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Accounting Principles , Tenth Edition

Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Chapter 19

Managerial Accounting - all with Video Answers

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Chapter Questions

01:30

Problem 1

Managerial accounting:
a. is govemed by generally accepted accounting principles.
b. places emphasis on special-purpose information.
c. pertains to the entity as a whole and is highly aggregated.
d. is limited to cost data.

Oluwadamilola Ameobi
Oluwadamilola Ameobi
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Problem 2

The management of an organization performs several broad functions. They are:
a. planning, directing, and selling.
b. planning, directing, and controlling.
c. planning, manufacturing, and controlling.
d. directing, manufacturing, and controlling.

Susan Hallstrom
Susan Hallstrom
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Problem 3

After passage of the Sarbanes-Oxley Act of 2002:
a. reports prepared by managerial accountants must be audited by CPAs.
b. $\mathrm{CEO}$ s and $\mathrm{CFO}$ s must certify that financial statements give a fair presentation of the company's operating results.
c. the audit committee, rather than top management, is responsible for the company's financial statements.
d. reports prepared by managerial accountants must comply with generally accepted sccounting principles
$$
\begin{aligned}

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Problem 4

$$
\text {Direct materials are a: }
$$
$$
\begin{array}{lccc}
\begin{array}{c}
\text { Product } \\
\text { Cost }
\end{array} & \begin{array}{c}
\text { Manufacturing } \\
\text { Overhead }
\end{array} & \begin{array}{c}
\text { Period } \\
\text { Cost }
\end{array} \\
\text { a. Yes } & \text { Yes } & \text { No } \\
\text { b. Yes } & \text { No } & & \text { No } \\
\text { c. Yes } & \text { Yes } & & \text { Yes } \\
\text { d. No } & \text { No } & & \text { No }
\end{array}
$$

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04:30

Problem 5

Which of the following costs would a computer manufacturer include in manufacturing overhead?
a. The cost of the disk drives.
b. The wages earned by computer assemblers.
c. The cost of the memory chips.
d. Depreciation on testing equipment.

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Samriddhi Singh
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Problem 6

Which of the following is not an element of manufacturing overhead?
a. Sales manager's salary.
b. Plant manager's salary.
c. Factory repairman's wages.
d. Product inspector's salary.

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Problem 7

Indirect labor is a:
a. nonmanufacturing cost.
b. raw material cost.
c. product cost.
d. period cost.

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Problem 8

Which of the following costs are classified as a period cost?
a. Wages paid to a factory custodian.
b. Wages paid to a production department supervisor.
c. Wages paid to a cost accounting department supervisor.
d. Wages paid to an assembly worker.

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Problem 9

For the year, Redder Company has cost of goods manufactured of $$\$ 600,000$$, beginning finished goods inventory of $$\$ 200,000$$, and ending finished goods inventory of $$\$ 250,000$$. The cost of goods sold is:
a. $$\$ 450,000$$.
c. $$\$ 550.000$$
b. $$\$ 500,000$$.
d. $$\$ 600.000$$

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Problem 10

Cost of goods available for sale is reported on the income statement of:
a. a merchandising company but not a manufacturing company.
b. a manufacturing company but not a merchandising company.
c. a merchandising company and a manufacturing company.
d. neither a manufacturing company nor a merchandising company.

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Problem 11

A cost of goods manufactured schedule shows beginning and ending inventories for:
a. raw materials and work in process only.
b. work in process only.
c. raw materials only.
d. raw materials, work in process, and finished goods.

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Problem 12

The formula to determine the cost of goods manufactured is:
a. Beginning raw materials inventory + Total manufacturing costs - Ending work in process inventory.
b. Beginning work in process inventory + Total manufacturing costs - Ending finished goods inventory.
c. Beginning finished good inventory + Total manufacturing costs - Ending finished goods inventory.
d. Beginning work in process inventory + Total manufacturing costs - Ending work in process inventory.

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Problem 13

A manufacturer may report three inventories in its balance sheet: (1) raw materiak, (2) work in process, and (3) finished goods. Indicate in what sequence these inventories generally appear on a balance sheet.
a. (1), (2), (3)
c. (3), (1), (2)
b. (2), (3), (1)
d. (3), (2), (1)

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01:07

Problem 14

Which of the following managerial accounting techniques attempts to allocate manufacturing overhead in a more mcaningful fashion?
a. Just-in-time inventory.
b. Total-quality management.
c. Balanced scorecard.
d. Activity-based costing

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02:00

Problem 15

Examples of recent trends in the coonomic environment of U.S. businesses are:
a. increasing deregulation, decreasing global competition, and a shift toward providing services rather than gooxk.
b. increasing deregulation, increasing global competition. and a shift toward providing goods rather than services.
c. decreasing deregulation, decreasing global competition, and a shift toward providing services rather than goods.
d. increasing deregulation, increasing global competition, and a shift toward providing services rather than goods.

Jennifer Stoner
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