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Study Resources (Accounting)

179) Tall Timbers reports the following data for its first year of operation. Work in process inventory, beginning $           0 Work in process inventory, ending 50,000 Manufacturing overhead 25,000 Direct materials used 7,000 Finished goods inventory, beginning 0 Finished goods inventory, ending 20,000 Cost of goods manufactured 85,000 What are the total manufacturing costs? A) $47,000 B) $135,000 C) $85,000 D) $117,000 180) Tall Timbers reports the following.
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33) On the line in front of each statement, enter the letter corresponding to the term that best fits that statement. You may use a letter more than once and some letters may not be used at all. A. Materials inventory E. Work in process inventory B. Service companies F. Manufacturing companies C. Merchandise inventory G. Merchandising companies D. Finished goods inventory ____typically have a.
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189) Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year: Utilities for the store $   9,500 Sales commissions 10,000 Sales revenue 164,000 Purchases of merchandise 85,000 January 1 inventory 27,000 Rent for store 13,500 December 31 inventory 23,000 What is operating income? A) $154,500 B) $56,000 C) $42,000 D) $46,000 190) Paper Clip Company sells office supplies. The following information.
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209) Selected information regarding a company's most recent quarter follows (all data in thousands). Direct labor $    500 Beginning work in process inventory $    320 Ending work in process inventory $    330 Cost of goods manufactured $ 1,560 Manufacturing overhead $    820 What was direct materials used for the quarter? A) $ 250 B) $ 490 C) $ 1,550 D).
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169) Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174,000 Operating expenses 62,000 Beginning inventory 27,000 Ending inventory 37,000 Sales revenue 333,000 What is the cost of goods sold for the year? A) $201,000 B) $164,000 C) $174,000 D) $97,000 170) Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174,000 Operating expenses 62,000 Beginning inventory 27,000 Ending.
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90) Companies listed on the New York Stock Exchange (NYSE) are required to have an internal audit function by A) The NYSE. B) The Internal Revenue Service (IRS). C) The stockholders. D) The Board of Directors. 91) The person who is directly responsible for all financial functions is the A) Treasurer. B) CEO. C) CFO. D) COO. 92) The person.
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241) Label each item below as relevant or irrelevant in making a decision. A.____cost of insurance on a new vehicle when evaluating purchase of new vehicle B.____cost of roof repair made on rental property last year when evaluating sale of rental property C.____original cost of old equipment that is being evaluated for replacement D.____cost.
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11) Which of the following is not one of the primary responsibilities of management? A) Adhering to GAAP B) Planning C) Directing D) Controlling 12) Planning involves which of the following activities? A) Evaluating the results of operations B) Overseeing the company's day-to-day operations C) Setting goals and objectives for the company D) None of the above 13) Which of.
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140) XBRL will be required of both public and private companies. 141) Managerial accounting has its roots in the industrial age of manufacturing. 142) Lean thinking is both a philosophy and a business strategy of manufacturing without waste. 143) The American Institute of Certified Public Accountants was the first professional membership organization in.
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48) All of the following activities are included in the value chain except A) customer service. B) design. C) safety. D) production. 49) Which of the following would not be included in the value chain? A) Website development costs B) Costs to deliver product to retail outlets C) Costs of print advertisements D) All of these costs would be.
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220) Kitch Company sells collectibles. The following information summarizes Dino's operating activities for the most recent year: Merchandise inventory, beginning $ 12,000 Merchandise inventory, ending 6,000 Purchases 97,000 Operating expenses 62,000 Sales revenue 195,000 Required: Prepare an income statement for the most recent year. 221) Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Utilities.
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50) Which of the following are the internal decision-makers of a company? A) Vendors B) Managers C) Shareholders D) Customers 51) Which one of the following reports is most likely to be required to be audited by an outside entity? A) Monthly financial statements B) Annual financial budgets C) Annual financial statements D) All of the above 52) Which.
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24) What are the three primary responsibilities of managers as described in the chapter? Give an example of each type of responsibility. 25) The SEC requires that reports generated by the managerial accounting system must be audited by an independent certified public accountant (CPA). 26) The design of a management.
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110) Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of A) credibility. B) competence. C) integrity. D) confidentiality. 111) Inflating your expenses for a company-sponsored conference is a violation of what ethical standard? A) Credibility B) Integrity C) Competence D) Confidentiality 112) To ensure a profit in the current.
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80) Which of the following positions is primarily responsible for raising capital and investing funds? A) The treasurer B) The COO C) The CFO D) The CEO 81) What factor has changed the way that we now view managerial accountants? A) Stricter GAAP standards B) Technology C) Stricter audit standards D) None of the above 82) Which of the following.
