ACCT 212 Read & Interact Wild & Shaw Chapter 1 Managerial Accounting solutions complete answers

ACCT 212 Read & Interact Wild & Shaw Chapter 1 Managerial Accounting solutions complete answers 

 

Match the definition to the item.

 

Match the activity with the activity type.

 

Digital manufacturing combines _____ to manufacture products. (Check all that apply.)

 

The cost of materials a company purchases to use in making products are 

 

Which of the following are period costs for a manufacturer? (Check all that apply.)

 

Which of the following are included in Raw materials inventory? (Check all that apply).

 

Which of the following are product costs for a manufacturer? (Check all that apply.)

 

According to the fraud triangle, the three factors that must exist for a person to commit fraud include __, __, and __. (Check all that apply).

 

Managerial accounting has the following characteristics? (Check all that apply.)

 

Costs which are crucial parts of the finished product are called    .

 

An employee that is having trouble paying his personal bills might exhibit the following fraud factor:

 

The characteristics of the fraud triangle include: (Check all that apply.)

 

Which of the following are the variable costs relative to number of units produced and sold? (Check all that apply.)

 

Consider the production department of a manufacturer of laptop computers. Classify the cost of the factory maintenance manager's salary. (Check all that apply.)

 

True or false: The main purpose of both financial and managerial accounting is similar in that both aim to provide relevant information to its users.

 

Managerial accounting has which of the following characteristics? (Check all that apply.)

 

Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines. (Check all that apply.)

 

Fraud is described as the use of one's job for personal gain through the deliberate misuse of

 

Direct materials costs for an automobile manufacturer would include all of the following:

 

Which of the following are fixed costs relative to the number of units produced and sold? (Check all that apply.)

 

Conversion costs consist of:

 

Consider the production department of a manufacturer of laptop computers. Classify the cost of the processor chips. (Check all that apply.)

 

Which of the following are included in Raw materials inventory?

 

True or false: The main purpose of managerial accounting is to provide general-purpose financial statements.

 

Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers. (Check all that apply.)

 

List the items below in the correct order in which they would appear in the calculation of cost of goods sold for a manufacturing company.

 

Costs which are tangible components of the finished product are called             costs.

 

Match the activities with the activity type.

 

Prime costs consists of:

 

A schedule of cost of goods manufactured has the following main sections: (Check all that apply.)

 

Direct and indirect materials are known as

 

Understanding the changing needs of customers is referred to as

 

What types of information does managerial accounting provide? (Check all that apply.)

 

Sparks Fireworks manufactures and sells fireworks. Their raw materials used is $71,500. Their beginning raw materials inventory was $5,000 and their ending raw materials inventory was $6,000. Sparks' raw materials inventory turnover is      :

 

A manufacturing company reports the following items: Finished goods inventory beginning balance: $1,000; Finish goods inventory ending balance: $1,200; Cost of goods manufactured $5,000. The cost of goods sold is $     .

 

List the following activities in the order in which they occur, with the first activity on top.

 

A company incurred the following costs: $6,000 for indirect labor; $26,000 for direct labor; $2,500 for utilities for the factory building; $10,300 for factory equipment depreciation; $8,700 for office equipment depreciation. The total overhead costs reported on the schedule of cost of goods manufactured is $     .

 

An emphasis on the changing needs and wants of customers is called customer      .

 

Major Manufacturing Company has direct materials used of $50,000, beginning raw materials inventory of $10,000 and ending raw materials inventory of $8,000. Compute the raw materials inventory turnover.

 

A company incurred the following costs: Selling and administrative expenses: $45,000; Direct materials: $15,000; Income tax expense: $10,000; Direct labor: $30,000; Factory overhead: $5,000. Total manufacturing costs reported on the schedule of cost of goods manufactured are $      .

 

The following items would be included in the overhead section of the schedule of cost of goods manufactured: (Check all that apply.)

 

A manufacturing company reports the following items: Finished goods inventory, beginning balance: $1,000 Finish goods inventory, ending balance: $1,200 Cost of goods manufactured, $5,000 The cost of goods sold is $      .

 

A company began the year with $500 in raw materials and purchased $10,250 more during the year. If the company has $725 in raw materials at the end of the year, then they would report direct materials used of $       on the schedule of cost of goods manufactured. 

 

Match the following characteristic to the type of accounting.

 

The main purpose of managerial accounting is

 

 

Activities such as purchasing and storing raw materials are considered _______________ activities.
 
 
Activities such as using materials and labor to produce finished products are considered ____________ activities.
 
 
All of the following are types of e-commerce:
 
 
Consider a company that manufactures automobiles. Which of the following costs would be considered a direct cost?
 
 
Consider a company that manufactures picture frames. Which of the following costs would be considered direct costs? (Check all that apply.)
 
 
The efforts of employees who work directly to convert direct materials into the finished product are referred to as _____________ ___________
 
 
Expansion of competition which provides customers with many choices is called a _________________ economy.
 
 
Expansion of competitive boundaries which allows customers many choices is called a:
 
 
Financial accounting provides information for (internal/external) ____________ decision makers, while managerial accounting provides information for (internal/external) _______________ decision makers.
 
 
The focus of managerial accounting is on level of success achieved by
 
 
Inventory which is completed but not yet sold by a manufacturer is known as
 
 
Inventory which is partially complete is known as
 
 
Lean practices include those which are designed to eliminate waste while still satisfying the customer. Examples of lean practices include all of the following:
 
 
Lean principles include all of the following except:
 
 
List the activities in the value chain in the order they occur for a cookie retailer, with the first activity on top.
 
 
The main focus of managerial accounting is providing
 
 
 
 
 
 
 
 
 
 
 
 

Managerial accounting information is normally provided to managers
 
 
Managerial accounting primarily provides information to
 
 
(Managerial / Financial) ______________ accounting allows internal users to determine what information they need to make planning and control decisions.
 
 
Managerial information:
 
 
Managerial reporting systems are
 
 
Materials activities include: (Check all that apply.)
 
 
Partially complete units are known as ___________ ____________ ___________ inventory.
 
 
Production activities include: (Check all that apply.)
 
 
A series of activities that add value to a company's products or services is called:
 
 
A trend whereby consumers expect to be able to purchase items electronically, whenever and wherever they want is known as
 
 
True or false: Finished goods are products which are partially complete.
 
 
True or false: Managerial accounting provides information to internal managers who make decisions about a company's business activities.
 
 
Which of the following are indirect costs for the finishing department of a furniture manufacturing plant? (Check all that apply.)
 
 
 
 
 
 
 
 

Which of the following characteristics describe managerial accounting? (Check all that apply.)
 
 
Those who work directly on the product to convert raw materials into a finished product are known as
 
 
 

Managerial accounting is different from financial accounting in that:
 
 
Which of the following are direct costs for a shoe manufacturer? (Check all that apply.)