BUS 105 Managerial Accounting Certificate Final Exam Attempt review actual 50 quest
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Question
Which member of an organization’s accounting team should respond to the following ques
Correct net income for the last fiscal year?
1.00 points out
of 1.00 Select one:
a. Treasurer
b. Internal Auditor
c. Financial Accountant
d. Managerial Accountant
Question
Correct Al’s Wooden Turnings (AWT) makes wooden objects intended for home kitchen use. The
appeared on Al’s balance sheet. (Note that the most current financial information is presen
1.00 points out
of 1.00
Dec. 31, Dec. 31,
2015 2014
Raw materials $ 8,000 $ 10,000
inventory
Work-in-process 600,000 550,000
inventory
Finished goods 350,000 410,000
inventory
Al’s Wooden Turnings had $1,265,000 in sales for the year ended December 31, 2015. The
costs for that year:
Selling $ 90,000
General and administrative $240,000
Raw materials purchases $100,000
Direct labor used in $125,000
production
Manufacturing overhead $630,000
Of the total raw materials used in production for the year, $12,000 was for indirect materia
Assume AWT has $75,000 worth of direct materials placed in production for 2015. Calculat
, Charles is a supervisor in the production process who oversees several different products and is resp
employees, and ordering materials. How would Charles’ salary be allocated?
Select one:
Manufacturing overhead via indirect labor costs
Manufacturing overhead via other manufacturing costs
Nonmanufacturing/period costs via general administrative costs
Question
Incorrect Non-recurring variable manufacturing costs via miscellaneous costs
0.00 points out
of 1.00
Question Which of the following groups of accounts are included as a part of the balance sheet?
Correct
1.00 points out Select one:
of 1.00 Wages, depreciation, and bad debts
Work-in-process and cost of goods sold
Raw material inventory, work-in-process, and finished goods inventory
Cost of goods sold, cost of goods purchased, and shareholder’s equity
Question Dec. 31, 2015Dec. 31, 2014
Incorrect
Raw materials
Al’s Wooden inventory
Turnings (AWT)$makes
8,000wooden objects
$ 10,000intended for home kitchen use. The followi
0.00 points out Al’s balance sheet. inventory
(Note that600,000
the most current550,000
financial information is presented in the first
of 1.00
Work-in-process
column.)
Finished goods inventory 350,000 410,000
Selling $ 90,000
General and administrative $240,000
Raw materials purchases $100,000
Al’s Wooden
Direct Turnings
labor used had $1,265,000 in sales for the year ended December 31, 2015. The compa
in production$125,000
that year:
Manufacturing overhead $630,000
Of the total raw materials used in production for the year, $12,000 was for indirect materials.
, Which of the following statements about U.S. GAAP and managerial accounting is true?
Select one:
U.S. GAAP does not provide enough useful information for internal decision-making purposes.
U.S. GAAP provides all the useful information needed for internal decision-making purposes.
U.S. GAAP provides all the current and historic information needed for internal decision-making p
Question
Incorrect
0.00 points out d. U.S. GAAP is essential for managerial accounting, as it provides historical financial informa
of 1.00
Question Which of the following companies would use job costing and why?
Incorrect
0.00 points out Select one:
of 1.00 Michelin Tire because each job results in a unique product.
Chevron Corporation because it is a globally diverse company.
Ernst and Young Taxation because each job results in a unique product.
Coca-Cola Company because it produces identical units of product in batches.
Question
Correct Al’s Wooden Turnings (AWT) makes two main products: funerary urns and salad bowls.
salad bowls and 2,000 funerary urns each year. Each urn requires two direct hours of labo
1.00 points out labor to produce.
of 1.00
The following table summarizes the direct material and labor costs for each item:
Urns Bowls
Direct material/unit $20 $15
Direct labor/unit $30 $15
The AWT factory has an annual estimated overhead of $250,000, as follows:
Activity Budgeted Overhead Estimated Volume/N
Machine setups $100,000 120 setups
Manufacturing raw wood to $100,000 50,000 bf (board fee
product
Finishing wood and packing $50,000 6000 items
Total Overhead $250,000
From an internal analysis it appears that the two products required the following activity le
Activity Urns Bowls Totals
Machine Setups 40 setups 80 setups 120 setups
Manufacturing raw wood to product 30,000 bf 20,000 bf 50,000 bf
Finishing wood and packing 2,000 urns 4,000 bowls 6,000 items