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119) Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost? A) Direct labor B) Direct materials C) Manufacturing overhead D) Prime costs 120) Which of the following would not be considered a product cost for a manufacturer? A) Direct labor B) Direct materials C) Manufacturing overhead D) Freight out 121) Period costs are A) always recorded.
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150) The Sarbanes-Oxley Act requires the CPA firm to rotate the audit partner off of the audit engagement every ________ year(s). A) three B) four C) five D) one 151) Which of the following is not an advantage of an ERP system? A) Streamlining operations B) Allowing faster response to changes C) Eliminating separate software systems across the.
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104) Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $     9,000 Depreciation on factory equipment 16,000 Factory supervisor salary 50,500 Sales commissions 23,000 Lubricants used in factory equipment 3,000 Insurance costs for factory 21,000 Wages paid to maintenance workers 115,000 Fabric used to upholster.
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199) Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262,000. What was the value of goods available.
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170) What is a business philosophy that focuses on providing customers with superior products and services? A) IFRS B) TQM C) ERP D) XBRL 171) What is a system that requires suppliers to deliver materials at the exact time the materials are needed? A) JIT B) TQM C) ISO D) ERP 172) ISO 9001:2008 is a(n) A) effective exchange of information.
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130) The Sarbanes-Oxley Act was designed to hold corporations accountable for internal control and financial reporting functions. 131) The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations. 132) CPA firms cannot provide consulting services for their current audit clients. 133) Trends in the modern business environment include.
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68) Joe's Bottling Company provided the following expense information for July: Assembly-line workers' wages $ 56,000 Depreciation on factory equipment $ 35,000 Caps for bottles $ 3,000 Plastic bottles $ 52,000 Reconfiguring the assembly line $123,000 Salaries of salespeople $ 63,000 Customer support hotline $ 12,000 Salaries of research scientists $ 65,000 Delivery expenses .
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114) Use the correct number to designate each item below. Assume a manufacturer. 1.direct materials 2.selling and general expenses 3. manufacturing overhead 4.direct labor A)____rent expense on factory building B)____sales supplies used C)____factory supplies used D)____indirect materials used E)____wages of assembly line personnel F)____cost of primary material used to make product G)____depreciation expense on office equipment H)____rent expense on office facilities I)____insurance expired.
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100) Just because a behavior is legal does not always mean it is ethical. 101) The IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. 102) The IMA suggests that, when faced with an ethical dilemma, the first thing management accountants should do is call the IMA's ethics hotline. 103).
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147) ABC Company makes wooden furniture. Identify each of the following as either an inventoriable product cost or a period cost. If it is an inventoriable product cost, classify it as direct materials, direct labor, or manufacturing overhead. A.________Insurance on the plant building B.________Cost of shipping the furniture to the customers C.________Assembly line.
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1) Service companies must carry a large amount of inventory to meet consumer demand. 2) Manufacturing companies usually have three types of inventory. 3) Retailers sell their products to consumers. 4) Merchandising companies include both wholesalers and retailers. 5) All companies have the same types of inventories. 6) Only manufacturing companies have finished goods inventory. 7).
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40) Which of the following people is most likely to only use financial accounting information? A) Vice president of plant operations B) Product manager C) Plant manager D) Bank loan officer 41) Managerial accounting would use which of the following types of information? A) Forecasts of future earnings B) Financial information C) Nonfinancial information D) All of the above.
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225) Over the long-term all costs are uncontrollable. 226) Differential cost is the difference in cost between two alternatives. 227) Decision making is guided only by differential costs. 228) Irrelevant factors should not be considered when making decisions. 229) You are trying to decide whether or not to sell back your accounting textbook at.
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149) Product costs and period costs receive similar treatment when presented in the financial statements. 150) The income statements of manufacturing companies are more complex than those of service or merchandising companies. 151) The financial statements of a merchandiser are more complex than those of a manufacturer. 152) Service companies have.
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80) Place the value chain elements in the correct order by numbering them from 1 to 6. ___Design ___Customer Service ___Marketing ___Research and Development ___Distribution ___Production or Purchases 81) Place the letter for the appropriate value chain activity on the line in front of each item. Letters may be used more than once or not at all..
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30) Internal users such as managers are the primary users of managerial accounting information. 31) The primary managerial accounting product is the company's audited financial statements. 32) Managerial accounting information emphasizes relevance over reliability and objectivity. 33) Managerial accounting information tends to report on segments of the business. 34) Managerial accounting.
