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111 Test Bank for Managerial Accounting Tools for

Business Decision Making 6th

Edition by Weygandt Mutiple Choice Questions - Page 1

In determining whether planned goals are being met, a manager is performing the function of

1 a.planning.

2 b.follow-up.

3 c.directing.

4 d.controlling.

The wages of a timekeeper in the factory would be classified as

1 a.a period cost.

Which one of the following is an example of a period cost?

1 a.A change in benefits for the union workers who work in the New York plant

of a Fortune 1000 manufacturer

2 b.Workers' compensation insurance on factory workers' wages allocated to the factory

3 c.A box cost associated with computers

4 d.A manager's salary for work that is done in the corporate head office

Which one of the following is not considered as material costs?

1 a.Partially completed motor engines for a motorcycle plant

2 b.Bolts used in manufacturing the compressor of an engine

3 c.Rivets for the wings of a new commercial jet aircraft

4 d.Lumber used to build tables

Managerial accounting is applicable to

1 a.providing a framework for management to have criteria to terminate

employees when needed.

2 b.running a department under quality control standards universally accepted.

3 c.coordinating a company's diverse activities and human resources to

produce a smooth-running operation.

4 d.developing a complex performance ranking system to give certain high performers good raises.

As inventoriable costs expire, they become

Which of the following is not classified as direct labor?

1 a.Bottlers of beer in a brewery

2 b.Copy machine operators at a copy shop

1 a.current asset on the balance sheet.

2 b.administrative expense on the income statement.

3 c.component in the calculation of cost of goods sold on the income statement.

4 d.component of the raw materials inventory on the balance sheet.

Managerial accounting reports can be described as

1 a.general-purpose.

2 b.macro-reports.

3 c.special-purpose.

4 d.classified financial statements.

Which one of the following is not a direct material?

1 a.A tire used for a lawn mower

2 b.Plastic used in the covered case for a home PC

3 c.Steel used in the manufacturing of steel-radial tires

4 d.Lubricant for a ball-bearing joint for a large crane

The reporting standard for external financial reports is

1 a.industry-specific.

Which of the following is not a manufacturing cost category?

1 a.Cost of goods sold

Manufacturing costs include

1 a.direct materials and direct labor only.

2 b.direct materials and manufacturing overhead only.

3 c.direct labor and manufacturing overhead only.

4 d.direct materials, direct labor, and manufacturing overhead.

Which of the following is not a separate management function?

Managerial accounting does not encompass

1 a.calculating product cost.

2 b.calculating earnings per share.

3 c.determining cost behavior.

4 d.profit planning.

Manufacturing costs that cannot be classified as either direct

materials or direct labor are known as

Managerial accounting information

1 a.pertains to the entity as a whole and is highly aggregated.

2 b.pertains to subunits of the entity and may be very detailed.

3 c.is prepared only once a year.

4 d.is constrained by the requirements of generally accepted accounting

principles.

As current technology changes manufacturing processes, it is likely that direct

1 a.labor will increase.

2 b.labor will decrease.

3 c.materials will increase.

4 d.materials will decrease.

In an analogous sense, external user is to internal user as generallyaccepted accounting principles are to

1 a.timely.

2 b.special-purpose.

1 a.the product must be finished and in stock.

2 b.the product must be expensed based on its percentage-of-completion.

3 c.the product to which they attach must be sold.

4 d.all accounts payable must be settled.

Direct materials and direct labor of a company total $8,000,000 If manufacturing overhead is $4,000,000, what is direct labor cost?

1 a.$4,000,000

2 b.$8,000,000

3 c.$0

4 d.Cannot be determined from the information provided

Which one of the following represents a period cost?

1 a.The VP of Sales' salary and benefits

2 b.Overhead allocated to the manufacturing operations

3 c.Labor costs associated with quality control

4 d.Fringe benefits associated with factory workers

The major reporting standard for presenting managerial accounting information is

1 a.relevance.

2 b.generally accepted accounting principles.

3 c.the cost principle.

4 d.the current tax law.

Product costs consist of

1 a.direct materials and direct labor only.

2 b.direct materials, direct labor, and manufacturing overhead.

3 c.selling and administrative expenses.

4 d.period costs.

The managerial function of controlling

1 a.is performed only by the controller of a company.

2 b.is only applicable when the company sustains a loss.

3 c.is concerned mainly with operating a manufacturing segment.

4 d.includes performance evaluation by management.

