Managerial Accounting: Exam 1: Wiley MC questions and answers 100% verified
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Course
Managerial Accounting
Institution
Managerial Accounting
Which of the following statements is not true about managerial accounting?
a.Reports are generated as needed.
b.It is highly aggregated.
c.It does not require an audit by a CPA.
d.It is primarily for internal users such as officers and managers. - correct answer b. It is highly aggregated.
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Managerial Accounting: Exam 1: Wiley MC
Which of the following statements is not true about managerial accounting?
a.Reports are generated as needed.
b.It is highly aggregated.
c.It does not require an audit by a CPA.
d.It is primarily for internal users such as officers and managers. - correct answer b. It is highly
aggregated.
Which of the following answer choices lists the three manufacturing costs?
a.Indirect materials, indirect labor, and factory-related costs
b.Raw materials, work in process, and finished goods
c.Work in process, finished goods, and cost of goods sold
d.Direct materials, direct labor, and manufacturing overhead - correct answer d.Direct materials, direct
labor, and manufacturing overhead
One key difference appears when comparing the income statements of a manufacturing company to a
merchandising company. What is that difference?
a.Manufacturing companies use work in process, raw materials, and finished goods inventory balances
to calculate cost of goods sold, while merchandising companies use only merchandise inventory
balances.
b.Cost of goods sold equals the cost of merchandise purchased for a merchandising company, while cost
of goods sold equals the cost of raw materials purchased for a manufacturing company.
c.Manufacturing companies use cost of goods manufactured and merchandising companies use cost of
goods purchased.
d.Cost of goods manufactured is subtracted from sales to get gross profit on a manufacturing income
statement, while cost of goods purchased is subtracted from sales to get gross profit on a merchandising
income statement. - correct answer c. Manufacturing companies use cost of goods manufactured and
merchandising companies use cost of goods purchased.
, Managerial Accounting: Exam 1: Wiley MC
Which one of the following is a trend in industry?
a. The majority of workers in the U.S. are in manufacturing which is growing substantially.
b.Companies now have larger amounts of inventories than in the past.
c.Large batch processing in manufacturing is becoming more common.
d.The U.S. economy has shifted toward an emphasis on providing services. - correct answer d.The U.S.
economy has shifted toward an emphasis on providing services.
Which of the following statements is true about managerial accounting?
a.It must be prepared using generally accepting accounting principles.
b.It provides more detailed information than financial accounting does
c.It is primarily for internal users such as stockholders and managers.
d.It pertains to a business as a whole. - correct answer b.It provides more detailed information than
financial accounting does.
Direct materials are what kind of cost? - correct answer Product Cost
Which of the following managerial accounting techniques attempts to allocate manufacturing overhead
in a more meaningful fashion?
Which of the following statements is not true about managerial accounting?
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