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38) Controlling costs across the entire value chain often requires a trade-off between the individual elements of the value chain. 39) All of the components of manufacturing–from research and development through customer service after the sale–are part of a firm's value chain. 40) The activities in the value chain must take place.
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58) The costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain? A) Customer service B) Marketing C) Research and development D) Design 59) The costs incurred to get merchandise to a company's retail store would be considered to be what.
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180) What would a company need to conduct when considering whether to install an ERP system or not? A) TQM survey B) cost-benefit analysis C) JIT survey D) ISO 9001:2000 survey 181) Which of the following would have the least effect on a cost-benefit analysis? A) Steadily rising prices B) Rapidly declining prices C) Constant prices D) None of.
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60) Management accountants rarely interact with employees from other business functions such as marketing and customer service. 61) The CFO is the person responsible for the day-to-day operations of the company. 62) The treasurer and the controller report directly to the CFO. 63) The internal audit department reports directly to the audit committee,.
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120) Which of the following is an example of the IMA's integrity standard? A) Provide decision support that is accurate, clear, concise and timely. B) Keep information confidential, except when disclosure is legally required. C) Communicate information fairly and objectively. D) Abstain from engaging in or supporting any activity that might discredit the profession. 121).
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21) In the United States, the fastest growing type of company is A) merchandising. B) service. C) manufacturing. D) none of the above. 22) Which of the following is a characteristic of a service company? A) Service companies make a product. B) Service companies have a single category of inventory. C) Service companies generally have no tangible.
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223) The following information is available for the Bower Corporation for last year: ?Raw materials inventory decreased $4,000 from the beginning of the year to the end of the year. ?Raw materials inventory on December 31 (end of year) was 50% of raw materials inventory on January 1 (beginning of.
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139) Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development $ 53,000 Design $ 17,000 Purchases $ 72,000 Marketing $ 42,000 Distribution $ 58,000 Customer service $ 35,000 What were the company's inventoriable costs? A) $142,000 B) $17,000 C) $72,000 D) $89,000 140) Pink Ribbon Shoppe, a clothing retailer, had the.
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218) Use the appropriate letter(s) to indicate if the following costs would be found on the income statement of a A.service company B.merchandising company C.manufacturing company You may use more than one letter for each answer. ____Revenue ____Salaries expense ____Customer service expense ____Cost of goods manufactured ____Cost of goods sold 219) Compute the missing amounts. Miami Company Orlando Company Sales $ 300,000 (D) Cost of Goods.
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129) Manufacturing overhead costs for a product include A) direct material. B) operating expenses. C) indirect manufacturing costs. D) prime costs. 130) When do inventoriable costs become expenses? A) When direct materials are purchased B) When the manufacturing process begins C) When the manufacturing process is completed D) None of the above 131) Indirect materials and indirect labor are ________.
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159) The income statement of a retailer would include which of the following? A) Cost of goods sold B) Value of inventory C) Accounts payable D) Accounts receivable 160) The income statements for both a merchandiser and manufacturer would include which of the following? A) Operating expenses B) Direct labor incurred C) Direct materials used D) Cost of goods.
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94) Which of the following would not be considered a direct material for a mattress? A) Fabric B) Lumber C) Glue D) Steel 95) All of the following would be considered a direct material for a kitchen cabinet except A) wood. B) stain. C) sand paper. D) hinges. 96) Prime costs consist of A) direct materials and direct labor. B) direct labor.
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70) Managerial accountants only need a solid understanding of managerial accounting, and not financial accounting. 71) What position is typically responsible for financial accounting, managerial accounting, and tax reporting? A) Controller B) Treasurer C) CFO D) Audit committee 72) Despite the proliferation of technology, managerial accountants are still needed to provide professional judgment in which.
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11) Schlabig & Associates, a public accounting firm, is what type of company? A) Manufacturer B) Retailer C) Service D) Wholesaler 12) Jiffy Lube, an automotive maintenance company, is primarily what type of company? A) Manufacturer B) Retailer C) Wholesaler D) Service 13) Among other products, Nabisco makes Oreo cookies. Which type of company is Nabisco? A) Service B) Manufacturer C) Retailer D).
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187) Johnson Scooter Company is considering whether or not to expand into a new area of the US. They produce high-performance gas scooters with moderate gas mileage, but have developed a new battery technology that combines a small amount of electrical energy with the existing gas power. This new technology.
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1) Evaluating operations by comparing actual results to budgeted results is a part of the controlling responsibility of management. 2) Controlling means overseeing the company's day-to-day operations. 3) The purpose of managerial accounting is to gather, summarize, and report the cost and revenue data relevant to each decision that is made. 4) Budgeting.
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