Managerial Accounting Exam 1 Multiple Choice questions and verified answers
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Course
Managerial Accounting
Institution
Managerial Accounting
The reporting standard for external financial reports is:
a) company-specific.
b) generally accepted accounting principles.
c) department-specific.
d) industry-specific. - correct answer b) generally accepted accounting principles.
A manufacturing process requires small amounts of...
Managerial Accounting Exam 1 Multiple Choice
The reporting standard for external financial reports is:
a) company-specific.
b) generally accepted accounting principles.
c) department-specific.
d) industry-specific. - correct answer b) generally accepted accounting principles.
A manufacturing process requires small amounts of glue. The glue used in the production process is
classified as a(n)
a) indirect material.
b) direct material.
c) period cost.
d) miscellaneous expense - correct answer a) indirect material.
For inventoriable costs to become expenses under the matching principle,
a) all accounts payable must be settled.
b) the product must be finished and in stock.
c) the product must be expensed based on its percentage-of-completion.
, Managerial Accounting Exam 1 Multiple Choice
d) the product to which they attach must be sold. - correct answer d) the product to which they attach
must be sold.
Sheridan Company's accounting records reflect the following inventories:
December 31st 2016
Raw materials inventory $80000
Work in progress inventory $104000
Finished goods inventory $100000
December 31st 2017
Raw materials inventory $64000
Work in progress inventory $116000
Finished goods inventory $92000
During 2017, Sheridan purchased $1370000 of raw materials, incurred direct labor costs of $250000, and
incurred manufacturing overhead totaling $160000. Assume Sheridan's cost of goods manufactured for
2017 amounted to $1784000. How much would it report as cost of goods sold for the year?
a) $1884000
b) $1792000
c) $1692000
d) $1776000 - correct answer b) $1792000
Bonita Industries has beginning and ending work in process inventories of $50000 and $65000
respectively. If total manufacturing costs are $680000, what is the total cost of goods manufactured?
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