Man Acct
A field of accounting that provides economic and financial information for managers and other internal users
What is Managerial Accounting
Which of the following are not product costs?
a. Direct Labor
b. Factory Overhead
c Direct Material
d Sells and Administrative expense
What is d-Sells and Administrative Expense?
What manufacturing cost consists of.
What are Direct Materials, Direct Labor, and Manufacturing/Factory Overhead?
Work of factory employees that has no physical association with the finished goods or is impractical to trace.
What is Indirect Labor?
Beginning finished goods inventory + cost of goods manufactured - ending finished goods inventory.
a. Cost of Goods Sold
b. Cost of Goods Manufactured
c. Income Statement
What is cost of goods sold?
Managerial Accounting reports must be prepared according to general accepted accounting principles
What is False?
What are the two components of conversion costs?
What are direct labor and factory overhead?
Compute conversion costs for X YZ company based DM of 400,000, DL of 250,000 and FO 190,000 and selling expenses were 48,000
What is 440,000?--190,000 + 250,000
What is the amount of time spent by an employee on an individual job record on:
a. time tickets
b. pay stubs
c. in and out cards,
d. employees' earnings record
What is time ticket?
Beginning work in process inventory + total manufacturing costs - ending work in progress inventory.
a. Cost of Goods Manufactured
b. Cost of Goods Sold
c. Cost for the day
d. Balance Sheet
What is cost of goods manufactured?
One type of accounting is focused on meeting the needs of decision makers inside the business and the second is focused on providing the needs of decision makers outside of the business.
a. What is MA and FA
b. What is FA and TAX
c. What are FS and Ratios
d. None of the above
What is MA (1) and what is FA (2)?
What are the period cost for William Company? IL 5,900, DL, 10,700, Factory rent 5,300, Factory Utilities 1,500, Sales Salaries Expense 16,000, Office Salaries Expense 9,900, and Indirect Material, 5,200
What is 25,900? OS 9,900 + SE 16,000
If the amount FO cost incurred exceeds the amount applied, the FO account will have a
a. credit balance and be overapplied
b. credit balance and be underapplied
c. debit balance and be overapplied
d. debit balance and be underapplied
What is debit balance and be underapplied?
Which of the following business would a process cost system be appropriate?
a. Shoe manufacturer
b. Dress maker
c. Custom furniture manufacturer
d. Shampoo manufacturer
What is a shampoo manufacturer?
In most business organizations, the chief management accountant is called the chief accounting officer.
True or False.
What is False?
Department C had 6,000 u in WIP 70% completed as to labor and overhead at Beg. 39,000 u of DM added during the period, 32,000 u were completed during the period and 10,000 u were 80% complete as to labor and overhead at the end of the period. All materials were added at the beginning of the process used FIFO method. What are the conversion EU of production for the period.
What is 35,800 (6,000X 30%) + (32,000-6,000)+ 10,000X80%)
Which of the following is a part of factory overhead cost?
a. Sales commission
b. Depreciation of salesperson's vehicle
c. Depreciation of factory equipment and machines
d. direct material used
What is depreciation of factory equipment and machines?
A necessary and integral part of producing a product, is recorded as inventory when incurred, and is not an expense until the finished goods inventory is sold.
a. period costs
b. product costs
c. sunk costs
d. questioned costs
What are Product Costs? (b)
John company estimated total FO for the current year of 16,500,000 with 300,000 total machine hours. However to date the actual overall is 17,000,000 and the actual machine hours are 360,000. The predetermined FO rate based on machine hours is
What is 55 per machine hour?-16,500,000/300,000
What are the COGS given the following Cost of Material used 50,000, DL costs 40,000, FO 30,000, WIP BEG 28,000, WIP, END 18,000, FG, BEG 30,000, FG END 20,000.
What is 140,000?(50,000DM + 40,000DL + 30,000FO) + (WIP B 28,000 -WIP E 18,000) + (FG B 30,000- FG E 20,000)
Name a manufacturing company and tell what they manufacture. Do they use process or job order costing.
What is ______________________
They manufacture __________________
What are the product costs for this company based on the following Sales-90,000, DM used 8,000, depreciation on factory equipment 5,300, Indirect Labor 6,000, Direct Labor 10,600, Factory Rent 5,000, Factory Utilities 1,500, Salaries Expense 17,000 and Indirect Materials 1,600
What is 38,000?--DM used 8,000+DL 10,600 + (FO IL 6,000, FO Rent 5,000+ Depreciation 5,300+ F0 utilities 1,500+ F0 Indirect Materials 1,500)--view page 893 FO is considered manufacturing overhead and includes indirect labor too, right only exclude period cost.
Materials purchased on account during the month totaled 170,000, and materials requisitioned and placed in production totaled 150,000. What are the two journal entries to record the purchase on account and the materials requisition?
Materials 170,000
AP 170,000
Work in Process 150,000
Material 150,000
Costs that are incurred in generating revenue during the period but not in the manufacturing process are:
a. Period Costs
b. Product Costs
c. Conversion Costs
d. Direct material Costs
What are Period Costs.