Which of the following is not another name for the term

manufacturing overhead?

1 a.Factory overhead

2 b.Pervasive costs

3 c.Burden

4 d.Indirect manufacturing costs

Which of the following statements about internal reports is not true?

1 a.The content of internal reports may extend beyond the double-entry accounting system.

2 b.Internal reports may show all amounts at market values.

3 c.Internal reports may discuss prospective events.

4 d.Most internal reports are summarized rather than detailed.

Managerial accounting is also called

1 a.management accounting.

2 b.controlling.

3 c.analytical accounting.

4 d.inside reporting.

What activities and responsibilities are not associated with

4 d.Indirect labor costs

For the work of factory employees to be considered as direct labor, the work must be conveniently and

1 a.materially associated with raw materials conversion.

2 b.periodically associated with raw materials conversion.

3 c.physically associated with raw materials conversion.

4 d.promptly associated with raw materials conversion.

Because of automation, which component of product cost is

Cotter pins and lubricants used irregularly in a production process are classified as

1 a.miscellaneous expense.

2 b.direct materials.

3 c.indirect materials.

4 d.nonmaterial materials.

Management accountants would not

1 a.assist in budget planning.

2 b.prepare reports primarily for external users.

3 c.determine cost behavior.

4 d.be concerned with the impact of cost and volume on profits.

Managerial accounting applies to each of the following types of businesses except

1 a service firms.

2 b merchandising firms.

3 c manufacturing firms.

4 d Managerial accounting applies to all types of firms.

A distinguishing feature of managerial accounting is

1 a.external users.

2 b.general-purpose reports.

3 c.very detailed reports.

4 d.quarterly and annual reports.

Sales commissions are classified as

1 a.overhead costs

2 b.period costs.

3 c.product costs.

4 d.indirect labor.

A manufacturing company calculates cost of goods sold as follows:

1 a.Beginning FG inventory + cost of goods purchased – ending FG inventory.

2 b.Ending FG inventory – cost of goods manufactured + beginning FG

2 b.Direct materials and direct labor

3 c.Direct labor and manufacturing overhead

4 d.Selling expenses

Planning is a function that involves

1 a.hiring the right people for a particular job.

2 b.coordinating the accounting information system.

3 c.setting goals and objectives for an entity.

4 d.analyzing financial statements.

111 Free Test Bank for Managerial Accounting Tools for Business Decision Making 6th Edition by Weygandt Mutiple Choice Questions - Page 2

Benson Inc.'s accounting records reflect the following inventories: Dec 31, 2012Dec 31, 2013; Raw materials inventory$ 80,000$ 64,000; Work in process inventory104,000116,000; Finished goods inventory100,00092,000 During 2013, Benson purchased

$1,160,000 of raw materials, incurred direct labor costs of

$200,000, and incurred manufacturing overhead totaling $128,000

How much raw materials were transferred to production during

Laflin Company reported the following year-end information:

Beginning work in process inventory $1,080,000; Beginning raw materials inventory300,000; Ending work in process

inventory900,000; Ending raw materials inventory480,000; Raw materials purchased960,000; Direct labor800,000; Manufacturing overhead720,000 Laflin Company's cost of goods manufactured forthe year is

1 a.$70,000

2 b.$10,000

3 c.$60,000

4 d.$40,000

Dolan Company's accounting records reflect the following

inventories: Dec 31, 2013Dec 31, 2012; Raw materials

inventory$310,000$260,000; Work in process

inventory300,000160,000; Finished goods

inventory190,000150,000 During 2013, $600,000 of raw materials

were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000 Dolan Company's total manufacturing costs incurred in 2013 amounted to

1 a.$1,530,000.

2 b.$1,490,000.

3 c.$1,390,000.

4 d.$1,580,000.

Dolan Company's accounting records reflect the following

inventories: Dec 31, 2013Dec 31, 2012; Raw materials

inventory$310,000$260,000; Work in process

inventory300,000160,000; Finished goods

inventory190,000150,000 During 2013, $600,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000 If Dolan

Company's cost of goods manufactured for 2013 amounted to

$1,390,000, its cost of goods sold for the year is

goods inventory100,000 92,000 During 2013, Benson purchased

$1,160,000 of raw materials, incurred direct labor costs of

$200,000, and incurred manufacturing overhead totaling $128,000 Assume Benson’s cost of goods manufactured for 2013 amounted

to $1,360,000 How much would it report as cost of goods sold for the year

1 a.$1,368,000

2 b.$1,400,000

3 c.$1,460,000

4 d.$1,352,000

Ogleby Inc.'s accounting records reflect the following inventories: Dec 31, 2012Dec 31, 2013; Raw materials inventory$120,000$ 96,000; Work in process inventory156,000 174,000Finished goods inventory150,000 138,000 During 2013, Ogleby purchased

$840,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000 How much

is total manufacturing costs incurred during 2013 for Ogleby?

