exam 1 Flashcards
Financial accounting focuses on providing information to internal users.
F
Staff positions are directly involved in the company’s primary revenue-generating activities.
F
Preparation of budgets is part of financial accounting.
F
Managerial accounting applies only to merchandising and manufacturing companies.
F
Both managerial accounting and financial accounting deal with many of the same economic events.
T
Managerial accounting reports are prepared only quarterly and annually.
F
Financial accounting reports are general-purpose reports.
T
Managerial accounting reports pertain to subunits of the business.
T
Managerial accounting reports must comply with generally accepted accounting principles
F
The company treasurer reports directly to the vice president of operations.
F
Property taxes on the factory building.
Manufacturing overhead
Production superintendents’ salaries.
Manufacturing overhead
Memory boards and chips used in assembling computers.
DIRECT MATERIALS
Depreciation on the factory equipment.
MANUFACTURING OVERHEAD
Salaries for assembly-line quality control inspectors.
MANUFACTURING OVERHEAD
Sales commissions paid to sell laptop computers.
PERIOD COSTS
Electrical components used in assembling computers.
DIRECT MATERIALS
Wages of workers assembling laptop computers.
DIRECT LABOR
SOLDERING MATERIALS USED ON FACTORY ASSEMBLY LINES
MANUFACTURING OVERHEAD
SALARIES FOR THE NIGHT SECURITY GUARDS FOR THE FACTOR BUILDING
MANUFACTURING OVERHEAD
COST OF GOODS MANUFACTURED
DM + Dl + mo
RAW MATERIALS INVENTORY
RAW MATERIALS AVAILABLE - RAW MATERIALS PURCHASES
TOTAL COST OF WORK IN PROCESS
COST OF GOOD MANUFACTURED + WORK IN PROCESS
TOTAL MANUFACTURING COSTS
TOTAL COST WORK IN PROCESS - WORK IN PROCESS
DIRECT LABOR
TOTAL MANUFACTURING COSTS - DIRECT MATERIALS + TOTAL OVERHEAD
