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Chapter 1 - Multiple Choice
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Instructor Schedule a demo. Student See if you qualify.Quiz complete. Results are being recorded. You have reached 0 of 0 point s0. Which of the following statements about differences between financial and managerial accounting is incorrect?
Cost accounting information can be used for:. Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs? The 20X5 work in process inventories of Parkhurst, Inc. Machine lubricant used on processing equipment in a manufacturing plant would be classified as a:. Factory overhead includes all manufacturing costs except direct material and direct labor.
Which of the following items would not be considered to be a factory overhead cost? Which of the following product costs is both a prime cost and conversion cost? On a schedule of cost of goods manufactured:. Click here to visit the bookstore and purchase principlesofaccounting. Chapter 17 - Multiple Choice. Time limit: 0. Quiz Summary 0 of 8 questions completed Questions: 1 2 3 4 5 6 7 8. You have already completed the quiz before. Hence you can not start it again. You must sign in or sign up to start the quiz.
You must first complete the following:. Results Quiz complete. Answered Review. Question 1 of 8.Chapter 17 introduces the subject of managerial accounting. Managerial accounting relates to reporting internal to an organization, and is far less structured than the rules-based system applicable to financial external reporting. Managerial accounting broadly entails many activities that relate to planning, directing, and controlling.
This framework supports management decisions and drives the creation of business value. The chapter provides a high-level introduction to planning activities related to strategy, positioning, and budgets. This is followed by discussions of key directing activities that pertain to costing, production, and analysis. Controlling activities necessary to manage a successful organization are also introduced.
Each of the topics covered in the chapter opening is elaborated upon in subsequent chapters. This chapter also identifies key terms and concepts applicable to managerial accounting. Product costs consist of direct materials, direct labor, and manufacturing overhead. Great care is given to defining these important concepts. Other costs are generally considered to be period costs. Manufacturers have unique measurement and reporting issues, including categorization of inventory into raw material, work in process, and finished goods.
The chapter illustrates how these costs flow through the reporting framework. Chapter Introduction to Managerial Accounting. Key production components: direct materials, direct labor, and factory overhead.
Product costs versus period costs.Trading Securities - Available for Sale - HTM - Intermediate Accounting - CPA Exam FAR - Chp 17 p 1
Categories of inventory for manufacturers and related financial statement implications. Previous Next. Visit the Bookstore.An accounts receivable ratio above the target range may indicate that the company is too liberal in extending credit to customers. Earnings per share is the most widely recognized measure of a corporation's financial performance.
The gross margin gives investors the best indication of how effectively a business is earning a profit from its normal business operations. A business with operating expenses that exceed its benchmark should always begin by reducing the number of employees. Played 28 times. Print Share Edit Delete. Live Game Live. Finish Editing.
This quiz is incomplete! To play this quiz, please finish editing it. Delete Quiz. Question 1. Income stocks typically have a lower dividend yield than growth stocks. Modifying a benchmark is an option for a business that fails to achieve its benchmark. The current ratio assumes a business could sell its merchandise inventory quickly.
A corporation should compare its working capital to industry standards. Quick assets include cash and accounts receivable. Operating margin is also referred to as.
Gross margin can be increased by. The least likely factor a business will use to determine a benchmark is.CFM 4. B2B Comptroller Cost Accounting 6. Product, period Managerial accounting information is prepared for internal users, while financial accounting information is directed primarily at external users such as stockholders and creditors.
The other statements are all correct. Planning, control, and decision making are all served by managerial accounting information. These functions are all served by, and in fact depend on, solid cost accounting information.
JIT is just-in-time inventory management. CFM is a professional designation for certified financial manager. Direct materials, direct labor, and factory overhead are all included as a manufacturing cost.
Administrative overhead is not included. Machine lubricant is an indirect material that becomes part of manufacturing overhead.
Manufacturing overhead is a product cost. Costs of repainting the corporate office is not a factory overhead cost. The other items are all typical factory overhead items. Direct labor is both a prime cost and a conversion cost. Direct material is only a prime cost and manufacturing overhead is only a conversion cost. Cost of goods manufactured is calculated by adding the beginning work in process inventory to total manufacturing costs and subtracting the ending work in process inventory balance.This quiz is to help you understand and enchance your learning of Chapter 1 Introduction to Accounting.
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Intermediate Accounting, 17th Edition
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Chapter 1 Introduction To Accounting
You have reached 0 of 0 point s0. The accounting profession can be divided into three major categories; specifically, the practice of public accounting, private accounting, and governmental accounting. A somewhat unique and important service of public accountants is:. The primary private sector agency that oversees external financial reporting standards is the:. Which of the following equations properly represents a derivation of the fundamental accounting equation?
Which of the following concepts justifies this? Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earnings? Which of these items would be accounted for as an expense? Which of the following would not be included on a balance sheet? Click here to visit the bookstore and purchase principlesofaccounting.
Chapter 1 - Multiple Choice. Time limit: 0. Quiz Summary 0 of 8 questions completed Questions: 1 2 3 4 5 6 7 8. You have already completed the quiz before. Hence you can not start it again. You must sign in or sign up to start the quiz. You must first complete the following:. Results Quiz complete. Answered Review. Question 1 of 8.