ACCT 102 Ch 1 & 2

Front

In managerial accounting, who are the main users of accounting information?

Back

Managers and executive employees internal to the organization.

Front

How is the timeliness of information different in managerial accounting compared to financial accounting?

Back

Managerial information is available quickly without waiting for an audit.

Front

Indirect labor in manufacturing refers to:

Back

Labor needed in manufacturing that cannot be cost-effectively traced to finished goods

Front

Prime costs consist of which of the following? Direct materials and factory overhead, Direct labor and indirect labor, Factory overhead and indirect materials

Back

Direct materials and direct labor

Front

Conversion costs include: Direct materials and direct labor, Direct labor and factory overhead costs, Indirect materials and direct labor, Factory rent and direct materials

Back

Direct labor and factory overhead costs

Front

Which of the following best describes "cost of goods manufactured"? Options: The sum of direct materials, direct labor, and overhead costs incurred in production, The total sales revenue for the period, The ending merchandise inventory, The cost of goods purchased for resale

Back

The sum of direct materials, direct labor, and overhead costs incurred in production

Front

Which of the following is included in Total Manufacturing Costs? Direct Materials Used, Direct Labor, Factory Overhead, Sales, Cost of Goods Sold, Finished Goods Inventory, Raw Materials Purchases, Sales, Factory Overhead, Direct Labor, Sales, Work in Process Inventory

Back

Direct Materials Used, Direct Labor, Factory Overhead

Front

If the Goods Available for Sale are $540,000 and the ending Finished Goods Inventory is $90,000, what is the Cost of Goods Sold?

Back

$450,000

Front

Hawk Company manufactures skateboards. Which of the following costs would be classified as both a prime cost and a conversion cost? Wood used to make the skateboard, Wheels used on each skateboard, Depreciation on equipment, Wages paid to assembly workers, Factory insurance.

Back

Wages paid to assembly workers.

Front

Compute cost of goods sold using the following information:
Finished goods inventory, beginning $ 690,000
Work in process inventory, beginning 167,000
Work in process inventory, ending 144,600
Cost of goods manufactured 1,837,400
Finished goods inventory, ending 567,200
Options: $1,692,800., $1,859,800., $1,147,400., $1,270,200., $1,960,200.

Back

$1,960,200.