1 a.$1,188,000

2 b.$1,206,000

3 c.$1,182,000

4 d.$1,200,000

Worth Company reported the following year-end information:

beginning work in process inventory, $180,000; cost of goods

manufactured, $816,000; beginning finished goods inventory,

$252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000 Worth Company's cost of

goods sold for the year is

2 b.appears in the manufacturing overhead section.

3 c.is not listed because it is not a product cost.

4 d.is not an inventoriable cost.

The subtotal, "Cost of goods manufactured" appears on

1 a.a merchandising company's income statement.

2 b.a manufacturing company's income statement.

3 c.both a manufacturing and a merchandising company's income statement.

4 d.neither a merchandising nor a manufacturing company's income statement.Cost of goods sold

1 a.only appears on merchandising companies' income statements.

2 b.only appears on manufacturing companies' income statements.

3 c.appears on both manufacturing and merchandising companies' income statements.

4 d.is calculated exactly the same for merchandising and manufacturing

companies.

What is work in process inventory generally described as?

1 a.Costs applicable to units that have been started in production but are only partially completed

2 b.Costs associated with the end stage of manufacturing that are almost always complete and ready for customers

3 c.Costs strictly associated with direct labor

4 d.Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks

Dolan Company's accounting records reflect the following

inventories:Dec 31, 2013Dec 31, 2012; Raw materials

inventory$310,000$260,000; Work in process

inventory300,000160,000; Finished goods

inventory190,000150,000 During 2013, $600,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000 The total raw materials available for use during 2013 for Dolan Company is

1 a.$910,000.

2 b.$460,000.

3 c.$550,000.

4 d.$860,000.

Cost of goods manufactured in a manufacturing company is

analogous to

1 a.ending inventory in a merchandising company.

2 b.beginning inventory in a merchandising company.

3 c.cost of goods available for sale in a merchandising company.

4 d.cost of goods purchased in a merchandising company.

On the costs of goods manufactured schedule, the item raw

materials inventory (ending) appears as a(n)

1 a.addition to raw materials purchases.

2 b.addition to raw materials available for use.

3 c.subtraction from raw materials available for use.

4 d.subtraction from raw materials purchases.

If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then

1 a.ending work in process inventory is greater than or equal to the amount of the beginning work in process inventory.

2 b.ending work in process is greater than the amount of the beginning work in process inventory.

3 c.ending work in process is equal to the cost of goods manufactured.

4 d.ending work in process is less than the amount of the beginning work in process inventory.

Walker Company reported the following year-end information: Beginning work in process inventory $ 46,000; Beginning raw

materials inventory 24,000; Ending work in process inventory

50,000; Ending raw materials inventory 20,000; Raw materials purchased 830,000; Direct labor 240,000; Manufacturing

overhead100,000 How much is Walker’s cost of goods

manufactured for the year?

1 a.$834,000

2 b.$1,174,000

3 c.$1,170,000

4 d.$1,178,000

Cost of goods manufactured is calculated as follows:

1 a.Beginning WIP + direct materials used + direct labor + manufacturing

overhead + ending WIP.

2 b.Direct materials used + direct labor + manufacturing overhead – beginning WIP + ending WIP.

3 c.Beginning WIP + direct materials used + direct labor + manufacturing

overhead – ending WIP.

4 d.Direct materials used + direct labor + manufacturing overhead – ending WIP – beginning WIP.

Benson Inc.'s accounting records reflect the following inventories: Dec 31, 2012Dec 31, 2013; Raw materials inventory$ 80,000$ 64,000; Work in process inventory104,000116,000; Finished goods inventory100,00092,000 During 2013, Benson purchased

$1,060,000 of raw materials, incurred direct labor costs of

$200,000, and incurred manufacturing overhead totaling $128,000 How much is total manufacturing costs incurred during 2013 for Benson?

Mutiple Choice Questions - Page 3

Which one of the following does not appear on the balance sheet of

a manufacturing company?

1 a.Finished goods inventory

2 b.Work in process inventory