expenses and general office personnel, advertising expenses, and depreciation of office equipment.

A

Period

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7
Q

Service companies do not classify costs as product versus period costs because:

A

their services are not inventoried

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8
Q

What are prime costs?

A

Direct Material + Direct Labor

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9
Q

What items are classified as a materials activity?

A

Materials activities includes raw materials beginning inventory and raw materials purchases

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10
Q

Which of these phrases describes the fact that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly?

A

Customer orientation

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11
Q

Which is the lean principle where managers and employees seek to uncover waste in business activities including accounting activities such as payroll and disbursements?

A

Total quality management

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12
Q

A focus on financial, social, and environmental measures is known as

A

Triple bottom line

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13
Q

What are sections of the Schedule of Cost of Goods Manufactured?

A

The sections include Direct Materials, Direct Labor, Factory Overhead, and Cost of Goods Manufactured.

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14
Q

Prepare manufacturing budgets for the next year. Managerial accounting information or financial accounting information?

A

Managerial

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15
Q

Determine whether to lend to a company. Managerial accounting information or financial accounting information?

A

Financial

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16
Q

Prepare GAAP-based financial statements for creditors. Managerial accounting information or financial accounting information?

A

Financial

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17
Q

Estimate profits from a new service opportunity. Managerial accounting information or financial accounting information?

A

Managerial

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18
Q

Evaluate a purchasing department’s performance. Managerial accounting information or financial accounting information?

A

Managerial

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19
Q

Estimate product cost for a new line of shoes. Managerial accounting information or financial accounting information?

A

Managerial

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20
Q

Measure profitability of an individual store. Managerial accounting information or financial accounting information?

A

Managerial

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21
Q

Determine location and size for a new plant. Managerial accounting information or financial accounting information?

A

Managerial

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22
Q

Classify each cost as either direct or indirect. Annual flat fee paid for factory cleaning.

A

Indirect

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23
Q

Classify each cost as either direct or indirect.
Wages of factory maintenance workers

A

Indirect

24
Q

Classify each cost as either direct or indirect.
Factory utilities

A

Indirect

25
Q

Classify each cost as either direct or indirect.
Factory supervisor salary

A

Indirect

26
Q

Classify each cost as either direct or indirect.
Ink for labeling soccer balls

A

Indirect

27
Q

Classify each cost as either direct or indirect.
Leather covers for soccer balls

A

Direct

28
Q

Classify each cost as either direct or indirect.
Annual flat fee paid for factory security

A

Indirect

29
Q

Classify each cost as either direct or indirect.
Coolants for machinery

A

Indirect

30
Q

Classify each cost as either direct or indirect.
Machinery depreciation (straight-line)

A

Indirect

31
Q

Classify each cost as either direct or indirect.
Factory building rent

A

Indirect

32
Q

Classify each cost as either direct or indirect.
Depreciation on classroom printers

A

Indirect

33
Q

Classify each cost as either direct or indirect.
Classroom building insurance used up

A

Indirect

34
Q

Classify each cost as either direct or indirect.
Classroom electricity cost

A

Indirect

35
Q

Classify each cost as either direct or indirect.
Classroom electricity cost

A

Indirect

36
Q

Classify each cost as either direct or indirect.
Classroom building utilities cost

A

Indirect

37
Q

Classify each cost as either direct or indirect.
Instructional manuals for students

A

Direct

38
Q

Classify each cost as either direct or indirect.
Instructor wage (per class)

A

Direct

39
Q

Classify each cost as either direct or indirect.
Teaching assistant wage (per class)

A

Direct

40
Q

Classify each cost as direct, indirect, selling, or general and administrative. Beverages served on plane

A

Direct

41
Q

Classify each cost as direct, indirect, selling, or general and administrative. Accounting manager salary

A

general and administrative

42
Q

Classify each cost as direct, indirect, selling, or general and administrative. Depreciation (straight-line) on plane

A

Indirect

43
Q

Classify each cost as direct, indirect, selling, or general and administrative. Fuel used for plane flight

A

Direct

44
Q

Classify each cost as direct, indirect, selling, or general and administrative. Flight attendant wages for flight

A

Direct

45
Q

Classify each cost as direct, indirect, selling, or general and administrative. Pilot wages for flight

A

Direct

46
Q

Classify each cost as direct, indirect, selling, or general and administrative. Aircraft maintenance manager salary

A

Indirect

47
Q

Classify each cost as direct, indirect, selling, or general and administrative. Snacks served on airplanes

A

Direct

48
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Camera component

A

Direct materials

49
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Office accountant salary

A

General and administrative expense

50
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Microphone component

A

Direct materials

51
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Depreciation (straight-line) on robotic equipment used in assembly

A

Factory overhead

52
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Salary of chief executive officer

A

General and administrative expense

53
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Depreciation on office equipment

A

General and administrative expense

54
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Wages for factory equipment operators

A

Direct labor

55
Q

Classify each cost as either direct materials, direct labor, factory overhead, selling expenses, or general and administrative expenses. Display screen

A

Direct materials

Managerial Accounting (Exam 1) (6 decks)

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